3 Display Targeting Myths in Digital Marketing
It's no secret that the data landscape is evolving at breakneck speed. With so much change happening so fast in the world of display targeting, it's critical to take a moment to call out and debunk a few key data targeting myths that are holding marketers back from getting the most from their audience-driven campaigns:
Myth No. 1 — Data targeting is complicated: Sure, mathematical and programmatic targeting is important and a key aspect of data usage these days, but don't forget to make use of what you already know about your customer list or first-party file. Take a look at the demographic attributes they all share, their location and any other behaviors they exhibit. Not only can you use this information to segment your customer file, but you can also apply cloning data to find prospects who look just like these best customers.
What if you haven't identified the behaviors that make up your best buyer? No problem. Using a third-party solution, you can upload your customer list and identify the demographics and behaviors that make up your best customers. By understanding what your best customers look like, you can create a custom audience to target them more effectively.
Keeping data targeting simple also means starting small. Marketers don't necessarily need to invest heavily up front. Focus on small tests and build on the findings from those tests to extend not only to your display targeting, but also across email, social media and mobile.
Myth No. 2 — All data are the same: It's critical for marketers to identify what types of data they have, what they need and how best to use that data. Audience data can be divided up into three distinct sets:
- First-party data: Since marketers own this data, they can identify various attributes about those users who convert and produce the most lifetime value for their brand.
- Second-party data: This is the combination of first-party data overlaid with a relevant publisher or key partner to extend the audience and/or provide additional attributes to add color to a marketer's first-party file.
- Third-party data: Various forms of third-party data are available across many different platforms.When purchasing third-party data, there are many factors to be wary of, including whether the company uses modeling- vs. registration-based data; does the third-party data provider use its own data; is the data inferred and declared; where's the data sourced; is key demographic data matched at the individual level or just the household? All of these questions are critical when selecting which data provider to choose for a particular campaign.
Myth No. 3 — Data is just for real-time bidding: As data targeting has evolved, so has the way marketers use it. In the early days, off-the-shelf segments were layered on top of CPA campaigns with strict key performance indicators. Inconsistent results shifted the market to building highly customized segments using a variety of data attributes, building lookalikes, and using personas based on data to customize messaging to cater to the user's personality type. Combining all of that and delivering campaigns to audiences across desktops, targeted desktops, targeted social networks and mobile devices makes for a seamless conversation with your customers and prospects.
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