Imagine you’re about to enter a new market, and you’re strategizing an ad campaign for the product launch. You can’t use third-party data to target ads. No google keyword planner. No social media. You can only use your own first-party data stack to execute the campaign (like crm, excel spreadsheets, json files, etc.). Do you think you’d be able to have a successful launch?
If you don’t think so, you aren’t alone. Our research found that 80% of business marketers say their organizations’ target media buys are based on data parameters that organizations like google and facebook set. That means many marketers like you have yet to make the switch to first-party data.
Whether you realize it yet or not
He nuts and bolts of your marketing — from identifying and engaging prospects to closing a sale — will look different without third-party data. As a telephone biz result, you’ll need to be more intentional with your segmentation. Instead of being limited by what the platform offers, the data you have in your own system will limit how you can market to prospective customers. Although there may still be targeting options on these platforms, a lot more is going to depend on the data you’ve collected yourself.
Successful targeted ads are relevant ads, meaning the right ad goes to the right audience at the right time. Today you can thank the third-party cookie for that. Without third-party data, you might show customers an ad for a product they’ve already purchased.
If you don’t have good data your ads can go to people who don’t want your products or services
The future and how you can upgrade your tech stack. In today’s blog, we’ll help you get the most out of your consumer data before it’s no longer useful (or disappears from your Google Analytics account).
Our research shows the average marketer CU Lists believes consumer data is good for nine months. Nearly one in five say six months is when this data expires, and one in three marketers keep data from 1-3 years before they think it needs a refresh.
If you’re in the group that thinks you can use consumer data for 1-3 years, it’s important to consider your sales cycle. Sales cycles can take weeks to a year or more depending on the industry, product, service and audience. Real-time, responsive data is essential to understanding what’s happening at every stage of the cycle and making informed decisions. Having a strategic mindset is key, especially with your consumer data.