Why a Subscription Model Makes Sense for Targeted Marketing Data on bdex.com

Why a Subscription Model Makes Sense for Targeted Marketing Data

Only get the targeted marketing data you need, when you need it

One of the elements of successful marketing is knowing your audience. Whether you’re trying to sell a phone or a shower curtain, knowing which people are potential customers is essential. Otherwise, you’re unlikely to sell anything at all.

Buying data, then, is an essential part of the process of finding customers. Through this information, companies can learn what consumers are buying, how much they are paying, where they are making their purchases, and how likely they are to repeat them. Unfortunately, many data brokers are more concerned with the quantity than the quality of the data they provide.

One of the largest problems that come from working with such great quantities is that data becomes too broad to actually be useful. Let’s say, for example, that a customer fits a demographic and predictive profile of people who are likely to buy a home, based on past data that shows 10% of that group with similar characteristics will be in the market. That means, at best, 90% of the dollars spent on marketing to the group will be wasted.

Many data firms, however, are going to give companies that big, non-specific list based on predictive data. It will likely target and reach some people who are interested in buying a house, but at what cost? In a traditional data licensing agreement, it’s all or nothing; companies pay to license the entire file.

Many data companies may not care if their clients are only looking for data about specific demographics or regions, forcing them to pay for data they cannot even use. A home appliance company that only serves Florida does not need information about Maine, after all. And a law firm that specializes in divorce does not need information about teenagers. But the complete dataset purchased from some data brokers will have all of that information, which then needs to be whittled down in-house, creating an additional expense in the form of the expertise and man-hours needed to manage the data.

A subscription model like BDEX, however, completely changes this

In a subscription model that involves real-time data, the client only receives the consumer information that they want, when they want it. If a company is only interested in people who live or work in downtown Pittsburgh who are actively shopping for a home online or in-person, that’s the information that a subscription will provide. Gone is the need to sieve aimlessly through a thousand faceless names, trying to poke and prod until you find information that can be used for marketing.

Take a look at a specific example: Let’s say a marketer wants to identify and reach out to people who collect antiques. With BDEX’s geofencing capability, a marketer can actually see that a collector has spent time at a brick-and-mortar antique store. Thanks to online behavioral date, they can also see that he’s been visiting eBay and antique websites online. These elements are fused with specific variables (say, home address and potentially many other factors) and the marketer receives a customized list of only the names of these highly-specific targets – individuals who are actively looking to buy collectibles in a geographic area, all the way down to the specific zip codes.

That list may only be 10 people a month, based on the parameters.

With a standard data company, a marketer might instead buy a list of people in the antiquing demographic, and it would take hours to sort the relevant elements and find a way to advertise to collectors … along with a bunch of people who aren’t collectors. A subscription model eliminates these inefficiencies. Your company can advertise to consumers more efficiently than its competitors, and get your customer those antiques (or cars, homes, furnishings, etc.) even more quickly.

Additionally, a subscription model may help you find customers that other models are not even able to detect. If everyone is using the same data collecting techniques, then all of your competitors will end up advertising to the same people, whether or not it is effective. The data gets stale and overused and suddenly people are seeing ten ads a day for sinks they already bought, which is a massive waste of money. A subscription, on the other hand, allows marketers access to consumers that traditional models might not pick up – those whom are looking to buy now.

All of this serves to make a subscription model more competitive in a changing marketplace. Subscriptions allow businesses to adapt on the fly without having to sort through gigabytes of useless information, giving them the edge they need to market successfully.

To start making a highly-specific data subscription model work for your marketing campaigns, call us at 917-410-6616 or send an email to info@bdex.com.

If You Market (Well) They Will Come on bdex.com

If You Market (Well) They Will Come

The basics of successful marketing campaign management

Developing a marketing campaign for your product or service is one of the most important aspects of business success. And without a detailed plan, you’ll never reach your potential customers. You also have to know how to manage a marketing campaign once it’s launched, including measuring the effectiveness of the different executions, whether they’re in the form of direct mailers, digital ads, an email campaign, or other components.

We’ve put together some campaign management basics to follow, including the use of a customized BDEX data list of potential targets that are actively looking to buy your product or service – whether that’s pet supplies, household appliances, groceries, or a new computer.

Start with your data

Third-party data is going to give you vital information about your target audience; the people who are most likely to buy your product or service. The right data shows insightful characteristics and buying history to reveal patterns that enable you to specifically reach out to potential customers.

Adobe puts it this way: “If you are a marketer and you want to talk with your customers, then you have to first know and understand them … The more data you acquire, the better you will know your customers, which is a critical first step toward successful campaign management.”

