Advance Summit 2024 – Another Great Reason To Get To Las Vegas

Jan. 25, 2024

LAS VEGAS – Teikametrics is making it convenient for online sellers to double up on their knowledge with Advance Summit 2024. In conjunction with the Prosper Show at the Mandalay Bay Convention Center, Advance Summit is Teikametrics’ first in-person conference (March 3-4).

“We have put together an incredible agenda,” says Ben Rey, chief revenue officer at Boston-based Teikametrics. “We will be unveiling our 2024 product roadmap, discussing best practices, and offering a more intimate setting to interact with our incredible marketplace partners—Walmart and Amazon.”

Along with the Prosper Show (March 4-6), Advance Summit 2024 is another great reason to get to Las Vegas for a few days in early March that could transform your business. Advance Summit 2024 is also in the Mandalay Bay Convention Center (Islander Rooms), so proximity is not an issue.

The Prosper Show Newsletter sat down with Rey to learn more about the Summit, as well as the philosophy that has allowed Teikametrics to maintain its considerable momentum in a highly competitive environment.

Prosper: What does Advance Summit mean for sellers?
Rey: Teikametrics’ Advance Summit aims to provide sellers with valuable insights and strategies for optimizing their e-commerce businesses. Attendees can gain knowledge on effective advertising strategies and industry trends to enhance their overall selling performance.

If you’re headed to Las Vegas for The Prosper Show, this is a great addition to your trip. We’ve timed the event perfectly with Prosper Show. Click HERE to buy your tickets to Advance Summit 2024. Use code PROSPERSHOW for 10% off.

Prosper: What are you looking for when assessing a new client’s operations?
Rey: When we discuss current ad strategies with a prospective partner, we look for gaps in efficiency and areas of opportunity. At Teikametrics we have this concept of a Value Based Bid. So one of the first things we do is we look at the bids you made in the past 90 days and highlight how many bids were unprofitable or how many bids were too low where you had enough room to actually win that bid.

We then show you what we would do through our predictive AI that enables us to predict your conversion rates and recommends your ACOS/ROAS target based on SKU level profitability goals. Our bidder then predicts conversation rates and places profitable bids automatically, hourly, 24/7, taking into account seasonal changes.

Our team also looks at if you are cannibalizing your own organic sales through examining your campaign structures and recommending different tactics throughout the advertising funnel. We look for these gaps in efficiency because these areas are where Teikametrics can step in and provide value immediately from a managed service perspective, as well as from a software perspective, by using our predictive AI hourly bidder and more.

Prosper: Teikametrics is known for “fully managed Amazon ads” but what does that mean in practice?
Rey: Teikametrics’ winning combination is both our Expert Team and our Predict AI technology. We believe that the most successful way to optimize your advertising is by working with a partner who owns their own predictive advertising technology and manages the advertising in house—not outsourcing either the tech or the team.

Practically, we are reviewing and optimizing your account on a daily or weekly basis and ensuring the campaigns and strategies are aligned with your SKU level goals. We are focused not just on overseeing your ad spend and ad campaigns, but seeing how your advertising as a whole is contributing to your overall business growth. This means that we often make listing recommendations or make you aware of low inventory. All of our analysts come to us with years of experience and are always educating themselves on the latest trends like using AMC or understanding which of your Amazon SKUs are likely to perform best on Walmart. Ultimately, it means that when you onboard with Teikametrics managed service, it’s as if you hired someone directly to your team who has years of successful experience managing ads and is a true advocate for your brand.

Prosper: What misconceptions are there about the nature and effectiveness of AI?
Rey: AI is likely the most overused word in tech right now, and so many people are using it that it is essentially useless. If you go into the way-back machine online, you will see that we have been talking about our AI technologies since at least 2021. A big misconception of AI is that it’s a fad and not actually doing anything at all. A second misconception is that all AI is just like ChatGPT and is only used to generate text—like listings or keywords. However, our data scientists have spent years developing AI that is predictive.

Prosper: What does your AI technology do?
Rey: Our predictive AI technology takes dozens of different variables into account—like seasonality, day of the week, category, SKU price, etc.—and predicts your conversion rate before it happens. We also recommend the best ROAS target based upon your COGS data and your SKU level goals (i.e. product launch, profitability, etc.). More recently we have also incorporated ChatGPT into keyword recommendations, but there is so much more to come.

Prosper: How important are ads and predictive AI when preparing for events such as Prime Day and/or the holiday season?
Rey: The more volatility, the more you need some sort of way to predict conversion rates and ROAS targets. We know advertising is essential for peak sales events like Prime Day and the holiday season, but we also know you can be too aggressive and lose your profit margins. AI is necessary to maximize efficiency and results. Yes, you can run ads without AI during these times, but if you are unable to predict your conversion rates before they occur, it is unlikely you will win bids profitably and hit your targets. Every year our customers meet or exceed their Prime Day/Walmart+ targets…sometimes 200% to 400% of their targets.

To operate efficiently and profitably during these peak sales periods, especially when competitors are operating at a high level, AI is needed due to how complex these events can be—especially when you consider every seller has different goals for these periods. 

Prosper: What is the process of working with a brand?
Rey: I think this quote from Mario Volpe, senior Ecommerce analyst at Teikametrics sums it up: “At Teikametrics, our commitment to excellence extends beyond the mere provision of services—it’s about sharing our deep-seated expertise in Amazon advertising with our collaborative partners. We believe in the power of knowledge transfer, enlightening our partners about the intricacies of the platform and executing proven best practices.

“This collaborative learning process ensures that our strategies are not only effective but also seamlessly aligned with the unique dynamics and goals of each brand’s catalog. Transparency is the cornerstone of our methodology. We open the door to the consumer purchasing journey, offering our partners a clear view of the data landscape. By demystifying the complexities, we empower stakeholders to understand the nuances and make informed decisions.

“Armed with state-of-the-art technology driven by AI, we deliver advanced analytics for the benefit of our clients’ operations. Our tools unveil the true profitability of products across all marketplaces, allowing us to optimize strategies and drive tangible results. It’s not just about being technologically advanced; it’s about utilizing these tools as instruments of empowerment for our clients.

“In our relentless pursuit of success, we don’t just stop at optimization; we identify uncharted territories of opportunity. By strategically expanding advertising efforts and testing new approaches throughout the consumer journey, we push the boundaries of consumer reach, ensuring our partners are at the forefront of their industry.

“In essence, our process isn’t just about generating more profit; it’s about cultivating a collaborative ecosystem where trust, knowledge, transparency, and cutting-edge technology converge to redefine success in the ever-evolving landscape of e-commerce advertising.”

Prosper: Why did you decide to become the Platinum Sponsor at Prosper and to exhibit at the show?
Rey: Teikametrics decided to become the Platinum Sponsor of The Prosper Show for the third year in a row because, in addition to the world-class education the show provides, Prosper offers a strategic opportunity to engage with industry professionals, build trust, and contribute to the success of our business. The smartest and most innovative sellers attend Prosper and those are our people.

Prosper: Why do you think in-person trade shows still have relevance?
Rey: In-person trade shows remain relevant due to the opportunities for relevant networking, product demonstrations, and immediate feedback. They offer a unique environment for building trust, making connections, and brand visibility that compliments the convenience of our digital era. A lot of sellers find it easier to evaluate vendors in person, and we appreciate that. We actually don’t believe every seller is the best fit for us, so we appreciate being able to meet in person and understand if this is the best partnership for both sellers and Teikametrics.