Effective marketing is driven by user data. More and more marketers are raising their investments in data to improve their overall ROI. According to a survey released by the IAB Data Center of Excellence, companies in the U.S. spent close to $19.2 billion on audience data in 2018; 69% of respondents said they had increased their spending in 2018, and 78% expect to invest even more for 2019.
Big data has changed the way marketers approach their targeting strategies, as more data is being gathered and analyzed than ever before.
It’s the perfect time to assess whether you’re using data to its fullest potential, and aren’t stuck on conventional methods that don’t provide you the personalized targeting opportunities you need.
Below are uses of third-party data that go beyond traditional and help marketers get the most out of the data they’re paying for.
Are you using your data for ad segmentation? If not, you could be missing out on a major opportunity to connect with your own customized audiences.
Ad segmentation allows companies to market to different categories of an audience, or segments, that may be at different stages of the sales funnel or have different motivations. This segmenting is possible by using third-party customer data that shows what’s behind a customer’s intent and thus helps brands reach their audiences before they make a move.
Creating customized segments allows marketers to better connect on a personal level with their audience, and this just isn’t possible without data. If you have yet to use data in this way, ad segmentation is a worthy investment.
For example, MailChimp conducted a study that compared segmented campaigns with non-segmented campaigns and found that the segmented emails saw a 14.31% higher open rate and 100.95% higher click rate than their non-segmented counterparts. Customers were segmented by details like subscription signup date, subscriber activity, and interest groups – categories that depend on data.
Marketers are also realizing they can use their data to find new clients and markets that may be fruitful. It’s smart to pay attention to any outside or new sources of traffic with high conversion rates, which can be found by combining both marketing data and sales data to further campaign efforts and get more accurate information.
Combining these two types of data can reveal a complete view of the consumer – not just their intentions, but also their actual buying habits. This level of insight can tell you the customer’s entire journey, from the initial view or click to how satisfied they are after a sale.
Data can also reveal to marketers that one customer browsed products on multiple devices, making that lead’s behaviors and motivations that much more detailed. Cross-device identity matching links devices to real people you’re trying to get your message to.
As a Gartner contributor pointed out last year, cross-device identification is a trending marketing technology that creates more “sophisticated ad targeting, personalization, and measurement capabilities” to help marketers deliver meaningful messages across channels.
Use consumer data to better target specific users across all of their devices and multiple channels, and you’ll have a more well-rounded approach that creates more meaningful real-time connections.
BDEX offers several solutions that help companies use their data to its fullest potential. We offer custom segment-building services that allow marketers to create their own custom audience to build their ideal target customer.
We also have over 800 million mobile-to-email identity linkages to help brands with their cross-device matching efforts. This means they can better market to their audience across multiple channels, whether social media, email, direct mail, or mobile.
The BDEX Data Exchange Platform (DXP) includes data from almost 500 different industries so you can purchase the data that will help you make real human connections with your ideal audience in the most effective ways.
Contact BDEX if you have questions about how to get the most out of your data or to learn about all of our data solutions that will help you push your marketing efforts and your business forward.