The more specific you can get about your target audience the better. It’s fine to know you want to target women, but it’s better to know you want to target married working mothers who live in a particular part of the city or single men who enjoy outdoor adventures such as hiking, kayaking or mountain climbing. These elements are known as demographic, historical, and/or predictive data.

Even better and more specific is real-time behavioral data. BDEX’s actionable data allows you to narrow down the list to individuals who are specifically looking for certain items or services

Data that tracks real-time online activity

One of the best ways to define your target audience is with data that tracks recent online activity, including purchases, online searches, and more. BDEX collects real-time data based on actual behaviors of potential customers. The data can tell you that people have been on a travel site, bought or shopped for concert tickets, browsed makeup, and more. Our data also tracks when someone has visited a physical store using the technology called geofencing, as well as collects information from POS (point of sale) systems at brick and mortar stores.

Managing data

Compiling data based on information you have collected about your customers or buying a data list from an outside company is not enough. You must also manage your list. In many cases, a marketing firm or company will have a massive amount of data that is being used by different departments and in different formats and systems, which makes it harder to analyze and interpret the information. You’ll need to have an adequate infrastructure in place to manage your data list to ensure accurate information.

Developing content to reach your target audience

Knowing who your customers are is only the first part of managing a campaign. You’ll need to develop the right content in order to speak to your audience. As they say, content is king. And the way you approach your target audience is crucial for a successful campaign. The keys to success are to make content that is attractive (gets noticed and read, watched, or seen), valuable to the individual and provides a clear and compelling proposition.

Determine the best execution for your campaign

This is where you will develop your specific plan to bring your marketing campaign to life. You have to decide the best media to use, which should be easier once you understand your target audience. Remember, if you use real-time behavioral data, you already know that your target has been actively searching for your product online or they’ve visited a store that sells a similar product.

The media you choose will be dictated by the prospect’s habits, demographics, and the devices they use. For instance, you would probably choose different media to target teenagers or millennials than you would if you want your message to reach senior citizens. The use of specific media can also be tracked by the data; you’ll know which devices they tend to use, as well as which media generates specific responses when later analyzing the impact of the campaign.

Common vehicles include:

  • Inbound website
  • Direct mail
  • Email marketing
  • Mobile marketing (SMS/text)
  • Social media (passive and paid campaigns that boost posts)
  • Online display advertising
  • Print display advertising
  • Broadcast (TV/radio/streaming)

Of the above vehicles, certain ones are more amenable to target marketing than others. Generally, they are those that involve an outbound message to a specific person (direct mail, email, mobile text), though online display ads and social media can also be highly targeted to individuals based on data, as can tailoring what is shown on your website for certain categories of inbound web traffic.

You’ll also decide how much you want to spend for each medium, which again is going to be dictated by the characteristics and habits of your target audience, as well as the measurable ROI of each. If you know your customers get most of their information via their smartphones rather than a direct mail piece than you would probably earmark more money for mobile advertising.

To clearly measure impact, you must either tie a campaign to a very specific offer or have a CRM system that tracks they customer’s journey from the first contact to eventual sale. Speaking of which …

Track the results of your campaign

Finally, you’ll want to develop a plan for how you will track the results of the campaign as well the return on investment (ROI) for each medium.

Analyzing the results will help you:

  • Understand which elements of the campaign worked and which ones didn’t (creative, message, and targeting)
  • Learn how your target audience responded to your campaign
  • Reveal if your campaign accomplished the goals and objectives that were in place
  • Gain valuable information for future campaigns
  • Establish a baseline ROI

One last note: privacy and managing customer data

One thing to always keep in mind is the privacy of customer and prospect data. In many cases, you can’t send emails or text messages unless existing customers have chosen (opted in) to receive messages from you. In some cases, it can even be against the law.

For instance, the European Union recently enacted GDPR, which is meant to protect the privacy information of consumers. There are explicit rules in place regarding how data can be used and how and when to contact customers with marketing messages. It’s important to note that certain media, such a direct mail, and social media advertising, don’t require opt-ins or permission – while others, such as text messages, unsolicited phone calls to non-customers, and email, do.

An effective marketing campaign requires a plan and data that provides the most accurate information about potential customers. BDEX can help with the latter by providing real-time data via over 700 million device ID connections and more than 900 billion data signals available through our proprietary Data Exchange Platform.

Call us at 917-410-6616 or send an email to info@bdex.com to start putting this information to work for your business.

