Put Your Data to Work: What You Can Learn from 4 Different Data Types
Digital advertising is growing at a rapid pace and is showing no signs of slowing down. According to a report by PwC, 2017 was not only a record year for digital advertising revenues at $88 billion in the U.S. alone, but it was the first time that online ad spending eclipsed TV, cable and broadcast advertising. Mobile and social media were driving much of that growth, and media companies and advertisers alike are beginning to understand consumption behavior as the targeting data that supports it become more sophisticated.
We’re living in the future of advertising. No, we don’t have floating hoverboards (yet), but look around anywhere and you’ll see most people are staring/tapping/typing/clicking/talking at the tiny computers that we still call phones. What that means for advertisers is there’s an accessible and more affordable way to directly target the consumers they’re trying to reach because with each visit to a website, download of an app or streaming of show, consumers are being added to new data pools. This information is transforming marketing. Data, that in the past, was only available for banner campaigns, is now being used in outdoor advertising, streaming audio, and OTT media services –– to narrowly target pools of consumers who are high value targets for brands.
Here are the most valuable types of data that help you target the customers you’re looking for:
These are people who are familiar with your brand and likely in the consideration stage of their journey. They’ve shown an interest and may just need more information, a different offer, or more time to convert. Additionally, by monitoring the source of your site traffic, you may be able to identify new audience segments to begin marketing to. Monitoring behavior patterns on your site is the key to expanding successful campaigns with new audiences.
Mobile App Users
Data from mobile apps provide information on app installs, upgrades and location tracking. Data from mobile app users can be used to deliver experiences that are custom for each user. Taking into account their content preferences, location, and recent browsing history.
Marketing Automation Data
Data from consumers who have not only visited your site, but opted-in to receiving communication from you. This data can be uploaded into identity management platforms to create custom audience segments that can be leveraged across paid search, paid social, and programmatic media. Using that data Advertisers can segment their lists and customize their messaging to each segment.
CRMs can provide first-party data from existing, valuable customers and use it to find new customers just like them without overlap or effort. Finding new prospects who look and act like your high-value customers is the most cost effective way to grow your bottom line.
What does all this boil down to? Data-driven marketing continues to evolve and include more cost-effective, personalized and targeted messages than broad reach advertising programs of the past. We can now dynamically insert current advertising messages into time shifted streaming programs, like podcasts. Additionally, data can be analyzed to understand who’s walking past digital billboards by looking at the pool of device IDs that pass that board; it means that an advertiser can leverage the device graph to sequence messages to consumers across all their devices –– smart TV, mobile phone, tablet, or desktop.
As your agency partner begins testing data segments, they should share the results; they should take the time to traffic your campaign to deliver insight on data – which segments are most effective or most efficient. As an advertiser, you should know the data that’s driving your business, because you never know where you’ll be able to leverage it in the future. We’re just beginning to unlock the possibilities of personalization and your partners should position you for success in the future.