Marketing: When is as Important as How on bigdataexchange.com

Marketing: When is as Important as How

Powerful targeted marketing data identifies customers when they’re looking to buy

The success of any marketing campaign hinges on reaching the ideal target audience with the right message. And whether you sell vacuum cleaners or real estate, if you can’t target those who are most likely to buy your product, you won’t sell very many. Modern marketers and advertisers have traditionally used data that contains information about potential buyers’ habits to roughly predict that someone might be likely to make a purchase.

But those marketing and advertising professionals know that this data can be pretty vague. It can predict that a customer could be looking to buy in the future, but it doesn’t tell you when they are actively looking.

This is inefficient and expensive. And there is a better way.

Forget what a target audience might be looking for … talk to them when they’re actually looking for it

What would you do if you knew that “Craig Smith” was searching for a new car – and furthermore, the brand of a car within a certain geographic area? What if you knew that “Maria Gonzalez” bought a ticket to San Antonio two days ago and is searching for entertainment and dining options? What if you knew that “Emily Thomas” buys diapers online every other week?

If you own a car dealership, operate a restaurant or theatre in San Antonio, or you own an online business that sells baby products, you’d probably want to get in front of that potential customer. BDEX can help you do that.

The old way of analyzing customer data and predicting patterns

Conventional data collection looks at what people did in the past and uses it to predict what they may do in the future. The data will let you know that “Craig Smith” is about to finish paying off his car loan. Predictive analysis suggests that he might be interested in buying a new car. However, Craig may be just as likely to keep it in order to avoid making car payments. What if there are 10 million Craig Smiths out there? Not many of those individuals will shop for a new car. In fact, statistics might indicate that only about 10% of them will do so.

Before, advertisers were stuck having to market to those 10 million people anyway. With behavioral data from BDEX, you can narrow the list down and only reach out to the 1 million who are actively looking to buy.

How BDEX data is different

BDEX collects real-time data based on actual behaviors of customers. For instance, the data can tell you when someone has searched for a car on a place like cars.com. It can tell you if people have recently moved or put their house up for sale, while actively shopping for real estate. It can even track if someone has visited the location of a local retail competitor using the technology called geofencing.

Geofencing is “a location-based service in which an app or other software uses GPS, RFID (radio frequency identifiers), Wi-Fi or cellular data to trigger a pre-programmed action when a mobile device or RFID tag enters or exits a virtual boundary set up around a geographical location.”

It allows you to see information about where people go, whether it’s to Verizon, an Apple Store, The Gap, or any other establishment that falls within your industry. Additional data can be collected based on store POS systems, showing what particular items customers have purchased. This knowledge can then be integrated with additional online and behavioral data, including contact information.

BDEX data allows marketers and advertisers to spend dollars efficiently and powerfully. Looking at website visits, geofencing when individuals visit competitors and combining this data with more traditional metrics and multiple device matching enables micro-targeting the right individuals – when they are about to make a purchase.

Marketing is a whole new ballgame.

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.

How Big Data Can Drive Competitive Intelligence

Companies increasingly mine their own customer data for insights into the market. But what about data that tracks your competitors’ activities – in an ethical but profitable way?

Oh, sure. Coca-Cola isn’t likely to just send Pepsico a terabyte of sales data for kicks. But what if Pepsi knew how often people buy Coke at the supermarket, and what else is likely to be in their shopping cart at the same time?

It’s time for businesses to start a competitive intelligence process — while lowering the cost of analyzing information. In short, you need to continuously gather data online, from social media, website changes, news sources, and posted documents online, looking for clever bits of gold in the digital stream.

You’ll need to blend baseline of competitive intelligence (to prevent surprises in your own business) with proprietary data sets obtained on the market (to create surprises –you’re your rivals).

Indeed, a universe of third-party data can add context to internal marketing data and can provide strategic insight into the vulnerabilities of competitors. Consider these three market trends:

1. Vendors like Acxiom, KBM Group, Bluekai and Datalogix have been increasingly vacuuming up that marketing data for resale. A study from the Tata Group looking at big data trends estimated that half of firms producing big data sets sell their digital data today. The average sale earned those companies $22 million in 2012.

2. Of the industries producing big data byproducts for sale, telecommunications firms and tech businesses tend to be the most prolific vendors as well as the most prolific users of external data, according to Tata. Insurance companies tend to make the most money from selling their data, however.

3. Manufacturing firms and energy companies tend to sell the least amount of big data, while consumer goods and media companies tend to use external data the least, despite the obvious value. That’s changing though, because it’s becoming easier to find buyers.