Data Holds the Key to Personalizing the Buying Process on bigdataexchange.com

Data Holds the Key to Personalizing the Buying Process

Real-time behavioral data meet consumers on their terms

The way marketers and advertisers reach potential customers has changed immensely in the last few years. We live in the age of “Big Data” where information and buying habits are collected via websites, search engines and social media platforms every second of every day.

Some consumers may see this as impersonal or even intrusive, but in many respects, the opposite is true. Data has allowed for a far more personalized consumer experience because now marketers can track online and in-store behavior to find out exactly what customers want – and then better meet their needs when they have them.

BDEX takes data to the next level by allowing marketers to reach their target audience based on real-time online searches, activity, and even in-person store visits. From research on hotels.com to shopping at The Gap, behavioral information can be used to reach potential customers who are actively searching for a service or product.

How modern data provides a more personalized experience

The term “Big Data” refers to a large amount of information collected together, which is then fused and analyzed by software that is designed to reveal patterns, associations, and trends. The raw data is impersonal – but analyzing that data provides highly-personalized information.

allBusiness puts it well: “While we may be in the Age of Big Data, we also are in the Age of the Customer. And, today’s customers are demanding that companies meet their expectations for service and experience. The simple truth is that companies that capitalize on data win the customer experience game.”

Online behavioral data helps reach consumers where they are at in the sales funnel

Online consumer behavior provides a treasure trove of data that can help all industries target potential customers in a more cost-effective way. These days, when consumers are looking to buy something – whether it’s purchasing a new TV or dishwasher, or researching places for their next vacation – they typically start the process by searching online.

“The average consumer looks at an average 10.4 sources before making a purchase. B2B buyers do even more research, with 94% of business buyers performing online research,” according to allBusiness.

Here are more quick stats:

  • 77% use Google searches
  • 84.3% check business websites
  • 34% visit third-party websites
  • 41% read user reviews

Of course, research is not conducted exclusively online. Consumers still visit brick and mortar stores, often going to multiple locations in search of the best deal or highest quality goods and services. All of this behavior can be tracked and used to create targeted, actionable lists that reveal when customers are in the market for a certain product. That’s where BDEX comes in.

How BDEX uses actionable data to personalize the customer experience

BDEX collects a vast array of real-time data based on actual consumer behavior. For instance, our data might reveal that a consumer has actively searched for products on petsmart.com. It might show that someone has recently moved to the area and is looking for furnishings (which means they might be in the market for home goods or even a local grocery store). We even have the capability to track if a consumer has visited a physical store using geofencing technology.

Conventional data lists only look at past consumer behavior, using predictive analysis to then “guess” what that consumer might do tomorrow. BDEX gives marketers the ability to track active, real-time searches – whether online or in-store. When this is combined with device-matching technology that follows an individual across multiple devices, it allows for incredibly precise targeting of consumers – and more effective marketing spends compared to other direct marketing methods.

Modern data allows marketers to provide the most personalized customer experience in history. BDEX can help by providing real-time data via over 700 million device ID connections and more than 900 billion data signals available through our proprietary Data Exchange Platform.

Call us at 917-410-6616 or send an email to info@bdex.com to start putting this information to work for your business.

How Can Retailers Better Target Customers? on bigdataexchange.com

How Can Retailers Better Target Customers?

It’s all about having the right data – and knowing how to use it

Fall is the time for retailers to really start thinking about the upcoming holiday season. Because so many companies depend on strong sales at the end of the year, they have to be sure their marketing campaigns are on point.

To get a glimpse of what we can expect this year, let’s take a look at some numbers from last year courtesy of the National Retail Federation:

  • 174 million people in the U.S. shopped from Thanksgiving Day to Cyber Monday
  • 51 million shopped exclusively in-store
  • 58 million shopped exclusively online
  • 64 million shopped both in-store and online
  • People who shopped both in-store and online spent an average of $49 more than the in-store-only shopper and $82 more than the online-only shopper
  • 63% of smartphone owners used mobile devices to make holiday decisions
  • 29% of smartphone owners used their phones to make purchases
  • The average amount each person spent over the 5-day period was $335.47
  • The highest average amount was $419.52, which was spent by people age 25-34

Additional stats show that for Black Friday, more than 46 percent of digital revenue came via mobile devices, which was up over 18 percent compared to 2016. However, most of the shopping that day still takes place in actual stores. Multichannel Merchant reported that while 66 million people shopped online, 77 million went to stores to make a purchase.

Millions of people are shopping in the run-up to the holiday season, giving retailers a huge pool of potential customers. But how do you find the ones who actually want your goods?

Instead of just devising a marketing strategy based on predictive data and hoping it reaches your ideal customer, wouldn’t it be nice to know exactly who that person is – and what and when he or she is looking to buy?

