These are indeed unusual times. Schools are closing their doors, restaurants are stacking their chairs, and more Americans are opting to self-quarantine whether they feel ill or not. The Coronavirus is hitting hard and businesses are bracing for impact. Who knows exactly how big of a hit the U.S. economy will take but it's certain that over the next few months, marketers will need to find creative ways to do more with less.
One quick and easy approach is to pop the hood of your existing marketing campaigns to take a closer look at the data behind driving it. When it comes to digital marketing, data is one of the most important components of any campaign but it's also one of the most overlooked. Before launching your next campaign, consider these three approaches to finding and evaluating the right audience for your campaigns. Consider these three approaches to finding and evaluating quality audiences.
1) Stress-test your existing data providers.
Data quality in the digital ecosystem varies enormously from one data provider to another. For this reason, it's always important to get the facts about any data you choose to target your campaign. Ask your provider the questions below and see how your opinion of the data you're currently using changes. Or not!
What's the source of the data? Is it from public records or private? Is it compiled or aggregated? How often is it refreshed? Every provider will be different.
What action did the consumer take? Did they opt-in for special offers on the publisher's website? Did they purchase a specific product? Did they read similar content online? Knowing the actions consumers take to be included in the segment may help you predict whether they will engage with your message/offer.
Is the data known or inferred? For example, are these actual buyers of travel insurance (known) or just people who look like travel insurance buyers (inferred). Known data is always best, but inferred, which typically originates from a data model, can also be a considerable source for new prospects.
2) Ask the experts.
If your provider's sole business is data, chances are they are a wealth of information about best practices in audience targeting and would be more than happy to share their advice. At Lighthouse List, we maintain 3000+ segments alone, making it unrealistic for a media buyer to consider all options from all data providers. But, if you make it standard practice to ask your data provider which audience segments they recommend you use, you're much more likely to target a promising audience. Just paint a detailed picture for the data provider of your ideal audience and KPI goals.
3) Go custom.
Sometimes custom solutions are the best solutions. If you know exactly what you need in a target audience, ask your data provider to build you a custom audience. Data providers often manage multiple data sets in their portfolio. If given the opportunity, most would be happy to mix and match assets to prepare just the right audience for you. At Lighthouse List, we'll even reserve the audience for your exclusive use across digital and offline channels.
Have a data question? Feel free to contact us >>
We have seen first hand the opportunities that quality data provides and will always be available to help you find your best possible audience.
