The Only 3 Data Sets You Need For Explosive Marketing
June 16, 2015
If you haven’t been living under a rock the past couple of years, you’ve heard of the rise of the term “Big Data”. There are hundreds of articles, webcasts, and even books about how the marketing executive can and should be using data to power their campaigns and decisions.
This can all be very confusing, and for the most part, these resources fail to break down the basic pieces of data a marketer needs, how to get started with utilizing that data, and where to focus your limited resources in building data-informed marketing programs.
Bottom-line: You don’t need big data. You just need moderate-sized chunks of the right data. We’ve decided to break down the “must-have” marketing data national marketers need to be successful into 3 key components.
1. Markets Data
As a national brand with locations, agents, or dealers spread out around the country, you obviously want to target specific geographic locations with your marketing. Market data can simply be a list of all the markets you promote your products/services in. The most powerful data will be zip-code based, but if you’ve got this data by City or MSA, that’s just as good, as it can be converted.
More advanced market data details the conditions in which you want to advertise to a geographic area. For instance, you might want to launch a campaign only in high-income areas, areas with high rates of families with children, or even set up triggered rules that launch campaigns when the temperature hits a certain point, for example.
This type of advanced conditions data is typically brought into the equation by a third-party and is rarely sourced/provided by the company. The Balihoo Local Marketing Cloud is an example of a platform that utilizes advanced market data.
2. Targets Data
Now, it’s very unlikely that your target audience is “everybody”. Typically, marketers hone in on the demographics and behaviors that indicate that a consumer is more willing to be interested in your product, spend more money on it, or turn the highest profit.
This is your targets data, and is another example of data that is typically provided or purchased from a third party. Examples include a list of people who have recently purchased a home, graduated college, had a child, or researched life insurance online. Many platforms such as Google Adwords and Balihoo Local Marketing Cloud automatically pull in this data and allow you to use it for targeting purposes.
Simply combining the power of this data with that of markets data (#1), and you’re now able to target only people with certain characteristics in geographic areas that match another set of characteristics. This allows you to be efficient with marketing spend and expect greater response rates.
3. Locations Data
This emerging 3rd component is what makes your marketing explosive, and will likely place your brand head and shoulders above your competitors. Locations data can be as simple as a list of your stores and their contact information, but can also contain descriptors such as hours of operation, revenue level, product lines carried, and ownership type.
This data can be used not only in the actual campaign, such as PPC ads that display the phone number in the ad copy, but can also be used for increased targeting. For instance, you may want to advertise a specific product only in the zip codes surrounding a store that actually carries that product. Locations data allows you to do this with ease!
If you’re intimidated by the phrase big data – don’t be. Simply narrowing down the types of data you need and how/where to leverage them is the first step. And the good news is that much of the data you need for powerful results is already available in proven software solutions such as the Balihoo Local Marketing Cloud. All you need to do is provide the criteria, and the data you already have on all your locations/distributors/agents.
The intersection between markets, targets, and your own locations data is where your marketing will be explosively targeted, highly efficient, powerful and cost-effective. Leading brands that utilize these 3 pieces of data are actually delivering on the promise to target the right person, at the right time, in the right areas, with the right offer.
Imagine launching hyper-targeted campaigns with just a few clicks – campaigns that not only customize the creative for each audience, but also react to variables such as weather, store revenue, and local consumer buying behaviors.