Third-Party Data Rules!
Savvy marketers will tell you they segment their data to enhance, enrich and better target their marketing campaigns. Of course, there’s a great reason why they do this – because it works! But, what you might be surprised to learn, is that some marketers are limited in the types of data they can utilize to segment. Why limit yourself?!
Data is everywhere and available in all different shapes and formats to be used for segmentation and targeting efforts. Given the current state of privacy concerns and data breaches, some organizations are only comfortable using their own first-party data in the segmentation process. First-party data typically includes demographic information, such as gender, age and place of residence. They may also have some transactional data to rely on.
First-party data can be just fine, I suppose. And if you’re in a risk-adverse organization, it may be all you can use. But when you’re trying to break sales goals and take your marketing program to the next level, you have to be able to go beyond your own CRM system. You have to be willing to append data from new sources and test it out.
One category of data, for example, that can make a huge difference in your segmentation and targeting, is psychographic data. I know, it sounds like we’re getting in people’s heads, but we’re really not. Psychographic data incorporates people’s lifestyles, activities, interests and opinions. These things can be tracked by companies and compiled by third-party data providers. We can purchase this data and append it to your customer base to give you a clearer and more relevant snapshot of your audience.
Just last year, the Data & Marketing Association (DMA) projected that US companies would spend $10.05 billion on third-party data to provide greater insights into their audiences. You have to think that companies wouldn’t just spend that kind of money without knowing there will be a good return on their investment.
Adding third-party data to your data mix is a must to take your marketing to the next level. When you partner with B2E for this type of data, we ensure the data sources are trusted and reliable. If you’re interested in learning more about enhancing your data with a data append, contact us today!