Wrangling and understanding data as it relates to your marketing campaigns can be a scary thing. But once you get the hang of it, many advantages await.
The biggest advantage of all: Creating behavior-driven retargeting campaigns that drive serious results.
Considering that an average user receives nearly 114 emails a day and an estimated 5,000 branded messages per day, competition for attention is definitely stiff.
Knowing and using your data better is the key to getting ahead of the data-driven marketing pack. It begins with understanding what you can do with the data you already collect - whether it's first-party data or third party data.
Usually, marketers pay ad networks to show content targeted at user demographics based on data that networks collect from data aggregators, also known as third-party data. This is the case with Google Ads, Facebook Ads, and Twitter. We use the data they aggregate from other sources to target our ads.
Now these networks allow marketers to upload their own data, or first-party data, to create custom segments for targeting. Marketers who have already been collecting data about their users from other channels, like web, mobile and social, are ready to reap the benefits.
And for those who haven’t...no sweat. There’s always the opportunity to start collecting first-party data today. Remember: The more we know about our users, the better we can reach out to them. Web advertising isn’t going anywhere anytime soon.
Google Ads and Facebook Ads recently made their lookalike modeling available to all users. It lets you create segments from their third-party data that hone in on the kind of users that you’d like to target.
Now that the networks allow uploading first-party data, using what you know about your best users can improve this data science functionality.
According to a Google Analytics case study, behavior-based user segmentation helped one organization reach a 69% increase in post-click sales.
Using what you know works best to acquire new users and sales much sooner in your customer experience or funnel.
Lookalike Modeling: A very accessible form of Lookalike Modeling, from networks like Google Ads and Facebook Ads, lets you reach new users who are likely to be interested in your business because they're similar to your best users.
There are various ways to do this, as each marketer’s tech and analytics stack differs from another’s. A great start would be to make sure you keep tabs on the following channels, if they apply to your brand:
Using your first-party data collectively is a whole other worthwhile challenge. Unify your data using a service like Lytics and see all kinds of connections and behavioral trends from your first-party user data that you wouldn’t have seen otherwise.
Once unified, it’s time to bring your retargeting efforts up a notch. Knowing your data is just the first step.
Curious how Lytics can help you harness your first-party data? We'd love to schedule a demo for you.
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