“Third-party data is barely used, and it should be used more,” said Keith Sayewitz, chief marketing officer and head of sales for the Big Data Exchange in Seattle, a Seattle startup that works like a stock market to trade Big Data sets. “Imagine, if you’re a brick-and-mortar retailer, and every consumer walked in with a sign showing you what they had been shopping for in the last month.”

The practice of selling data to the marketplace appears to be much more prevalent in Asia than in Europe or the United States, according to Tata. That may reflect regulatory considerations. U.S. data brokers generally ensure that big data sets have been stripped of individually-identifiable consumer information, both to ensure regulatory compliance and to prevent the inevitable public backlash. But it’s telling that China’s southwestern province of Guizhou is establishing an exchange,GBDex, to provide data cleaning, modeling, and data platform development. Alibaba is a partner in the exchange in Guiyang.

A small firm with a progressive attitude toward analytics may be able to carve out a competitive advantage against a much bigger rival simply by understanding their niche in the market better.

It’s data judo, using the weight of data of a larger rival to one’s own advantage … if you’re not bogging down your marketing staff with lower-value tasks like vetting and cleaning information.

Gathering external data is rarely a core enterprise function for most firms looking at competitive intelligence. External data isn’t proprietary. Market research should center on the highest-value tasks – data analysis and presentation of results.

As long as you have access to solid information – both from internal and external sources – the clever analysis of that data is what creates competitive advantages.

Get the Data You Need at One Price

When choosing a data service, businesses may consider factors including the amount and variety of data a provider offers. But the most important question always comes down to money: How much will this cost?

One Data Solution, One Price

DMPs are notorious for their steep monthly service fees, and while there are hundreds of online advertising platforms, most of them handle pricing based on a CPM, or cost per thousand, basis. And as we mentioned in one of our latest posts, it can be difficult to determine if the right consumers are noticing your ads.

With BDEX’s DaaS solution, businesses can access BDEX’s marketplace and obtain data services for a fixed, low monthly cost. No longer wonder if your impressions will turn into conversions—know your target customer.

Shop Our Marketplace

Whether your company needs email, mobile, or cookie-based data, BDEX has the tools to target consumers across all channels. And with over 780 billion data points and 5,500 categories, businesses of all kinds can find relevant data in our DXP.

Go Ahead, Hit Refresh

BDEX has an abundance of traditional audience and real-time data available. And unlike most online marketing services, BDEX separates the cost of the data from the ad. In other words, if your company buys data from us, it’s yours to keep. Use it once or multiple times without paying every time you publish a new campaign.

BDEX is helping businesses of all sizes, including franchises and dealerships, target and serve their customers. We offer a variety of services, from shopping cart retargeting to geofencing, to DaaS solutions. Learn more on our website or email us at info@bdex.com.

Image via Flickr/401kcalculator.org

Understanding Your Target Consumer: The Case for Utilizing Traditional and Non-Traditional Data

Any digital marketer’s ultimate goal is to increase sales for a particular brand or retailer, but targeting the right consumer can be a difficult task. Traditional demographics, like gender, age and marital status, are not enough to properly assess a person’s buying potential. Consumers are diverse, their lifestyle and behavior not necessarily linked to their age or gender. And with a wealth of online and brick-and-mortar retailers to choose from, they demand more for their money and more from customer service. Vying for a customer’s business, however, becomes a lot easier when your marketing material is geared toward the right audience. By taking the time to analyze consumers’ behaviors and personalities, marketers can target consumers more effectively and efficiently.

Out with the Old… But Not Completely

It goes without saying that traditional demographics still have a role to play in contemporary marketing. After all, people who live near the beach will be in need of beach supplies whether or not their personality is similar to that of their neighbors. But not all demographics are as black and white as location. John Forsyth, partner at Forsythe Insights LLC, demonstrates the problem with traditional analytics by citing the obvious personality differences between Prince Charles and Ozzy Osbourne. Both men are British and the same age, but marketing to them in the same way is an obvious mistake, as one is the heir to the British throne and the other a rock star. In other words, their distinctive personalities and behavior alone are reason enough to target them separately.

In with the New

A consumer’s behavior can provide marketers a wealth of information, from shopping habits to favorite restaurants, but that’s only the tip of the iceberg. Data companies can offer marketers a wealth of information learned from multiple platforms, including social media, mobile, email, direct mail, and apps. By the year 2020, experts estimate “about 1.7 megabytes of new information will be created every second for every human being on the planet.” And while 2020 may be four years away, there is still an incredible breadth of data that can be tapped at this very moment.

