by Bruce RogersFORBES STAFF
A Series of Forbes Insights Profiles of Thought Leaders Changing the Business Landscape:
Tom Noyes, Founder and CEO, Commerce Signals
Marketing is becoming a more exact science. And a host of data providers and marketing technologies have emerged to support marketer’s efforts to connect marketing activity to business outcomes. One such company is Commerce Signals. It aggregates insights from transaction data from credit card purchases through a secure platform that provides publishers, advertisers and agencies purchase insights in close to real time.
“Would you like to measure your advertising or marketing efforts with actual retail sales from the country’s largest payment networks? What if you could submit your own requests for insights 24/7 and get deterministic results back? Would you like to optimize with data from purchases made just 2 days ago? In our controlled environment, advertisers can directly access the right insights directly from the source,” says Tom Noyes, founder and CEO of Commerce Signals.
According to Noyes, banks spent $1.5 billion dollars in the U.S. alone building huge data lakes over the last three to four years. These technology wonders are resources with enormous potential, but are significantly under tapped. Noyes aims to change that.
“Bank data is organized in a structure and available but has no commercial construct that’s worked in deployment. Our commercial model enables banks to create data products that can go to market quickly, all while allowing them to control use and price. Today we have four very simple data products covering 70% of US card transaction volume. These products are focused on advertising and measurement which buyers know how to buy, created out of the bank’s existing data lakes. Banks are pivoting from a model of control to their traditional model of commerce enablement” says Noyes.
“For example, most purchase-based measurement comes in eight or more weeks after a campaign has aired, which doesn’t allow for optimization of campaigns while they’re in flight. Commerce Signals provides the link to those big data lakes from the banks credit card transaction. This aggregated data allows marketers to assess sales impact and refine what tactics will next and best influence purchase decisions.”
Noyes believes his data and measurement company is on track to build a powerful attribution and optimization engine for marketers, agencies and publishers alike.
“We’re growing at 300 percent a quarter right now so we’re in a very high growth mode. But we just came out of the cradle, we’ve gone from ground zero in July to be a $6 million dollar run rate by the first quarter of next year. We’ve got 6 publishers on the platform today and by the end of the December we’ll have 12. My biggest problem is how we support demand from 20 companies a month. So it’s a great problem to have. Visa loves it because it helps them maintain privacy and demonstrate to retailers that they could be a friend and do more than just help them process a payment, same with First Data. The publishers love it because it helps them be a more effective advertiser,” says Noyes.