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BizReport : Social Marketing : May 28, 2010

Compass Labs launches, promises real-time targeting

There is a new way for marketers to enter the social marketplace, or at least gain a bit of traction in the social space. Called Compass Labs, the new solution launched this week, promising real-time, precision targeting within social networks. This should give marketers a bit more control of their social campaigns by targeting potential conversions as they are making a purchase decision.

by Kristina Knight

According to some reports consumers currently spend about 55% of their online time within the social world. Whether staying connected with family, playing games or trying to connect with a favorite brand or product, it makes sense to engage consumers in the places they are spending the most time. At this point those places are Facebook and Twitter.

"The importance of leveraging social media, both the networking sites and the content they produce, is a quickly accelerating must-have for marketers," said Professor Ashish Goel, Stanford University. "The ability to leverage social media content to pinpoint customers in real-time represents the next step in knowledge-based marketing and advertising. The technology launched by Compass Labs allows marketers to have a better understanding of a buyer's intent and to immediately act upon it, converting intent to sales."

The Compass Labs solution works by first targeting a consumer who is in the purchase funnel. These consumers are ready to make that final decision to buy a product or service. The engine figures out where the consumer is by interpreting what the consumer posts on social sites. It then presents the consumer with the marketer's ad to enhance the overall experience.

According to an iVillage/SheSpeaks study about 77% of US women are influenced to make a purchase, even the purchase of a new brand, by advice or reviews offered through the social space. Many of these women are influenced directly through message boards, but a growing number are looking to their Facebook or Twitter connections to provide them with trusted advice on new or different product purchases.

By engaging women within the social space, marketers have the ability of also becoming a trusted voice and increasing conversion numbers as word-of-mouth information spreads.

Tags: CompassLabs, real-time information, real-time targeting, social marketing, targeted advertising

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