How Can Retailers Better Target Customers? on bigdataexchange.com

How Can Retailers Better Target Customers?

It’s all about having the right data – and knowing how to use it

Fall is the time for retailers to really start thinking about the upcoming holiday season. Because so many companies depend on strong sales at the end of the year, they have to be sure their marketing campaigns are on point.

To get a glimpse of what we can expect this year, let’s take a look at some numbers from last year courtesy of the National Retail Federation:

  • 174 million people in the U.S. shopped from Thanksgiving Day to Cyber Monday
  • 51 million shopped exclusively in-store
  • 58 million shopped exclusively online
  • 64 million shopped both in-store and online
  • People who shopped both in-store and online spent an average of $49 more than the in-store-only shopper and $82 more than the online-only shopper
  • 63% of smartphone owners used mobile devices to make holiday decisions
  • 29% of smartphone owners used their phones to make purchases
  • The average amount each person spent over the 5-day period was $335.47
  • The highest average amount was $419.52, which was spent by people age 25-34

Additional stats show that for Black Friday, more than 46 percent of digital revenue came via mobile devices, which was up over 18 percent compared to 2016. However, most of the shopping that day still takes place in actual stores. Multichannel Merchant reported that while 66 million people shopped online, 77 million went to stores to make a purchase.

Millions of people are shopping in the run-up to the holiday season, giving retailers a huge pool of potential customers. But how do you find the ones who actually want your goods?

Instead of just devising a marketing strategy based on predictive data and hoping it reaches your ideal customer, wouldn’t it be nice to know exactly who that person is – and what and when he or she is looking to buy?

What real-time behavioral data and device-matching can do for your retail business

Your business probably utilizes data in its marketing, but it’s very possible that it just isn’t that useful. A lot of the data being sold has several inherent problems, such as being way too broad and sometimes outdated. But this is never an issue with the data BDEX offers. With more than 900 billion data points, we can help you figure out exactly who your best customers are.

The data allows you to check out the shopping behavior of someone in real time. This means that if they’re looking at a golf club online, for example, and you happen to sell golf clothes, you’ll know it – and you can immediately hit them with an ad or offer. Plus, with device-matching, you can follow the same shopper across multiple devices and adjust the messaging and the vehicle accordingly.

How to find customers in the real world

While it may seem as though all shopping now takes place online, remember those stats mentioned earlier. Brick-and-mortar businesses are still important to many people, and there’s a tactic that can let you know which stores they’re visiting: geofencing.

Geofencing uses software to draw a virtual line around a specific area, followed by telling you when a mobile device enters this boundary. This is beneficial in a couple of different ways. First, you can see which stores someone goes to, including a competitor. And when this information is matched with real-time behavioral data, you can see what they’re buying or perhaps thinking about buying. Your business can then send out its own offers for competing or complementary products at the exact time a prospect is looking to make a purchase.

If you’re working on your holiday marketing plan, BDEX wants to help you have an even more profitable season. To learn more about what we offer, call us at 917-410-6616 or send an email to info@bdex.com.

Customer Targeting Made Easier for Media Companies on bigdataexchange.com

Customer Targeting Made Easier for Media Companies

The importance of real-time behavioral data and cross-device matching

According to statistics compiled by USC Annenberg, the average American now spends a full day – 24 hours – each week on the Internet. And what are they doing when they’re online?

A report from the Center for Digital Future reveals some very telling information about media consumption. More than 70 percent of people who go online visit their social networks. Sixty percent of people do so to download or watch videos. Fifty-six percent said they download or listen to music and 44 percent play games.

How people access this media is also assessed: Eighty-two percent of people get on the Internet through their phones, while 30 percent use a tablet or other device. Other interesting stats from the report:

  • 53 percent said they sometimes or often watch television shows on their TVs as well as computers and mobile devices
  • 37 percent said they sometimes or often watch TV shows through a free streaming service
  • 51 percent said they sometimes or often pay to watch movies online
  • 37 percent said they sometimes or often pay for streaming music
  • 37 percent also said they were likely or very likely to cut back or give up cable or satellite service entirely and just watch TV online

How BDEX can help media companies target customers – of both their media and the products and services sold by advertisers

Device graphs

These days, it’s all about getting the right content in front of the right people, at the right time. The best way to do this is by utilizing actionable, accurate data. At BDEX, we help media companies use data in several impactful ways.

First, with our device graphs, they can identify customers based on their devices. This allows them to market to a consumer at every touch point. Because so many people use a variety of devices, often this is a challenge. But our device graphs enable a media company to reach customers on many and sometimes all of them.

