Marketing teams today are swimming in data—online, offline, internal, external, customer demographics, Web analytics, media modeling, viewability, impressions, click-through rates, conversions, engagement metrics.
But all any brand team really wants is to connect with its customers, or potential customers, in a personal and meaningful way.
"With all of the information out there, it's tough to make sense of it all. How do you harness all this data and make sure you are targeting your audiences effectively and with as little waste as possible?" says Ted Prince, senior VP-information services at Neustar.
The goal for marketers today is first to tie all their disparate proprietary data together.
But that's only step one. To send appropriate messages to receptive consumers, brands need to be able to identify and segment customers and prospective customers using predictive attributes: What are they likely to buy? How are they thinking? And what is the best way to reach them?
Ideally, marketers will bridge their proprietary customer data with up-to-the-minute offline data—physical addresses, phone numbers, devices, purchase behaviors, etc.—as well as online targeting and media intelligence for precise customer insights across platforms and devices. And, of course, in the current environment it all needs to be done in a privacy-centric way.
Ensuring that a campaign is using accurate information about U.S. consumers might not sound that difficult. But consider that 75 million phone customers change carriers each year; about 45 million change their numbers. Neustar, for instance, which provides real-time cloud-based information services to consumer brands and agencies, updates 2 million records each day to keep its data current.
To optimize media spending, marketers also need to look for solutions that effectively manage their campaigns and divide consumers into psychographic and demographic clusters—a way for marketers and their agencies to overlay proprietary data and look for the right targets based on who they are, what they have done, what they like and what they're likely to buy.
In an ideal world, this offline and targeting data will come from a neutral source, rather than a publisher with ad space of its own to sell.
With this information in hand, ad messages can be personalized so that, for instance, a laptop shopper receives information about laptops and a Midwesterner gets offers for winter gear. Brands find that such personalization in display ads can boost sales by double-digit percentages—a critical improvement given research showing that 30% to 40% of today's display ads are wasted.
"It's a 360-degree view of a brand's customers that has a very good understanding of who they are, allowing a marketer to send the right offer at the right time," Mr. Prince says. "And optimizing media spend, in addition to tracking KPIs, completes the picture."
About the Sponsor
Neustar Inc. is the first real-time provider of cloud-based information services and data analytics, enabling marketing professionals to promote their businesses. With a commitment to privacy and neutrality, Neustar operates complex data registries and uses its expertise to deliver actionable, data-driven insights to help clients make high-value business decisions in real time, one customer interaction at a time. More information is available at www.neustar.biz.