2018 Year in Review. Data Overload on bdex.com

2018 Year in Review. Data Overload

The proliferation of unstructured data seen this year is poised to accelerate in 2019 and BDEX stands ready with an infrastructure built to power human connectivity.

One of the recurring themes to emerge in 2018 was data overload. The ability of humans to generate data continued to outstrip our ability to understand and act on it. In 2019, there will be the additional challenge of structuring the growing torrent of data from so many disparate sources.

Amid all the excitement about the convergence of Big Data, Artificial Intelligence (AI) and the Internet of Things (IoT), however, some still ask if all the data is going to make us any smarter?  Is it really going to make marketing more efficient, more precise, more effective?

At BDEX we are confident it will because we have spent the last five years building a proprietary data infrastructure to power human connectivity. Today, our platform tracks more 800 million connections between email and mobile IDs and cookie and email IDs to make sure we can connect our customers to the right people on the right device at the right time. We have curated more than 5,500 data classifications that enable our analysts to produce targeted customer lists with unprecedented accuracy, granularity, and speed.

We see the value of these investments being validated every day in the marketplace. As 2018 draws to a close, it seems like a good time to review how and why we have built our infrastructure and what marketers can do with it. So here is a curated list of some of the articles we published on our blog last year.

We look forward to publishing new articles next year and will strive to make them as accurate, timely and actionable as our data. Stay tuned.

The BDEX advantage

BDEX is Not a Typical Marketing Data Company

The BDEX Data Difference

The Ins and Outs of Our Data Exchange Platform (DXP)

Why a Subscription Model Makes Sense for Targeted Marketing Data

How BDEX powers human connectivity

Find Your Ideal Customers with Our Taxonomy Explorer Tool

Device-Matching Connects Customers with Devices – and Businesses with Sales

Getting the Channel Mix Right in Target Marketing

Which Vehicles Will Drive the Success of Your Marketing Campaign?

How specific industries use BDEX to connect

Data-Driven Direct Marketing for Auto Dealers

Customer Targeting Made Easier for Media Companies

How Can Retailers Better Target Customers?

Automotive Marketing Case Study: Maher Chevrolet

How BDEX sees the future

AI on Target to Change the Way We Market

The Future of Data Promises the Perfect In-Store Marketing Experience

Data-Driven Direct Marketing for Auto Dealers on bigdataexchange.com

Data-Driven Direct Marketing for Auto Dealers

How modern car buying habits can be used to create highly-targeted marketing

Just as with nearly every aspect of our lives, technology has transformed the way people search for a new car. That same technology is also helpful in collecting data that marketers can use to very specifically target potential buyers.

Of course, having the right information is essential. In the past, the data has told marketers that “Alan Smith’s” truck loan will be paid off soon, but it can’t tell if he’s actually searching for a new truck. Until now.

BDEX uses real-time data to more precisely target those who are actively in the market for a new vehicle. How is this done? First, let’s discuss modern search habits when it comes time to buy a new vehicle.

Search habits of the modern automotive customer

Car buying has gone digital in a very big way. A majority of customers now begin the buying process by doing a tremendous amount of online research, from looking for types of vehicles and reviews to maintenance costs and depreciation of the major car brands. They also use a mixture of different devices for research, including smartphones, tablets, and computers.

Look at these stats from an AutoTrader.com/Kelly Blue Book study:

  • Car buyers spend 59% of their time researching online
  • 46% of car buyers used multiple devices in online searches

•  83% used a computer (desktop/laptop); 46% used a smartphone; 41% used a tablet

•  14% only used mobile devices

  • Only 30% of car buyers knew the exact make/model they wanted before they started researching
  • Third-party sites are the most-used of any online resource, with 78% of car buyers visiting at least one of them
  • Car buyers spent 60% of their time on third-party sites
  • The top 5 online activities of car buyers:

•  Researching car prices

•  Finding actual vehicles listed for sale

•  Comparing different models

•  Finding the current worth of a car

•  Locating a dealer/getting dealer info

More evidence of modern automotive buying habits, including the use of social media, from a study by JD Power & Associates:

  • Internet shoppers visit an average of 10 automotive websites in their shopping process
  • The three most frequently visited third-party sites are: Consumer Reports, Edmunds, and Kelley Blue Book
  • 22% of new-vehicle shoppers use social media sites as a shopping source

Once digital research is complete, the majority of shoppers still visit an auto dealership in person

Walking into the dealership is still the most common initial point of contact for car buyers, according to JD Power and Associates. 56% walked into a dealership, compared to 25% who used the phone, 14% who sent an email, and 3% who participated in an online chat.