Real-time behavior

Once a company knows who is on what device, they can access and leverage the person’s real-time behavioral data. Content creators, advertisers, and other partners can then tailor specific media to that individual based on this behavior, as opposed to relying on typical audience groups, which generally consists of an older, less-specific set of data.

Better ad impression measurement

Device-matching is especially effective for ads. When ads are randomly run across devices, there is a good chance that one person sees the same ad twice. As a result, there is no way to measure how many individual customers saw it.

But when a company can identify the unique use of a phone and tablet, for example, they can make sure that ad is only run a predetermined number of times. This allows for much better insight into how many different people will have seen it, which can generate much more accurate measurements of ad impressions. Not only does this help the individual business, it also allows a media company to charge better ad rates for more effective ads.

How this can be put into practice

At an essential level, media companies have the capability to promote media on different devices. A new show that may be typically consumed on a certain individual’s tablet may be promoted across many of that person’s touchpoints – from the tablet to a text to their smartphone, as well as a dynamically-served ad on a website viewed on the browser of their laptop.

That media company’s advertisers reap similar targeting benefits. To get a sense of how these tools can be put into practice, let’s take a look at cars. Many media companies have partnerships with big car companies. Marketing initiatives in the past typically involved using an audience segment that would show someone was likely to buy a new car. This would usually consist of some sort of predictive analysis that, while somewhat accurate, had a failure rate that was still very high.

With our real-time data, all of this has changed significantly. Now media companies and the auto companies (as well as any other industries) who buy from them can be sure that they are targeting an audience that is much more relevant. They can do this by looking at the behavioral data that will show that someone is at that moment shopping for a new car – and mixing it with the data that shows where to reach them – which is exponentially more specific than the old, scattershot approach.

Want to find customers who are ready to buy what you – or your partners – are selling? Our real-time marketing takes the guesswork out of the equation. To get more information about the services we can provide for your media company, please contact us.

The Elements of Effective Targeted Marketing, Part 2 on bigdataexchange.com

The Elements of Effective Targeted Marketing, Part 2

The indicators that your ideal customer is actually ready to buy

In part one of this series, we discussed ways to identify your ideal customer. That’s the first, basic step in targeted marketing.

This is insufficient to refine a campaign, however – not by a long shot. True, highly-targeted marketing is all about reaching out to individuals who are actually ready to buy. And there are two subsequent steps in the process to achieve this: using predictive analytics and then real-time indicators that point to an imminent purchase.

Predictive analytics are last-gen targeted marketing – but still useful

The last generation of targeted marketing relied heavily (almost solely) on predictive analytics – which looks at data to spot behaviors, milestones, and demographics that are correlated with a purchase decision.

For example, as we described in a previous post:

The data will let you know that “Craig Smith” is about to finish paying off his car loan. A 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.

Predictive analytics takes the data describing your ideal customer – which may be, say, 50 million people for a national business – and refines it down to those who may be looking to buy based on historical data; in the above case, the 10 million individuals who just paid off their car loan.

Predictive analytics can use a variety of factors for different decisions. As another example, an individual who just moved and forwarded their mail may be in the market for new furniture for a new home. Individuals who bought a tablet computer five years ago could be ready for an upgrade. Consumers who completed the minimum contract for cell phone service might be interested in another provider with a lower rate. Perhaps someone recently had a baby. They would need diapers, clothing, baby supplies, and even furniture, such as cribs or changing tables.

These predictors are very useful and represented a massive step forward for targeted marketing. But they are still inefficient when used in isolation.

Predictive analytics narrowed down the above example list of 50 million to 10 million potential car shoppers – but how many of the latter group will actually buy?

If that number is really only one million, nine out of ten marketing dollars are wasted if you reach out to the whole group. This is why predictive analytics must be combined with real-time data that features actual indicators someone is shopping for a new car.

This is where targeted marketing gets real.

What signals that a customer is actively looking to purchase something?

Indicator #1: Online activity

One of the easiest ways to know whether someone is in the market for a product is through their online activity. Whether the person has visited cars.com, realtor.com, or a site that offers free diaper delivery, these indicators can be tracked and collected as real-time data.

Indicator #2: Visited a physical location

Technology can tell us when a customer has visited a physical location, such as a car dealership or a retail clothing store. It’s done via geofencing, a location-based service that uses GPS, Wi-Fi, and cellular data to track where people go within a certain radius. You can even collect data based on point-of-service (POS) systems to find out what customers bought if anything.

The complete targeted marketing process with BDEX

You’ll start the targeting process by defining your customers, and BDEX can help you refine this definition with data. From there, we fuse predictive analytics with the real-time indicators of people who are looking to buy right now. Based on these parameters, we provide you with an actionable list of your best customers as they are actively shopping for your product or service.

