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.

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.

Why You Should Consider DaaS

You’ve probably heard the term SaaS. SaaS, or Software as a Service, combines the services of a software provider with a self-service approach. For a monthly or yearly subscription fee, customers can utilize software themselves, no hardware required. As the Internet became faster and as virtualization and big data tools developed, SaaS became more available, setting a precedent for other user-friendly tech products and services.

One of the byproducts of SaaS is DaaS, or Data as a Service. “In the last few years many businesses have sprung up offering cloud-based Big Data services to help other companies and organizations solve their data dilemmas,” says Big Data expert and writer Bernard Marr. And with more and more businesses utilizing data, it only makes sense that companies are offering “data on demand.”

But not all DaaS services are created equal. With BDEX’s data services, businesses can get the combined benefits of a data marketplace and data services without the upfront cost. For a fixed monthly fee, retailers, brands, and marketers can receive services like:

  • Email Retargeting

This service gives businesses the ability to automatically email users that have visited their website, even if a visitor leaves and never registers with the site. It is an opportunity to reach an otherwise completely lost website visitor.

  • Access to In-Market and Real-Time Data

Companies receive up-to-the-minute, real-time data about consumers looking for a product or service. This data can enhance current marketing and lead generation efforts.

  • Geofencing

Businesses can better target prospective buyers within a pre-defined geographic area.

  • Direct Mail Targeting

While digital marketing tends to be the primary focus in the use of online data, combining digital with more traditional forms of advertising, like direct mail targeting, is now possible.

With over 5,500 data categories, including finance and retail, the BDEX DXP has data for businesses big and small. Email us at info@bdex.com to learn more.

Image via Pixabay

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

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