Frequently Asked Questions That Help You Leverage Marketing Data
To determine if you are up-to-speed on the most efficient methods of collecting and using data, there are specific questions to ask. Although mobility is still going strong in 2016, this is definitely a year that focuses on data. Because of that, marketing experts are searching for optimal ways to collect and use data as a means of increasing business.
- How is third-party data defined and what type of value does it provide? – In simple terms, third-party data does not come to you from customers, nor is it collected through interactions with consumers. As far as value, there are no limits. However, if you focus on more of the basics, you will gain insight to both existing and potential customers that you did not previously have.
- What form of first-party data do marketers gather most today? – Primarily, first-party data consists of the basics, including name, address, email address, and so on, which goes hand-in-hand with preferences for product and/or service, as well as behavioral data. If purchasing your product/service requires more steps, you have a good chance of collecting even more advanced data such as home size, financial information, lifestyle preferences, and business industry, among other things.
- What value or basics do most marketers miss out on? – For the most part, marketers are concerned with two things. First, they worry that larger companies will do something unethical with data belonging to their customers, and second, they worry about privacy. For that reason, marketing professionals often fail to fully leverage their data by bringing it into platforms for lookalike modeling. Because of that, they miss out on finding a greater number of people who look like their own customers. Although there are a number of platform options for lookalike modeling, Google and Facebook are great starting points.
- Should third-party data be leveraged by everyone? – Absolutely everyone can benefit from third-party data, especially when you consider that it is accessible and readily available. One important note: rather than being advanced, effective marketing strategies should be measurable.
- Who are the biggest third-party players? – Currently, the biggest third-party players include Experian, Acxiom, Datalogix, Bombaro, and BlueKai. However, a new group of specialized data providers is popping up. For unique businesses, this specialized group is probably a better option in that it is more efficient in driving conversions.
For building your business, third-party data makes perfect sense. Just consider your specific needs and then choose the all-you-can-eat option versus the pay-as-you-go solution.