When four-fifths of the respondents of a recent survey conducted by New Vantage Partners say they are seeing good to moderate success using data it is time to take notice. When the outcomes of these successes are reduced expenses and increased innovation in marketing efforts then everyone from the top down should be focusing on increasing and improving these efforts. Using data to better target and customize campaigns is nothing new. Still, about 40% of marketers feel they could spend their time more efficiently and get more out of data with a few simple changes. While much of the focus for marketers, brands, and advertisers has been around control of the data, the answer may lie in surrendering control of it to get more from it. Here are some ways to get more from your data by utilizing what is already out there.
Better tools don’t mean bigger investments – One of the main things marketers feel is holding them back from best utilizing their in-house data is out of date tools. tools that they are being forced to do a job with that they may not have been designed for. Managing data using a CRM system that is out of date is one way. Another is trying to onboard data and make sense of it using these same types of older, outdated tools instead of the current analytics models. In many cases, a third party data source that also can act as a DMP can not only manage the data for you with the latest tools, but can also segment the data to make sense of your audience and append the data to other sources so you have a bigger audience, but still more targeted to be able to market to. Allowing third parties to ingest your data and append missing data points, then prepare and ship it to market for you does not mean you give up control if the DMP is working with you based off of set KPI’s with your agreements. The right DMP and data source can also help you create custom data sets to help you reach audiences in new and innovative ways or prove out models to see if they will work before wasting budget on them. The trick is to get to know your DMP and data source and make sure they have accurate up to date data, as well as best practices in place for sorting, running hygiene and preparing the data for market, as well as appending outside sources. Depending on your needs, compliance discussions will also be needed to make sure the data is handled properly and that you are represented on other platforms and exchanges correctly.
Too many data sources got you overworked? – Many if not all DMP’s that provide third party data are compilers of data from other sources. Many of these sources may be the same you are already working with. If you are facing fatigue from dealing with sources that each have their own silo (automotive, social, online, mobile and more) it would be of benefit to ask your DMP what types of data points they have available, what exchanges they do business with, how many sources they have and daily, weekly or monthly volumes of data and their match rates. Also, make sure you are clear about their ability to ingest and append data to get it ready for DSP’s or agencies you are working with. Many can help with things like building and appending keyword audiences, based on site content a consumer has visited, to your first party data, or building location-based audiences shopping malls if you are someone like Amazon. More often than not the data you are looking for can be supplied by fewer sources than you are currently using if you ask the right questions of your providers. A number of data providers are stuck in silos or the data is productized to the point that is limits your options for use. Ask questions and find a provider that can also ingest and make sense of your raw data and work with you to build larger audience segments so your campaigns have broad reach but are still targeted enough to see increases in conversions and ROI.
Getting a consistent view of the customer data – Yet another reason to talk to a DMP is to get a consistent view of the customers you want to reach. Many marketing organizations are still in silos and may be getting data from a number of different sources to the point that none of it is actually the same audience. Using the right DMP means they may have all of the data points you need to reach the customers on facebook, twitter, their mobile phone, by e-mail and through a targeted display campaign that follows them from site to site, even though they are working with different stakeholders. Because many DMP’s work with a umber of sources, if they are doing it right they have the ability to bring this data together and provide the same audience across a number of channels and devices to each stakeholder giving you the ability to keep your campaign consistent and reach the customer where they like to be reached increasing retention and engagement across multiple delivery methods.
The bottom line – With the right agreement over data ownership and the right DMP / data provider you can overcome the major issues faced by many organizations today. If you find the right one they can build custom audiences as well to utilize your data is ways you couldn’t before. It is important to ask the right questions, make sure they have the data you need and can deliver it to the platforms and agencies you use for delivery. In many cases they may already be working with them.
Looking for help with data? – Datastream Group, Inc. has over 400 million data records providing data for of companies who use the data for everything from e-mail campaigns, display campaigns, programmatic, mobile programmatic, as well as for TV and radio live transfer leads. Datastream provides consumer online and offline information for use in any number of different types of marketing campaigns. OneDB is derived from self-reported consumer data and compiled data.
Datastream’s OneDB records are all opted in, and consumers can be targeted offline by postal and telemarketing efforts, and online by keyword, interest, and intent. Audiences can be targeted by intent to purchase categories, IP Address (B2B & B2C), and by a device (desktop, tablet, and smartphone). Data can be licensed for append purposes, marketing purposes, and hygiene & verification uses. Datastream will also enhance and enrich a company’s existing records through their OneDB platform.
Datastream has a competitive edge licensing their data because there is a large appetite in the current market for a marriage of digital identities to households. The Consumer Master File is built from active online consumer and business audiences and can be traced back to a postal address. You can also find our data on platforms like LiveRamp datastore, Lotame, BDex and others. For custom requests contact us to build audiences for you using keyword and or location data. We specialize in that. (firstname.lastname@example.org)