How BDEX uses the modern search habits of car buyers to create targeted lists of data

BDEX uses real-time targeting to compile data from connected devices that marketers can use to offer relevant products related to current online (and even offline) buying activity. For instance, the data can tell marketers that a potential buyer has visited a site like cars.com, downloaded an app, or signed up for a newsletter. Unique identifiers are fed into a database and cross-referenced with other databases to help identify consumer behaviors, devices, and patterns.

Marketers can learn when users have been researching cars online, which sites were visited, and the specific device that accessed them.

Precise data that targets offline habits

People do still need to visit dealerships in person, either to test drive a number of different vehicles or purchase a specific one. So, it’s also important to be able to track this kind of activity.

BDEX leverages “geofencing,” a technology in which GPS, radio frequency identifiers (RFID), Wi-Fi, and cellular data are utilized to see information about the places people go, including a local car dealership. This makes it possible to identify prospects who have visited competitors in your area – which lets you know that you also need to get their attention.

Data that allows you to target modern car buyers (or any other product)

BDEX uses the shopping habits of modern consumers to provide data that goes beyond guesswork – is this prospect actually looking to buy a car? This enables you to vastly increase the efficiency of every marketing dollar compared to traditional direct marketing methods. We have over 700 million device ID connections, as well as more than 900 billion data signals available through our proprietary Data Exchange Platform.

To learn more about BDEX and what this data can do for your automotive marketing, contact us.

Getting the Channel Mix Right in Target Marketing on bigdataexchange.com

Getting the Channel Mix Right in Target Marketing

The marketer’s channel-mix challenge across the digital landscape

Back in 2011, Google introduced us to a new marketing acronym. Zero Moment of Truth (ZMOT) is the moment where first impressions happen and the path to purchase often begins. Google explained that it’s a moment where information and marketing happen, and the consumer makes choices that impact the success or failure of nearly every brand in the world. Talk about the opposite of a “no pressure” moment.

Zero Moments of Truth happen. Nevertheless, many people aren’t going to remember the very first time they were exposed to a brand. “Ah, yes. It was a little after 3 in the afternoon on a Friday. I saw a mobile banner while I was checking the weather on my favorite app.”

That’s because it often takes more than the ZMOT to help a prospect overcome inertia and take the steps to become a customer. What leads to this conversion is a concerted effort to push recognition towards engagement. Often, we must be exposed to something multiple times for it to be stored in our long-term memory.

A marketer’s biggest challenge is to deliver an unbroken chain of impressions – on the right marketing channels to the right people – once the seed is planted with a Zero Moment of Truth. It’s a real-time pursuit across the digital landscape, and revenue from a customer is the prize.

Marketing by moments

There may be some steps unique to a particular industry, product, or service, but purchasing behavior generally has five predictable steps:

  1. Problem recognition: The path to purchasing starts when a prospect identifies their need or problem. Stop and read that again. It means that your ZMOT message should be focused as much on their pain point as it is your solution.
  2. Information search: A prospect will begin their search process in earnest now. They’ll look first for validation, perspective, and education about the problem – as well as how others have gone about solving it. The more complex the product or service, the longer this search will last. Think new car or real estate.
  3. Evaluation of alternatives: Do you stand out from the competition? Good. It still doesn’t mean a prospect will become your customer. This is the age of unlimited free search. Prospects want to be assured they’re about to make the right decision. The overarching solution here is to give prospects every reason to go with you.
  4. Purchase: Problem validated. Research completed. Ditto with the comparisons. Now it’s time to make the purchase decision. Marketing messages here usually revolve around a sense of security and value about the decision.
  5. Post-purchase evaluation: The transaction may have occurred, but the purchase is far from complete. A customer must now determine whether he or she is satisfied with the decision. So, another round of evaluation occurs, and brands must continue to communicate with these new customers to make sure they’re happy.

There have to be specific marketing messages delivered at one or more of these steps to encourage a decision to buy. Marketers must locate the right prospects as they take each step closer to deciding whether you understand their problem and offer the best solution.

Which channel keeps you by their side? That’s not the only challenge to conquer. It’s also necessary to consider the benefits and limitations of each channel. For example, SMS can be delivered instantly, has a higher open rate than any other marketing channel, and is extremely cost-effective. On the downside, you’ll have a limited message length and your choice of rich media is extremely narrow. Dynamically targeted banner ads have great targeting (these days) but could get lost in the mix during web surfing. Phone calls can be extremely effective but potentially invasive.

Some channels have a higher engagement rate, while others give you the opportunity of frequency. And not everyone uses all channels – so how do you follow a prospect along the path to purchase if they’re appearing and disappearing like the Cheshire Cat?

