Mass advertising and marketing accounts for a huge part of a company’s budget, while so much of it is wasted on targeting people who neither need nor want their services.

The UK comes fourth among the world’s largest advertising markets. In the latest figures available, advertising expenditure was estimated to be £21.19 billion.

According to a report by AA/WARC Expenditure Report, advertising growth is estimated to have risen by £22.35 billion in 2017.

In the UK, digital advertising now accounts for the greatest share of advertising expenditure — with newspaper advertising losing its share, falling to £1.7 billion.

Social media advertising spending grew in 2015 to nearly £1.3 billion.

The amount spent on internet advertising in the UK has now reached a record high of over £10 billion, according to the latest study.

Data compiled by the Internet Advertising Bureau UK, a trade association, reports that companies spent 17.3% more on internet advertising in 2016 than they did in 2015, while the amount spent on mobile video advertising doubled to £693m over the same period.

THE PROBLEMS FACED BY SERVICE PROVIDERS

One of the main challenges for suppliers is targeting the right customers at the ‘right’ time. Businesses find it extremely difficult to determine exactly who their customers are, and what exactly they need.

So, they try to improve their potential customer identification with targeting efforts, yet even then they are left to make ‘cold’ offers — offers that may be completely off target.

Identifying the most relevant offers to send to the customer is almost impossible. Even when businesses manage to identify relevant consumers, they usually have no way of knowing how much they are paying for their services.

They either use third- party software or develop tools of their own, based on intricate algorithms that sift through mountains of data, a process that is expensive, complex, and far from perfect.

This whole procedure is a massive waste of both time and resources.

MAXDATA HAS FOUND A SOLUTION TO THIS PROBLEM

MaxData allows service providers to interact with consumers in a direct and more cost-efficient way. By letting service providers access anonymized user data directly, businesses can drastically reduce their advertising costs and cut down on the need to spend money on mass advertising and pay for data.

MaxData users can upload their information onto our platform stating what services they use — such as mortgages, loans, electricity, gas phones etc. and tell us how much they are currently paying for them.

Using this anonymized data, service providers can provide personalised offers to consumers, or a group of consumers without having to pay the Data Giants for their targeting services, thereby dramatically slashing their advertising and marketing budgets.

The user can then choose to accept this improved offer and, with a click of a button, complete this efficient, hassle-free transaction.

The provider then receives the contact details of the customer and contacts them directly.

In this way, both services providers and consumers benefit.

Service providers benefit by gaining access to targeted data of customers who are looking for better deals and, as this data costs the provider nothing, they are in a position to make better offers and get more customers.

Simultaneously, consumers benefit as they do not receive any more spam while being constantly provided with cheaper, more relevant offers by service providers.

Our dream at MaxData.IO is that one day all business will be conducted this way — right across the globe. This will remove the need for expensive data-supply chains which, in turn, will reduce commodity and utility prices for all of us.