Retailers: Why Targeting New Audiences With Data Is Your Path to Growth

Posted by BDEX

Published on November 6th, 2019 at 7:34 am

Leveraging the right quality data at the right time helps you effectively market to new retail customers

As a retailer, you have a unique perspective on the way technology can change business, and fast. From online shopping to mobile user experiences, there’s so much to manage when outlining the best ways to connect with potential customers.

But one must-have for any modern retailer: access to the right quality data about the right customers at the right time. Only data will inform your marketing efforts and help you refine your messages based on the details you learn about your consumer base. As eCommerce picks up, retailers are looking to data and analytics more and more to help them drive business decisions.

Learn why targeting new audiences is especially important for retailers, and how you can use data to build your path to growth.

Targeting both old and new audiences

It’s tough out there for retailers. The rise of the online marketplace means a vast number of competitors who are difficult to compete with. Most consumers have purchased an item online before, and the CouponFollow Millennial Shopping Report shows that in 2019, millennials now make 60% of their purchases online.

To grow their business, retailers need to be adaptable to what’s happening in the marketplace. And, staying attractive to customers should always be a priority. The rise of eCommerce means they’re tasked with new ways to market their business, ensuring that their online presence is strong and that they’re using data to drive targeting decisions.

As any business owner knows, taking the time to nurture current client relationships is crucial. Part of developing a solid consumer base is building upon already-existing relationships to foster repeat purchases, good reviews, brand loyalty, and referrals.

But perhaps just as important, if not more so in a climate where most of a company’s connections with leads will be made online, is targeting new customers. And for their marketing efforts to be successful, they need to have the right data at the exact right moment.

Ideally, the proper balance for any marketing strategy will be a mix of focusing on existing and new customers. But data can help marketers refine their new-customer targeting methods so they can better understand their audience.

Using data to target new customers

It’s important to use both external and internal data sources. This means marketers will combine information like demographics and location data with stats like transaction histories and the length of a customer relationship. A combination of this information gives them a much more holistic and cohesive view of their audience.

With everything online these, days, it’s also crucial for companies to get up-to-the-minute data so they can instantly market to leads who are ready to make a purchase.

But for retailers, it’s not always possible to have in-house data analysts and experts who can gather and scrutinize customer data, and then put it to work in their marketing strategy. This is where BDEX excels.

The BDEX data infrastructure

BDEX offers a range of data solutions so you’re certain you’re getting quality data that can be used right away. Omnisource IQ from BDEX is a Data-as-a-Service (DaaS) tool that helps you get your messages out to leads who are already in the sales cycle, ready to buy. It’s subscription-based and delivers behavioral data in real-time.

The BDEX Identity Graph allows you to build out the customer who’s behind each data signal, which then helps you identify consumers across multiple channels. It’s crucial as a retailer to be able to match a customer across channels, as the average modern consumer uses multiple devices to shop and make a purchase.

The BDEX Data Exchange Platform (DXP) empowers you to connect with your ideal audience at the right time. We have over 1 trillion data signals, over 800 million mobile ID-to-email matches, over 6 billion unique IDs, and over 5,500 data categories.

Once you have quality real-time data, you can act as soon as your customers are starting to shop. You can then target these consumers directly with customized ads that lead to a sale.

It’s more important than ever for retailers to be able to target new audiences based on quality data about consumer behavior, interest, intent to buy, and more. Our data solutions can assist you in targeting your message to your ideal consumer base.

BDEX helps you to better connect with real people, empowering you to make real human connections with new customers.

Contact BDEX today to learn more about our data solutions for retailers.

BDEX is 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.

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