Data + Data = Insight & The New Potential In Your Advertising
The ads you buy, produce first party data and you own it.
Every time you select your ad targeting inside an ad platform, you’re paying a usage fee for that audience to the ad platform, and depending on the ad platform, to a third party. As an Advertiser, when you pay for that Advertisement, the data from it, becomes your first party data, meaning you own it.
First, let’s talk about first party data. This is data generally referring to information that you have collected. In the context of retargeting campaigns, first-party data is often cookie-based data, and it includes information resulted from analytics platforms, CRM systems, or business analysis tools. First party data is and has always been valuable. However, when first party data is verified by a People-Based data framework, the audience targeting correlations rise to a whole new level. Your first party data becomes immensely more valuable.
Talking to Marketing Pros everyday, I have found, this is not common knowledge.
The goal of this post is to get you to realize the power of the data associated with the advertising you buy. Before you can start acting like you own your ad buys, you first need to understand the variables associated with your data.
Data alone is information, two data points together becomes an insight. In terms of retargeting data and People-Based data being correlated to each other, it means you, the Advertiser the owner of your first party data, have new choices you’ve never had before.
Some of those amazing new choices come from gaining permanence and portability with your Audience data. Keep in mind, currently, Advertisers, you pay a premium price for expiring retargeting pixel pools which are captive to the ad platform of origin and you still find a way to convert a positive ROI.
Your audience data, is identifiable, yet anonymous, reachable across various channels and ad platforms, yet most Advertisers only use one channel and one ad platform. Yes, even most of the ultra successful Advertisers who spend millions of dollars to make millions more, often use only one channel and one ad platform. Successful in spite of this shortcoming, I refer to this ailment as The One Channel Pony Syndrome. The good news is, it’s curable.
“if you have the Audience, you should be going multichannel, all day, everyday, in every which way”
Portable, interoperable audience data will become the cornerstone of our inevitable, multichannel future. And the more ambitious Advertisers will aspire to a fully synchronized omnichannel vision.
It’s eye opening, truly amazing, to see the simple idea and impact of Advertising to the same exact Audience in more than one channel and more than and one ad platform. If you want to see a noticeable lift, simply put, add an extra channel to the same Audience.
Think about it for a moment, think about your daily routine. If some Advertiser, who you never opted into their funnel, sent you one to three marketing emails in one day, you might get a bit ticked and consider unsubscribing. However, fast forward a bit into the very near future…
If that same Advertiser, took a different approach and in one day, sent you a marketing message via email, in-app mobile, on your iPad in Facebook, on two different digital billboards, sequentially, on your drive to the office. While you’re listening to your favorite station on Spotify or a podcast/audio on Soundcloud. And if that’s not enough, then, more digital billboards, sequentially, on your drive home. Before you get home, you stop by a store to pick-up a few things. In front of the store you receive a mobile notice, a discount, co-branded by the same Advertiser, you open it to see an augmented layer of multiple targeted offerings available inside the store. Since they know what you’re in-the-market for, the ads are all relevant. And when you get home, you check your mailbox, you see what else, of course, a postcard. After dinner you turn on your Vizio TV, watch some Hulu, Roku and what do you see? Yep! You can see it now. It’s the near future. Now, everything I mention, here in this example is possible right now. It’s not possible inside a unified system, yet. There are multiple SaaS platforms heading toward filling that gap, soon.
On the Audience side of this equation, it’s very doable. We call it, Independent Audience Engineering and it’s the future, now.
Broadcasting will become antiquated and narrowcasting to the specific Audiences on specific channels and/or devices will become the standard.
To achieve the maximum, holy grail of omnichannel goodness, true multichannel, synchronized messaging , the industry will require the fragmented platforms and data world to untangle itself and standardize. And it is happening before the eyes who are seeing it.
Right now, we’re doing our part, a bit slower than we’d like, it’s not automated or fully synchronized, but with the right SaaS partnerships, we’re heading in that direction. The reality of capturing the inventory of an available market is this, beyond programmatic direct buys, there is Independent Audience Engineering. The concept of Independent Audience Engineering is somewhat similar to programmatic direct buys, but Independent Audience Engineering is much different, and comparatively on steroids. It is realistic to capture 10%-30% of ANY market we want to engineer and that number is growing.
My advice to Advertisers and Agencies looking to expand their reach, frequency and branding is this, go multichannel, now. Start today. Start, quantifying and capturing a portion of the available market now, because it’s available. The people who are searching for the products or services you offer are available for pennies, or fractions of pennies, not the dollars or tens of dollars per click you’ve become accustomed to paying.
Fear not, the channels or ad platforms. Don’t be a One Channel Pony.
If you don’t know how to use a specific ad platform, and that’s the only reason you’re not going multichannel, then here’s my second tip. Hire someone who does know how to use the specific ad platforms. If you have the Audience, you’re leaving money, most likely a fair amount of money, on the table without leveraging every possible marketing channel and platform. The key is here, if you have the Audience, you should be going multichannel, all day, everyday, in every which way. The lift, the impact you’ll see in your overall Audience/Customer acquisition will be substantial. With a hyper targeted Audience that is permanent and portable…
The real question is, what market do you feel like conquering today?
The Chief Rainmaker