Target the clientele you want by utilizing Third-Party data. Create a three-dimensional persona of your customer and prospects.
How Third-Party Data Can Help Target Marketing
Many businesses utilize the data they collect on customers in their marketing efforts. However, it's often limited to the customers' names, addresses, email addresses, and transaction history, providing little more than a one-dimensional persona of their typical buyers.
That's where third-party data comes in, enabling businesses to create a three-dimensional persona of their customers with additional insights such as interests, preferences, and lifestyles. With that, businesses can learn who their ideal customers are, what they buy, and why, substantially increasing their value through more targeted marketing efforts.
In this digitally wired world, the amount of data being generated about customers is skyrocketing. Third-party data providers collect information from entities throughout the digital universe and then package and sell data sets to organizations to use in their marketing efforts.
Information such as web browsing activities, social media habits, purchase histories, and email addresses can help businesses identify their target customers and tailor their messaging based on more detailed personas. The result is increased engagement and greater brand awareness, leading to more sales and loyal customers.
Businesses using third-party data to develop their digital marketing strategies can achieve better outcomes and return on investment in the following ways:
Target Ads to More Defined Audiences
With third-party data, businesses can drill as deep as they want into a niche to find a defined audience and create ads specifically targeting those people.
For example, you can target your ads to families residing in a certain zip code who have been researching window replacements in the last couple of months. Your marketing efforts become more streamlined and effective because you're reaching likely buyers.
Refine Your Marketing Strategy
Businesses use widely available broad data to inform their marketing strategies. For example, it's generally known that online shopping picks up dramatically in the weeks leading up to Black Friday and Cyber Monday and through the holidays.
But what if you want to identify a segment of shoppers most likely to act on their New Year's resolution to get in shape to offer online fitness video subscriptions? While the broad data shows that a certain percentage of people will make such a resolution, you can use more detailed data to refine your marketing strategy. For example, you can determine which segment is more likely to purchase online subscriptions to achieve their goals and when they're likely to act on their resolutions, so you can target your ad spend at the right time.
More Clearly Define Your Target Audience
Third-party data can also help you drill down on your target audience to learn more about their preferences and interests. You can determine which social media sites and devices are used most so you can more narrowly focus your marketing efforts.
Create a More Personalized Customer Experience
As consumers become more discerning, being able to provide a personalized experience is a crucial differentiator. Personalization creates more customer engagement and loyalty. Third-party data offers critical insights into a target audience's preferences based on age, location, and the devices they use, enabling you to tailor your messaging for greater appeal.
For example, research shows that the click-through rate on emails containing personalized content is substantially higher than blast emails. And businesses that personalize their web content to appeal to a targeted audience experience higher conversion rates.
Use Your Insights to Further Refine Third-Party Data
Marketing is a learning experience, and as you test and analyze your results, you gain more insights into your target audience, enabling you to refine your data parameters. The better your third-party data, the more targeted and effective your digital marketing efforts are.
Is Your Small Business Taking on too Much Debt? Steps to Take to Pay it Down More Quickly - For some businesses, taking on some debt can be a good thing. Having too much debt and the business cannot survive. Here are some steps to take to reduce your debt.
Leveraging Digital, Direct Mail, and Social Media to Drive Business Customer Acquisition - Although it takes time and resources, creating and implementing a digital marketing strategy does not have to be expensive for small banks.
Businesses Should Plan Ahead for Year-End Tax Strategies - Don’t miss out on tax savings that can be put to work for your business. Start your year end tax planning now.
Cash Flow Management Tips for Small Businesses - Your ability to grow your business relies on effectively managing your cash flow. Here are 8 tips for taking your cash flow management to the next level.
Recruiting Top-Tier Talent in a Tight Job Market - Step up your recruiting game to find top talent in this tight job market. Address these 5 critical aspects of your recruiting strategy.
Sales or Marketing – Banks Need Both to Grow Revenues - Marketing and Sales should work hand in hand. You cannot have one without the other
- The Biggest Security Threat to Your Business
- How to Prevent Employee Fraud in Your Business
- There's Still Time to Claim the Employee Retention Credit. What is it, and How to Qualify
- Preparing Your Business to Borrow
- Insurance Essentials for Managing the Many Small Business Risks
- Employers are finding that remote work can be an effective way to increase productivity and lower cost
- Is Your Business Prepared for Generation Z?
- Don't Let Your Business be the Next Ransomware Victim
- Taking Advantage of Bank Cash Management Technology
- How to Take Your Digital Marketing to the Next Level
- How Annual Assessments Can Prevent Fraud in Your Business
- How to Position Your Bank as a Trusted Advisor for Small Businesses - And Why it Matters
- Getting to Yes with a Solid Loan Proposal