Goodway Group just won its second consecutive award at the 2021 MarTech Breakthrough Awards, this time for Best Predictive Analytics Solution for BidRange, a custom-built advanced machine learning model.
What Is BidRange?
BidRange predicts whether an individual ad group can benefit from a base bid update, working across display, mobile and native campaigns with effective cost per action (eCPA) or viewability objectives prioritized by the client’s primary success measure.
Each week, the model predicts whether to increase or decrease the base bid for Goodway’s thousands of programmatic campaigns by using signals from 23 custom-engineered features to keep the base bid at the optimal level, including the gap between the submitted bid and predicted clearing prices, the proportion of impressions going to top sites by impression volume and distribution of CPMs.
When a Goodway media trader initially creates a campaign with an unreasonably high base bid, the solution makes a series of predictions that will decrease the base bid down to optimal. If the market shifts and a campaign’s base bid is no longer optimal, the predictive analytic solution detects and updates the campaign without intervention.
What Makes BidRange Award Winning?
It comes down to its proven results. “Ad groups that received updates had 11% lower CPMs month over month than the control ad groups that only had a standard bid factoring algorithm applied,” Goodway President Jay Friedman said. “Our data scientists developed this predict and update solution so that traders no longer need to exert mental energy on this programmatic lever. In turn, they can focus on higher leverage activities to best support our clients, such as producing actionable insights that lead to better business outcomes. We are honored that the hard work of our data, science and analytics team is being recognized by MarTech Breakthrough this year. The ceiling is so high in this space, and we will continue to aim to break through.”
It also comes down to its adept ability to harness the power of data to strengthen programmatic campaigns. James Johnson, managing director at MarTech Breakthrough, said, “Successfully managing a programmatic campaign is a difficult task as there are many levers at a media trader’s disposal to optimize a campaign. Set the base bid too high, and you’ll be overpaying for impressions. Set it too low, and you’ll be unable to achieve scale. With this challenge in mind, Goodway Group is a leading-edge digital partner that understands and is able to leverage the power of programmatic data so that marketers reach the right customer at the right price. Congratulations to Goodway Group, once again this year – this time as our Best Predictive Analytics Solution award winner.”
What Are the MarTech Breakthrough Awards?
The MarTech Breakthrough Awards is an international annual awards program that recognizes standout marketing, advertising and sales technology from around the world. At the 2020 awards, Goodway won Best Data Visualization Solution, and now we couldn’t be more thrilled and honored to win for predictive analytics this year, especially considering the program attracted more than 2,850 nominations from over 17 different countries around the world!
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