What real-time behavioral data and device-matching can do for your retail business

Your business probably utilizes data in its marketing, but it’s very possible that it just isn’t that useful. A lot of the data being sold has several inherent problems, such as being way too broad and sometimes outdated. But this is never an issue with the data BDEX offers. With more than 900 billion data points, we can help you figure out exactly who your best customers are.

The data allows you to check out the shopping behavior of someone in real time. This means that if they’re looking at a golf club online, for example, and you happen to sell golf clothes, you’ll know it – and you can immediately hit them with an ad or offer. Plus, with device-matching, you can follow the same shopper across multiple devices and adjust the messaging and the vehicle accordingly.

How to find customers in the real world

While it may seem as though all shopping now takes place online, remember those stats mentioned earlier. Brick-and-mortar businesses are still important to many people, and there’s a tactic that can let you know which stores they’re visiting: geofencing.

Geofencing uses software to draw a virtual line around a specific area, followed by telling you when a mobile device enters this boundary. This is beneficial in a couple of different ways. First, you can see which stores someone goes to, including a competitor. And when this information is matched with real-time behavioral data, you can see what they’re buying or perhaps thinking about buying. Your business can then send out its own offers for competing or complementary products at the exact time a prospect is looking to make a purchase.

If you’re working on your holiday marketing plan, BDEX wants to help you have an even more profitable season. To learn more about what we offer, call us at 917-410-6616 or send an email to info@bdex.com.

Customer Targeting Made Easier for Media Companies on bigdataexchange.com

Customer Targeting Made Easier for Media Companies

The importance of real-time behavioral data and cross-device matching

According to statistics compiled by USC Annenberg, the average American now spends a full day – 24 hours – each week on the Internet. And what are they doing when they’re online?

A report from the Center for Digital Future reveals some very telling information about media consumption. More than 70 percent of people who go online visit their social networks. Sixty percent of people do so to download or watch videos. Fifty-six percent said they download or listen to music and 44 percent play games.

How people access this media is also assessed: Eighty-two percent of people get on the Internet through their phones, while 30 percent use a tablet or other device. Other interesting stats from the report:

  • 53 percent said they sometimes or often watch television shows on their TVs as well as computers and mobile devices
  • 37 percent said they sometimes or often watch TV shows through a free streaming service
  • 51 percent said they sometimes or often pay to watch movies online
  • 37 percent said they sometimes or often pay for streaming music
  • 37 percent also said they were likely or very likely to cut back or give up cable or satellite service entirely and just watch TV online

How BDEX can help media companies target customers – of both their media and the products and services sold by advertisers

Device graphs

These days, it’s all about getting the right content in front of the right people, at the right time. The best way to do this is by utilizing actionable, accurate data. At BDEX, we help media companies use data in several impactful ways.

First, with our device graphs, they can identify customers based on their devices. This allows them to market to a consumer at every touch point. Because so many people use a variety of devices, often this is a challenge. But our device graphs enable a media company to reach customers on many and sometimes all of them.

Real-time behavior

Once a company knows who is on what device, they can access and leverage the person’s real-time behavioral data. Content creators, advertisers, and other partners can then tailor specific media to that individual based on this behavior, as opposed to relying on typical audience groups, which generally consists of an older, less-specific set of data.

Better ad impression measurement

Device-matching is especially effective for ads. When ads are randomly run across devices, there is a good chance that one person sees the same ad twice. As a result, there is no way to measure how many individual customers saw it.

But when a company can identify the unique use of a phone and tablet, for example, they can make sure that ad is only run a predetermined number of times. This allows for much better insight into how many different people will have seen it, which can generate much more accurate measurements of ad impressions. Not only does this help the individual business, it also allows a media company to charge better ad rates for more effective ads.

How this can be put into practice

At an essential level, media companies have the capability to promote media on different devices. A new show that may be typically consumed on a certain individual’s tablet may be promoted across many of that person’s touchpoints – from the tablet to a text to their smartphone, as well as a dynamically-served ad on a website viewed on the browser of their laptop.

That media company’s advertisers reap similar targeting benefits. To get a sense of how these tools can be put into practice, let’s take a look at cars. Many media companies have partnerships with big car companies. Marketing initiatives in the past typically involved using an audience segment that would show someone was likely to buy a new car. This would usually consist of some sort of predictive analysis that, while somewhat accurate, had a failure rate that was still very high.

