Using Big Data to Target In-Market Shoppers
Finding and converting quality leads tops the list as one of the top goals for marketers. We all love that great feeling of finding the ideal prospect who is looking for our services or products at the moment and converting them to a sale.
Of course, finding those prospects with purchase intent before they make the purchase is not a perfect science.
What Will My Customer or Prospect Do Next?
Marketers are armed with data, business intelligence tools, and profiling models to analyze the data and understand their customers but how many can really say they know which consumers or businesses are in market for their products and services? And, how many companies have an idea of what they think a prospect or customer may do versus having real-time insights into their actual behaviors?
Some companies are switching gears and analyzing Big Data in new and innovative ways to determine purchase intent as it occurs without relying solely on complicated purchase intent models. Take Toyota for instance. They are sending real-time offers to consumers who are in their dealer region and who have indicated purchase intent to purchase a new vehicle.
Using an audience–management platform to determine purchase intent and GPS location data, targeted ads are sent to consumers with the appropriate interest rate that will most likely appeal to the individual. Toyota is seeing significant difference is user engagement with these targeted ads.
DaaS: Finding In-Market Prospects
Marketing is being revolutionized like never before by new technologies such as Data-as-a-Service (DaaS). DaaS is a service approach in which unique and Hard-to-Find Data (HTFD) assets are sourced and structured to deliver a constant stream of qualified prospects, including a companys own customers, who are actively searching for what they are selling. Distinctly different from list buying, these data sources are a highly customized marketing asset versus disconnected, one-time use prospect lists.
In-market prospects and customers are delivered directly to a companys channel systems or digital marketing platforms, allowing marketers to send real-time messaging, personalized recommendations, and highly targeted content.
One of the most exciting ways businesses can use DaaS to source in-market consumers and businesses is through real-time behavioral data, or Fast Data. Fast Data aggregates event and behavioral-driven data to determine purchase intent as it occurs.
Examples may include social purchase signals, such as people posting to social networks such as Moving to Denver, Taking a family vacation to Orlando, or Looking for recommendations on a new car. Or these may be discretionary purchase power signals, such as customers and prospects who are securing new credit sources, selling and buying cars or planning to move residences.
Conclusion
Marketers understand the importance of using data to target consumers and deliver real-time experiences. However, 76 percent of marketers fail to use behavioral data in targeting execution, according to The State of Always-On Marketing Study by Razorfish and Adobe. Through the use of DaaS, marketers can access real-time behavioral data as it occurs. The possibilities are truly endless.
