It’s no secret that marketing has undergone a fundamental shift in recent years and data is at the very core of that transformation. From the time data was stored in siloes, each disparate from another, we now see connected solutions operating across a fluid and dynamic pool of information. As a result, marketers can access vital statistics and key insights on customer behaviours in the blink of an eye.
When we meet clients in APAC, there are two key issues of concern. The first is that data is expensive and secondly: they need to address their customers effectively throughout the funnel and across all channels. Despite this, we’ve realised that the majority of companies are still selective over the data sets that their agencies are allowed to access and most will not give carte blanche access to user data over to a third party.
This means that majority of agencies are working with only the information that their clients provide or in combination with external third-party data. But how efficient is this? The challenge for marketing leaders is to decide which data sets are relevant to their marketing strategy and where to draw the line between providing access to relevant information and balancing the need for data security and safety. It is paramount to work with a partner who is transparent and understands data security, as it allows two-way data flow (i.e. you can keep your own data!).
Embrace the power of data
As the volume of data increases and technology becomes more advanced, agencies can become a strategic partner for brands by creating a holistic, privacy-friendly strategy around technology, data and measurement. As programmatic continues to evolve into new channels such as radio, TV and native, it will become increasingly important for agencies and creative teams to keep up with these changes.
The data and insights that programmatic can deliver in real time, will allow for more refined and targeted campaigns, leading to an increased Return On Investment (ROI) for marketing spends. These same insights can also be applied right across the entire spectrum of marketing activity. If your programmatic reports tell you that a previously unidentified segment of your clients are responsible for 85% of your revenues, it absolutely makes sense to target this group across all channels.
User data is what allows brands to reach and engage with consumers on a one-to-one level across channels, formats and devices, throughout the customer lifecycle. Correspondingly, there is a need for message coherence and consistency across channels as viewed from the consumer perspective.
One of our clients, a large online gaming business, faced issues with re-engagement of single log-in players and was looking to expand reach and find their most valuable users in an optimal manner. By employing cross-device marketing, this company was able to double response rates with 24 percent of conversions from multiple device users, generating 17 percent more revenue.
Know your potential customer (with data)
Advertisers often fire off ads to everyone that visits their site, without an intelligent evaluation around whether the ad is relevant to the consumer in the first place. Such ads tend to be irrelevant at best and a waste of marketing budget.
Similarly, instead of targeting everyone in a broad demographic, marketers should direct their ads at those who are most likely to purchase. This can be done by developing a much clearer understanding of the “digital tribes” that can now be built using available data. By analysing a wealth of information, including first-party data, online user behaviour and media variables, these tribes can be mapped out with predictive modelling. Better identification of a brand’s existing customers and their likelihood to re-engage can eliminate wasted spend on consumers who are not in-market and less likely to respond.
By fusing data with programmatic—whether the data comes from websites, social or owned consumer lists—and in a brand safe, secure way, marketers are able to cut through the clutter, limit waste and increase their overall ROI.
|Zachary King is vice president, commercial, at MediaMath|