Fitting the puzzle pieces together

Marketers know they must be present in as many steps along the way as possible while the prospect is taking the buyer’s journey. There’s no pre-configured map since marketing channels have different characteristics. It’s up to you to determine the right mix so that you’re making the best impression when the prospect is ready to make a decision.

The first step in doing this in today’s complex media environment getting actionable, highly-targeted, real-time data that reveals exactly who is looking to buy your product or service – and which channels they use. BDEX can help you with that.

Find out how you can access real-time data that connect the dots, allowing you to reach prospects who are on the buyer’s journey.

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. Contact us today to get your customized marketing data.

Device-Matching Connects Customers with Devices – and Businesses with Sales on bigdataexchange.com

Device-Matching Connects Customers with Devices – and Businesses with Sales

The key to the connection is all in the data

The goal of anyone who sells anything is to make the right people aware of their product or service at the right time – and in the right place. And while this is a pretty straightforward idea, it has always been much easier said than done. But thanks to real-time targeting and device matching, it may not be so difficult anymore.

What is real-time targeting?

When someone begins a search for something online, real-time targeting allows companies to get this information almost immediately. They can then use this data to offer this customer relevant products that directly correspond with their online and other activity. And the best part is that customer activity can be tracked across computers, phones, and tablets – allowing marketers to match different devices with the same person.

How do companies know which customers are connected to which devices?

Companies that have access to this resource gain insight into what the individual is shopping for as well as which devices they use and how to best contact them. Marketing campaigns can be tailored appropriately to both highly-targeted product recommendations and the platform that will resonate with a potential customer.

For instance, a store like Best Buy could use device matching to find out what out what kind of phone one of their customers uses and how old it is. They can then send updates and information about the newest model at a time when a customer is specifically searching for a new phone and – depending on permissions – provide this information via text, email, or even dynamically-served ads on websites.

How this applies in a non-digital setting

Marketers also have the ability to match consumers to specific geographic locations. With access to the right data, it is fairly simple to tie a postal address to a mobile device and an IP address of a home computer. If that individual goes online to look for a new car, an auto dealership in their area can see this activity and then send the person a flyer or other type of physical mail advertising its cars. And with geofencing, which identifies where a device is located within a certain radius, the dealership can even determine if the individual is actively visiting competitors.

BDEX lets businesses precisely target customers and potential customers

With so much competition vying for the attention of customers, businesses have to do all they can to find an edge – and every poorly-targeted marketing dollar is wasted.

BDEX makes it easy to get in front of consumers when they are looking to buy and where they are likely to see the message. We have over 700 million device ID connections. While some companies offer device-matching and other targeted data in batch mode, we’re one of the few that deliver it through an application program interface (API) that allows our clients to access the information in real time. We also have more than 900 billion data signals on consumers in the U.S. available through our proprietary Data Exchange Platform.

To learn more about BDEX and what this data can do for you, contact us.

What Does a Big Data-Driven Customer Experience Look Like?

Your customers expect you to understand their needs. 80% of modern consumers expect personalized experiences from their favorite brands. Despite increased budget for big data marketing initiatives, 43% of marketers feel they’re getting almost “no benefit” from their existing data assets. These two statistics illustrate a clear disconnect between what customers want, and what marketing teams are able to deliver.

The savviest marketing teams aren’t just deriving value from their internal, or first party, data assets, they’re obtaining high-quality, real-time insights from 3rd-party data vendors to develop a 360-degree view of their customers. In order to capture and retain today’s complex digital consumers, a big data-driven customer strategy is a must.


What Does a Big Data-Driven Marketing Strategy Entail?

Every time your customers swipe on a mobile device screen or post a status update to social media, they leave a trail of data on their preferences and behaviors. Each of these interactions offers the potential for your brand to gain insight into how to create personalized experiences for your customers.

By synthesizing first and third-party data insights in a data management platform (DMP), you can create a holistic view of your customer base. This allows you to understand patterns and stories that extend beyond your own touch points, and discover truths about how your customers interact with the world around them, by using these stories to create segments and understand your customers on an individual level. In this blog, we’ll discuss several of the best practices best-of-class organizations adopt when developing a marketing strategy that’s driven by big data insight.

1. Expand Your Data Collection
Transform your strategy from first-party data analysis to a program that’s focused on true cross-channel synthesis. By combining the broadest array of data sources possible, you can improve your strategic analysis and customer understanding.

2. Score Your Segments
By creating narrow segments of your existing customers, you can focus on your best clients. These are the individuals with the highest customer lifetime value (LTV), and who may be most likely to promote your brand on social media channels and other online forums. The creation of buyer persona profiles has traditionally been executed through qualitative research methods, such as focus groups. By allowing data to tell your story, you can eliminate organizational biases about what your best customers look like.