In the above example that could represent a nationwide auto dealer, the process moved a list from 50 million to 10 million – and finally down to the one million individuals who are really looking to buy a car.

But that’s just a generic example. The data is often specific enough – in terms of industry, product or service, and behaviors – to narrow down weekly lists to merely a few dozen individuals, in some cases. This means you get a recurring, narrow, and highly-actionable list of potential customers.

When this list is fused with our Data Exchange Platform (DXP) and Device Graph, it includes contact information as well as the different devices that prospects use in their daily lives.

This gives you the power to reach out to individuals who are specifically looking for your products and services, as well as the means to reach out to them where they are likely to see your message.

Marketing doesn’t get any more targeted than that.

Reach out to us today to learn more.

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.

Data-Driven Direct Marketing for Auto Dealers on bigdataexchange.com

Data-Driven Direct Marketing for Auto Dealers

How modern car buying habits can be used to create highly-targeted marketing

Just as with nearly every aspect of our lives, technology has transformed the way people search for a new car. That same technology is also helpful in collecting data that marketers can use to very specifically target potential buyers.

Of course, having the right information is essential. In the past, the data has told marketers that “Alan Smith’s” truck loan will be paid off soon, but it can’t tell if he’s actually searching for a new truck. Until now.

BDEX uses real-time data to more precisely target those who are actively in the market for a new vehicle. How is this done? First, let’s discuss modern search habits when it comes time to buy a new vehicle.

Search habits of the modern automotive customer

Car buying has gone digital in a very big way. A majority of customers now begin the buying process by doing a tremendous amount of online research, from looking for types of vehicles and reviews to maintenance costs and depreciation of the major car brands. They also use a mixture of different devices for research, including smartphones, tablets, and computers.

Look at these stats from an AutoTrader.com/Kelly Blue Book study:

  • Car buyers spend 59% of their time researching online
  • 46% of car buyers used multiple devices in online searches

•  83% used a computer (desktop/laptop); 46% used a smartphone; 41% used a tablet

•  14% only used mobile devices

  • Only 30% of car buyers knew the exact make/model they wanted before they started researching
  • Third-party sites are the most-used of any online resource, with 78% of car buyers visiting at least one of them
  • Car buyers spent 60% of their time on third-party sites
  • The top 5 online activities of car buyers:

•  Researching car prices

•  Finding actual vehicles listed for sale

•  Comparing different models

•  Finding the current worth of a car

•  Locating a dealer/getting dealer info

More evidence of modern automotive buying habits, including the use of social media, from a study by JD Power & Associates:

  • Internet shoppers visit an average of 10 automotive websites in their shopping process
  • The three most frequently visited third-party sites are: Consumer Reports, Edmunds, and Kelley Blue Book
  • 22% of new-vehicle shoppers use social media sites as a shopping source

Once digital research is complete, the majority of shoppers still visit an auto dealership in person

Walking into the dealership is still the most common initial point of contact for car buyers, according to JD Power and Associates. 56% walked into a dealership, compared to 25% who used the phone, 14% who sent an email, and 3% who participated in an online chat.

How BDEX uses the modern search habits of car buyers to create targeted lists of data

BDEX uses real-time targeting to compile data from connected devices that marketers can use to offer relevant products related to current online (and even offline) buying activity. For instance, the data can tell marketers that a potential buyer has visited a site like cars.com, downloaded an app, or signed up for a newsletter. Unique identifiers are fed into a database and cross-referenced with other databases to help identify consumer behaviors, devices, and patterns.

Marketers can learn when users have been researching cars online, which sites were visited, and the specific device that accessed them.

Precise data that targets offline habits

People do still need to visit dealerships in person, either to test drive a number of different vehicles or purchase a specific one. So, it’s also important to be able to track this kind of activity.

BDEX leverages “geofencing,” a technology in which GPS, radio frequency identifiers (RFID), Wi-Fi, and cellular data are utilized to see information about the places people go, including a local car dealership. This makes it possible to identify prospects who have visited competitors in your area – which lets you know that you also need to get their attention.

Data that allows you to target modern car buyers (or any other product)

BDEX uses the shopping habits of modern consumers to provide data that goes beyond guesswork – is this prospect actually looking to buy a car? This enables you to vastly increase the efficiency of every marketing dollar compared to traditional direct marketing methods. We have over 700 million device ID connections, as well as more than 900 billion data signals available through our proprietary Data Exchange Platform.

To learn more about BDEX and what this data can do for your automotive marketing, contact us.

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.