Marketers: Make Dollars and Sense of Your Data
- that German Shepherd owners have higher credit scores than the general population?
- that single people have a greater need for plumbers (your married author excluded)?
- that it’s a fact: people who buy TV dinners (frozen/packaged food) are more likely to need dental work?
Neither did we. But those are just some examples of what the data has told us.
Over the past month I’ve had the privilege of meeting with numerous CMOs at various events, and if there’s one common complaint among them, it’s that they’re drowning in data. They have access to so much data — both internal and external — it’s hard to make heads or tails of it. Compounding matters, the advent of third party data partners adds another layer of targeting (and cost) when their teams consider how to reach their consumer. And that’s only for the things they “know.”
What about what they don’t know? As an advertiser once said, “I’m only interested in what you can tell me that I didn’t know. I don’t need someone else telling me how to reach W25-54.”
This begs the question: how do advertisers uncover new and useful insights about their consumers? A good strategy is to use technologies like DataXu’s DX3 to extract those “needles” from the big data haystack. When advertisers start making better use of their own data (frequently started with an internal data audit) they discover that those insights are far more valuable than anything they can find from a 3rd party source. After all, it’s their data. Only they own it and only they can use it.
It’s cool to know how to target your audience, but it’s really cool to learn things you didn’t know. For example, did you know that fewer than 0.00001% of adults over the age of 19 are Justin Bieber fans? Ok, I just made that one up — clearly there are some things in this world that even we don’t need data to support!