3. Focus on Customer Experience
When you have identified your best customers, it is critical to discover ways you can improve your client experience. You can discover insights on how your customers interact with brands through the inclusion of 3rd-party data. Are they mobile shoppers, or heavily-engaged app users? Tailor your engagement strategy to your client’s existing behavior patterns.

4. Get Personal
The best marketers know that big data has the potential to move your strategy from segments to true personalization. Use your big data insights to discover behavioral triggers, and tailor personalized marketing efforts to meet your client’s needs for relevant email marketing and programmatic advertising.

5. Measure and Optimize
With your programmatic advertising and email marketing metrics, your brand has the potential to move towards continual improvement cycling in your marketing program. Never stop collecting data, analyzing, and improving your efforts to deliver a best-of-class customer experience.


Are you ready to make the shift towards customer-focused, Real Time big data-driven marketing? Contact BDEX today for more information on high-quality, real-time big data assets from trusted 3rd-party sources.

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Desperate for the Right Insights: How Data Exchange Can Solve Your Procurement Issues

Big data procurement is a pain point for analytical marketers. Chief Marketer reports that “getting a 360-degree view of the customer” is a primary struggle for today’s marketing leadership. While it’s clear that integrating a wide array of data insights is the right solution, many marketers are simply unable to obtain the right big data assets via traditional procurement methods, such as data management platforms (DMPs), internal assets or leading third-party vendors.

 

The most sophisticated marketers understand there’s more to customers insights than “RFM – recency, frequency and monetary value.” To effectively maximize conversion potential, subject matter expert Karl Wirth recommends including insights on relationships, persona and intent. You must understand how your prospects are researching across platforms, individual motivational factors and pain points, and the context that surrounds each of these qualifiers. It’s abundantly clear that big data means big opportunities for marketers, but only if they’re able to procure sufficiently recent and comprehensive insights.

 

What Comprehensive Big Data Procurement Looks Like

While analytics experts have multiple ways of categorizing the types of data that provide marketers with comprehensive understanding of their target customers, marketer Jim Robert’s definitions are among the most intuitive:

  1. Identity
    A consumer’s identity includes basic demographic characteristics, such as age, gender, and race. It also includes geographic details on the area of residence, and insights such as employment, job title, and income.
  2. Quantitative
    Quantitative data is most likely to be first-party insights stored within an organization’s DMP based on their interactions with a customer, but can also be sourced via data exchange with third-party vendors. This includes data on transaction history and communications with the brand. It will also include online activities across desktop and mobile devices, including historical engagement with branded content or company’s sales teams.
  3. Descriptive
    Descriptive data offers a more comprehensive view of an individual’s life than pure identity data. It can include parenthood status, including the number of children and whether an individual owns pets. It can detail whether someone owns or rents their home, their education level, and work history.
  4. Qualitative
    Many marketers are familiar with the concept of “attitudinal data,” but qualitative insights actually encompass much more. A consumer’s opinions, brand preferences, and motivations may be included among these insights. Qualitative profiling can also lead to an understanding of brand preferences, consumer pain points, and individual priorities.

 

While you can gain a basic understanding of customers by procuring just identity and quantitative insights, it won’t be a truly comprehensive understanding of how your customers operate. You won’t understand why they make the decisions they do, or how they’re most likely to research based on education level.

 

Each additional type of data insight can change a consumer’s goodness-of-fit with a marketer’s target market. While consumer identity factors may dictate that they can afford to purchase a product, descriptive and qualitative factors may affect their priorities or reveal that budgets are most likely directed elsewhere.

 

DXP: Simple Procurement of Comprehensive Insights

For marketers struggling to build comprehensive profiles and filter targeted advertising opportunities towards the most qualified customers, the Data Exchange Platform can represent the solution. Instead of relying on limited or aging insights in a DMP environment, marketers can procure big data via a wide range of third-party resources all in one place via the DXP. No other platform can give marketers the breadth of data availability like the DXP due to it’s inherent access to so many data providers at once and it’s ability to merge data points from multiple sources across a single data taxonomy. This facilitates the first steps towards a true, 360-degree understanding of who brands are trying to connect with.

 

It goes without saying that better understanding leads to better conversions and sales. By ensuring their messaging lands in front of genuinely qualified prospects exactly when they’re motivated to buy and actively searching, conversion rates can finally exceed organizational targets. Instead of struggling to drive sales with data that reveals only part of the picture, marketers are given the opportunity to finally achieve the understanding they need.

 

For more insights on customer understanding through big data analytics, we recommend our blog: Re-Imagining the Consumer Needs Through Data.

 

image credit: nec corp via flickr/cc