Chief Innovation Officer
Brands should be actively investing in the collection and activation of 1st party data. According to IAB’s State of Data 2021 report, which surveyed more than 200 data decision makers across brands, agencies, and publishers, 42% of respondents expect to increase spending on use of 1st party data due to changes to 3rd party cookies and identifiers. Yet, they also found that less than half of data users are collecting sophisticated media, shopping and behavioral 1st party data.
These stats begin to illuminate large gaps that will be present once the current data marketplace evolves. One data set, no matter how expansive, is only going to tell part of the story. Brands need to fill in these gaps, looking beyond cookies to gain additional insights about current and prospective customers and drive their businesses forward.
Finding quality data enrichment partners is a proven strategic investment to fill the gap. By appending, or combining data from other sources to 1st party data, brands will have a more holistic customer view, impacting all stages of the customer journey.
Even seasoned marketers may feel a bit overwhelmed at the thought of implementing enrichment while concurrently architecting an overall 1st party data strategy. But data enrichment doesn’t have to be hard, or even require new processes. While there are many high value, but more complex use cases, data enrichment can be as easy as uploading a 1st party data file and getting it back with more robust information. Here are 3 ways we’ve partnered with brands of all sizes to help them realize data enrichment ROI with some basic applications.
Improve Identity Resolution
Unique multichannel marketing and sales strategies help brands develop loyal customer bases, but they also come with challenges. Managing identity, understanding repeat buying behavior and measuring LTV across all touchpoints proves difficult with many different consumer purchase points. To maintain positive relationships and understand the impact of marketing efforts, accurate measurement of customer purchase history is critical.
Alliant recently evaluated 5 years’ worth of a DTC brand’s data across channels and touchpoints. Unique identifiers were added at both the individual and household levels, then integrated within the brand’s own CRM platform for increased insight.
This quick process resolved the identity of over 1.5MM customers, identifying 35% of individuals that were not properly identified as repeat buyers. With the addition of Alliant’s unique IDs, the brand was able to accurately calculate LTV and improve their cross-sell efforts by recommending products based on prior purchases.
Make More Informed Recommendations
Enrichment doesn’t always have to be used directly on 1st party data. Alliant partnered with sports marketing audience monetization platform, FanAI, to assess spending, lifestyle and demographic attributes for fans of specified sports teams. The goal was to identify opportunities for their client that would maximize exposure by aligning their budget with the right sports teams and their target audience.
TV viewership data across 11 professional sports teams in a designated metro area was matched to the Alliant DataHub, appending attributes such as age, income, estimated wealth, payment and lifestyle behaviors. By having this additional information, FanAI was able to rank the 11 teams across the 25 attributes, using the insights to make their final sponsorship recommendations to their client, proving that enriched data can lead to more effective planning, too.
Increase 1st Party Audience Match Rates
An increasing number of publishers and platforms are rolling out product updates that allow brands to upload their own audiences. Marketers may be familiar with this type of offering through Facebook’s Customer List Custom Audiences, or Google’s Customer Match, but publishers don’t have the vast logged in networks of the walled gardens. Marketers will need to be prepared for lower match rates for their audiences.
Alliant is in early stages of helping publishers enhance their audiences to improve match rates and audience size for advertisers, but the same can be done for brands looking to use these new platforms. To assure the highest match rates, audiences can be enriched with match key data before uploading to the publisher, including postal addresses, emails, or phone numbers.
Email is a leading link key, so ensuring you have not only the latest, but also the secondary addresses that people may use, will boost the size of your matched audiences. The impact of this effort will be immediately recognized with more scalable, targeted campaigns. Likewise, proving ROI can be easily managed by looking at before and after match rates, along with conversions. Even if conversion rates remain steady, the larger audience sizes will drive additional revenue.
These are just a few quick examples to feature how other brands and their partners are leveraging data enrichment today. One important takeaway is that each of these solutions fit within their existing tech stack and processes, allowing them to recognize quick wins. If you are a brand marketer trying to figure out what to do next, data enrichment might just be the flexible, easy to implement solution you’ve been looking for.
Ready to get started with your own data enrichment journey? Our consultative team will help guide you through the process to make it as seamless as possible, including strategic recommendations on the data that will make an impact on your business! We look forward to hearing from you.