A customer’s personality and values drive their economic decisions, and when marketers take the time to truly understand their audience, they can identify specific needs and locate look-alike audiences with similar characteristics. Advertisers and retailers can also give their respective brands informed suggestions about what products and services to offer their customers next.

The Next Phase in Targeting

”With many companies struggling with online – and offline, for that matter – conversion rates,” says writer Jessica Carter, “It’s crucial that they start to understand better what makes consumers tick (or click, as the case may be).” When marketers know what makes a customer “tick,” they can approach consumers from a variety of angles, from customized social media ads to personalized emails with coupons for a specific item.

When you add real-time targeting to the equation, the data becomes even more valuable. Brands can find consumers shopping for their products and services moments after they begin to browse online. But that’s only the half of it; marketers learn not only what consumers want at a specific moment, but they can influence where and when their audience gets the product or service.

While marketers may feel overwhelmed by the amount of data available, taking advantage of the newest innovations in consumer identification while incorporating the best of traditional targeting is key to creating exciting campaigns that will keep customer interest—and revenue—on the up and up.

BDEX provides brands, retailers, and agencies with extensive, quality data from a variety of sources in a true marketplace environment. With over 20 billion data points tied to mobile IDs and every channel added to the marketplace each month, buyers can understand consumers like never before and create compelling campaigns that return real results. Email us to learn more.

Image via Flickr/dirkcuys

4 Steps to Better Auto Dealer Marketing

Long gone are the days of cheesy, old fashioned car salesmen and hard-selling. Dealerships are spending less on traditional forms of advertising like television commercials and newspaper ads and more on digital marketing. The process is understandably overwhelming for small dealerships, however. With a limited advertising budget, creating the most effective marketing with the best chance for significant ROI is important. Paid search tools are a popular approach, but they can be expensive and display ads can bring awareness to a particular brand or business, but when it comes to controlling when and where your ads appear, flexibility is limited.

By focusing on a few key strategies when establishing your dealership’s digital marketing plan, you can rest assured you’re spending your money effectively and efficiently.

1. Take Advantage of Email Retargeting

Consumers who visit your website are important; they’re potential buyers who show interest in your cars and services. By matching potential buyers with their email ID, you can create personalized email campaigns to fit their needs. BDEX offers email retargeting as well as other cross-device matching services to connect your customers across multiple platforms.

2. Use Real-Time Data

What if you knew which consumers are shopping for a car right now? With real-time data, you can. But while there are hundreds of data providers, not all of them offer up-to-the-second information on consumers. With real-time targeting from BDEX, you can find prospective buyers who are shopping for a car or have a lease expiring.

3. Utilize Geofencing

Geofencing is a location-based service that tracks who is visiting a particular area. Geofencing is used in a variety of industries from human resource management to law enforcement. Dealerships can take advantage of geofencing by tracking people who visit their own business or competing dealerships.

4. Don’t Forget Direct Mail Targeting

Dealerships that take advantage of BDEX Hyperlocal Data suite services will gain additional data on their consumers, opening new avenues for other marketing, including direct mail. While direct mail is an older, more traditional approach to marketing, used in conjunction with digital marketing, this method is another way to grab your consumers’ attention without crowding their inbox.

Instead of waiting for your customers to see your advertising, why not target prospective buyers now? With the BDEX Hyperlocal Data Suite services, you can find potential car buyers in a specific area—in real time. Email us at info@bdex.com to learn more about our auto/dealership services.

Image via Flickr/David Brown

U.S. Internet Ad Revenues Reach Record-Breaking $49.5 Billion in 2014…

Mobile advertising in the United States brought in $12.5 billion during FY 2014, a 76 percent boost from the prior year total of $7.1 billion. As a result, it is the second largest format, accounting for 25 percent of FY 2014 revenues, a rise over 2013, when it accounted for 17 percent of that year’s total.

Digital video, a component of display-related advertising, totaled $3.3 billion in full year 2014, a 17 percent increase over revenues of $2.8 billion in 2013.

Social media advertising saw stellar returns, bringing in $7 billion in 2014, up by 57 percent over 2013’s total of $4.5 billion.

Search revenues totaled $19 billion in 2014, up 3 percent from 2013, when search totaled $18.4 billion.

Display-related advertising revenues in 2014 totaled $13.5 billion or 27 percent of the year’s revenues, an uptick of 5 percent over $12.8 billion in 2013.

Retail advertisers continue to represent the largest category of internet ad spending, responsible for 21 percent in 2014, followed by financial services and closely trailed by automotive which account for 13 and 12 percent of the year’s revenues respectively, and identical to their percentages in full year 2013.

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