Is That Data You’re Buying Any Good? on bigdataexchange.com

Is That Data You’re Buying Any Good?

3 big problems with common, overused data resources

The sale of data is big business. Data is of course used by businesses to target consumers who are likely to be interested in their products. Media companies use this same information to sell advertising packages for everything from TV and radio spots to direct mail services and digital ads on websites. And many organizations use data to inform market research that drives strategic decisions.

Unfortunately, there are three big problems with much of the stuff that is being sold and used: data that is too vague, massive overuse of the same third-party data, and flat-out incorrect information.

Problem #1 – Data that is too broad

The data that is being sold by most companies tends to be very broad and much of its use is based on predictive analysis rather than solid information. For instance, the predictive analysis projects that 10 million people might be looking to buy a new car, based on third-party data that shows these individuals are about to pay off their car loan. However, statistics might indicate that only about 1 million of those people will be actively looking to purchase a new car.

Marketers who rely on traditional data and predictive analytics are forced to market to all 10 million – wasting nine out of every 10 ad dollars on people who will never turn into customers. The numbers get even worse, of course, when factoring in the different response rates for different marketing vehicles.

And certain marketing firms looking to sell a business a direct mail campaign or an online ad buy, for examples, aren’t always interested in having a client reaching an exactly relevant audience. It’s in their best interest for the marketing vehicle to work, of course – but it’s also in some of their interest to upsell campaigns to 10 or 20 or 30 million potential targets, necessitating more impressions or pieces of mail.

Problem #2 – Massive overuse of third-party data

Another common problem is third-party data overuse. Basically, everyone is using the same playbook. Or the same databases, in this case.

If football teams followed this strategy, games would be a lot less competitive. The problem with overuse is that most platforms sell much of the same info to everyone, and the information they do sell is not very narrowly targeted. This doesn’t provide much of a competitive edge, in addition to the inefficiencies involved.

Problem #3 – Incorrect data

If you buy data from a company, you probably assume the information is correct. In many cases, this assumption is wrong. There are often mistakes in lists. The data could identify a consumer as a 35-year-old male when that person is actually a 35-year-old female. An individual could have moved from a previous address four years ago, but if the data is not sufficiently cross-referenced with other sources to verify it is current, more marketing dollars are wasted.

It’s crucial to authenticate data, and not all platforms have the capacity to do this effectively – either because they don’t have the right algorithms or they don’t have access to a wide enough range of sources.

How BDEX solves these problems

BDEX collects data in real time based on known behaviors of consumers. For instance, our data tracks when someone has searched online for a car or any other product or service, such as appliances, flights, and even diapers.

We also use the technology called “geofencing” that allows you to see the physical locations people have visited, whether that’s a car dealership, an IT services provider, or an appliance store. This gives you better quality data that includes your true target audience – only the individuals who are actively looking to buy your product, rather than the 10 million or so who are just maybe, possibly, likely to buy.

We also double, triple, and quadruple check information from multiple sources, to authenticate our data and ensure that it is current and correct.

Read more about how BDEX gathers its data.

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.

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.

daas for auto dealers

DaaS for the Auto Dealer

In a previous post we discussed a few marketing strategies that auto dealers can use and how BDEX’s Hyperlocal Data Suite services can help dealerships. By combining the best of traditional and digital marketing, auto dealers can connect with their existing customers in new ways and target potential car buyers.

An extension of our Hyperlocal Data Suite services, BDEX DaaS (Data as a Service) for Auto Dealers was created specifically for dealerships. For a low, fixed monthly cost, dealers can gain access to data and services that would cost thousands of dollars per month elsewhere.

DaaS for Auto Dealers combines location-based data, website re-targeting and in-market data to find and target your ideal customer.

In-Market Data

On average, a dealership will receive approximately 1,100 standard in-market records and 2,000 lease expiration records per month.

Location-Based Data

An average dealership will receive approximately 400 records identifying consumers who visited a competing dealership. This includes the consumers’ names, addresses and phone numbers. This exclusive service is available only through BDEX!

Website Re-Targeting

With BDEX’s custom website tracking, BDEX can identify consumers visiting your website, including name, address and phone number information, without a contact form or sign-up.

You may be wondering how BDEX can offer personalized services and data without the high price tag. Unlike most marketing/ad companies, BDEX separates the cost of advertising/marketing from the cost of data, allowing dealers to use the same data for multiple campaigns. No longer pay for every ad impression. Own your data and your audience.

To learn more about DaaS for Auto Dealers, visit our website or email us at info@bdex.com.

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.

Image Credit

Are You Using the Most Advanced Data to Target Consumers?

The way we use data to target audiences is constantly evolving. The first phase in targeting was fairly simple in that we relied on only a few simple demographics, like age and gender, to segment consumers. Then audience groups were formed. More advanced and specific, audience groups were, and still are, based on consumers’ shared interests. The newest chapter in data targeting, utilizing real-time insights, merges information about demographics and audience groups with real-time activity. But that’s just the tip of the iceberg. Real-time data isn’t just information about your consumers’ spending habits in the last month. True, real-time insights let you know what your target customers are searching for the moment they shop online.


In the mid-20th century, marketers focused on only a few consumer demographics when developing marketing campaigns. While factors like age and gender were more important sixty years ago when people sourced their news and entertainment from the same place, the traditional methods for obtaining consumer data are not as relevant anymore. McKinsey’s John Forsythe demonstrates the problems associated with using only a few, superficial demographics by citing the differences between Prince Charles, Queen Elizabeth’s son and her heir apparent, and Ozzy Osbourne, lead singer of heavy metal band Black Sabbath. While both men are British and the same age, a marketer obviously wouldn’t market to them the same way.


Marketing and brand expert Adam Paulisick also believes that simple demographics don’t provide enough information to properly target consumers.


“Segmenting consumers by age and gender or other demographics is inefficient at best, even for more traditional marketing campaigns because there are no hard and fast rules anymore for what a man or a women will intuitively buy (with few exceptions).”


While we might not know the “hard and fast rules” that drive what a consumer buys, we can know the next best thing: what product they are shopping for the moment they shop. Real-time data takes into account everything we used to know about consumers based on demographics and audience groups and merges it with live activity.


Keith Sayewitz, Chief Marketing Officer and Head of Sales at BDEX, a market-driven exchange platform that provides users with real-time data, explains the value of real-time analytics for marketers.


“For years a company depended on simple demographics to identify a certain consumer, like ‘soccer moms.’ Then audience groups were formed, so we discovered those soccer moms were interested in fitness. But now, with real-time data, we learn which of those soccer moms are in the market for a treadmill or are switching to vegan cuisine. This information is incredibly powerful because it allows for truly advanced targeting. We know that this customer is likely to buy a treadmill because she is in the market for one at this exact moment.”


Marketers can then create specific ads for the desired consumer, increase the probability for conversion, and, therefore, create more sales. The insights provided by real-time data are essential to brands, retailers, and agencies who want to stay up-to-date on consumer activities and truly understand their customers’ needs.


BDEX, the first ever Data Exchange Platform (DXP), is currently the only source for true, real-time data. For more information about BDEX’s unique services, click here.

Image Credit: NEC Corporation of America

SUBSCRIBE