With our real-time data, all of this has changed significantly. Now media companies and the auto companies (as well as any other industries) who buy from them can be sure that they are targeting an audience that is much more relevant. They can do this by looking at the behavioral data that will show that someone is at that moment shopping for a new car – and mixing it with the data that shows where to reach them – which is exponentially more specific than the old, scattershot approach.

Want to find customers who are ready to buy what you – or your partners – are selling? Our real-time marketing takes the guesswork out of the equation. To get more information about the services we can provide for your media company, please contact us.

The Elements of Effective Targeted Marketing, Part 2 on bigdataexchange.com

The Elements of Effective Targeted Marketing, Part 2

The indicators that your ideal customer is actually ready to buy

In part one of this series, we discussed ways to identify your ideal customer. That’s the first, basic step in targeted marketing.

This is insufficient to refine a campaign, however – not by a long shot. True, highly-targeted marketing is all about reaching out to individuals who are actually ready to buy. And there are two subsequent steps in the process to achieve this: using predictive analytics and then real-time indicators that point to an imminent purchase.

Predictive analytics are last-gen targeted marketing – but still useful

The last generation of targeted marketing relied heavily (almost solely) on predictive analytics – which looks at data to spot behaviors, milestones, and demographics that are correlated with a purchase decision.

For example, as we described in a previous post:

The data will let you know that “Craig Smith” is about to finish paying off his car loan. A predictive analysis suggests that he might be interested in buying a new car. However, Craig may be just as likely to keep it in order to avoid making car payments. What if there are 10 million Craig Smiths out there? Not many of those individuals will shop for a new car. In fact, statistics might indicate that only about 10% of them will do so.

Predictive analytics takes the data describing your ideal customer – which may be, say, 50 million people for a national business – and refines it down to those who may be looking to buy based on historical data; in the above case, the 10 million individuals who just paid off their car loan.

Predictive analytics can use a variety of factors for different decisions. As another example, an individual who just moved and forwarded their mail may be in the market for new furniture for a new home. Individuals who bought a tablet computer five years ago could be ready for an upgrade. Consumers who completed the minimum contract for cell phone service might be interested in another provider with a lower rate. Perhaps someone recently had a baby. They would need diapers, clothing, baby supplies, and even furniture, such as cribs or changing tables.

These predictors are very useful and represented a massive step forward for targeted marketing. But they are still inefficient when used in isolation.

Predictive analytics narrowed down the above example list of 50 million to 10 million potential car shoppers – but how many of the latter group will actually buy?

If that number is really only one million, nine out of ten marketing dollars are wasted if you reach out to the whole group. This is why predictive analytics must be combined with real-time data that features actual indicators someone is shopping for a new car.

This is where targeted marketing gets real.

What signals that a customer is actively looking to purchase something?

Indicator #1: Online activity

One of the easiest ways to know whether someone is in the market for a product is through their online activity. Whether the person has visited cars.com, realtor.com, or a site that offers free diaper delivery, these indicators can be tracked and collected as real-time data.

Indicator #2: Visited a physical location

Technology can tell us when a customer has visited a physical location, such as a car dealership or a retail clothing store. It’s done via geofencing, a location-based service that uses GPS, Wi-Fi, and cellular data to track where people go within a certain radius. You can even collect data based on point-of-service (POS) systems to find out what customers bought if anything.

The complete targeted marketing process with BDEX

You’ll start the targeting process by defining your customers, and BDEX can help you refine this definition with data. From there, we fuse predictive analytics with the real-time indicators of people who are looking to buy right now. Based on these parameters, we provide you with an actionable list of your best customers as they are actively shopping for your product or service.

In the above example that could represent a nationwide auto dealer, the process moved a list from 50 million to 10 million – and finally down to the one million individuals who are really looking to buy a car.

But that’s just a generic example. The data is often specific enough – in terms of industry, product or service, and behaviors – to narrow down weekly lists to merely a few dozen individuals, in some cases. This means you get a recurring, narrow, and highly-actionable list of potential customers.

When this list is fused with our Data Exchange Platform (DXP) and Device Graph, it includes contact information as well as the different devices that prospects use in their daily lives.

This gives you the power to reach out to individuals who are specifically looking for your products and services, as well as the means to reach out to them where they are likely to see your message.

Marketing doesn’t get any more targeted than that.

Reach out to us today to learn more.

BDEX features the first-ever Data Exchange Platform (DXP). The BDEX DXP and DAAS platforms enable companies to acquire impartial, quality-scored, third-party data reaching the right people at the right time like never before. We offer cross-device matching, auto dealership services, DAAS, real-time targeting, and custom segment building that is ideal for any industry, including auto dealers, retailers, brands, agencies, out-of-home, and franchises.