Marketers will already be aware of the transformative powers of quality data, and how tapping into the right sources can be a game changer for a business.
Programmatic marketing goes beyond the traditional sources of buying advertising space. For those unfamiliar with the term, which is also known as programmatic advertising, it describes a process of procuring advertising space without having to pre-negotiate a price and then paying only for the impressions received. In a millisecond, automated software uses algorithms to calculate the optimum audience to view your campaign, and positions advertisements accordingly.
Those familiar with Facebook advertising will already know that it is possible to upload their current customer data to Facebook to create new audience segments based on people with similar likes and interests. It is this move to People-Based Marketing solutions that has highlighted the importance of organizations collecting accurate customer contact data, particularly email addresses. This is commonly referred to as First Party Data.
As Facebook advertising is essentially a walled community, the question is how ads on other web sites can be equally as people focused and accurate. Well, to answer this, you need to be familiar with the following two acronyms: DMP (Data Management Platform) and a DSP (Demand Side Platform). In a nutshell a DMP is a data warehouse holding all the First Party Data your organization collects. A DSP on the other hand utilizes anonymized data from a DMP to purchase ad impressions across a range of publisher sites. The decision to serve an ad is made in milliseconds by the DSP and is based on a whole range of factors such as a users previous online behavior, physical location, the size of the ad space and the content surrounding it.
It is therefore, no wonder, that more and more businesses are understanding that the the key to a successful ad campaign, is to have accurate customer data.
Because programmatic marketing creates a personalized data-set for each individual accessing the site, people can be targeted far more accurately than before. The more relevant the ad to the viewer, the greater the chance they will click and ultimately convert to a sale.
Programmatic marketing is still in its infancy, so mistakes do happen where inappropriate ad content is served to either the wrong individuals or on the wrong sites. Recently we have seen the damage badly targeted adverts can cause, when companies such as Marks and Spencer, PepsiCo and Starbucks boycotted Google’s YouTube after their ads were shown next to extremist videos. However, these incidents are few compared to the sheer volume of ads served.
Clearer Customer Insights
As data is continually being improved and refined, the information obtained should be up-to-the-minute, giving the most current and accurate insights into customers.
Damian Dutton, Beeliked’s CEO, explains: "Data privacy is a hot topic. People want to know how their data is being used and will only give it to companies that have strict privacy policies. We are increasingly working with brands that value the data they collect from their customers and then use this data in an ethical manner to help them be more relevant in their customer communications."
The more you are able to refine your knowledge about the interests of your current audience, the better able you are to target your advertising at other similar people, so it is inevitable that your ad conversion rates will improve dramatically.
By creating a range of engagement marketing campaigns on BeeLiked and collecting data (particularly email addresses) a brand can then utilize this data in their own programmatic marketing to ensure a higher accuracy in the types of people targeted by their ads. The beauty of BeeLiked is the ease of creating new engagement campaigns so that overtime a wealth of valuable First Party Data can be collected.”
Better return on investment
The more specific and personalized data is, the greater its value and use to marketers. A smart Programmatic Marketing strategy enables the user to bring about a virtuous circle of data usage and refinement, making use of the personalized information held at the start, and increasing the volume and accuracy of the data as the process progresses. With the quality of customer information being improved throughout, the return on investment increases. This in itself will have a perpetuating effect: with every round of advertising the process will be further refined, thus improving the ROI.
BeeLiked is a marketing platform offering a wide range of digital campaigns to help brands engage with their existing audiences and reach new customers through the viral and social nature of the contests and games. Our easy to use online platform is complimented by a highly creative team able to support both concept and content creation.
Talk to us today about how we can help create a buzz for your business.