November 24, 2021
Zack Berry, Director Data Practice Leader
In 2020, U.S. marketers and other users invested over $12 billion in third-party audience data. That number is expected to increase by more than 10% this year. In today’s landscape, there are more data companies and providers than ever before. Not only are there companies who are solely focused on the compilation and collection of data to sell in the marketplace, but more and more non-traditional “data” companies are finding ways to monetize their data and make it available to outside partners.
As it relates to marketing, we at Blend360 firmly believe that the value of targeting the right segments and conducting people-based marketing is of the utmost importance. An increasing number of brands and marketing organizations are beginning to understand the value and need for investment of external data to complement their first-party data, but the amount of data categories and sources within each category is quite frankly overwhelming. From traditional consumer data compilers to B2B firmographic data sources to new and emerging data providers that can track movement and location of unique devices, there is a lot of consideration that goes into navigating the complexity of the data ecosystem.
When evaluating which data category and provider is best for a particular brand’s marketing efforts, the most critical factor is identifying the proper use case for utilizing and maximizing the value of the data. You may want to identify a consumer file that will drive the most response or conversions for a direct mail program or build a custom audience to be activated in an omni-channel marketing campaign. Depending on your industry and target market, one provider may be the best for both, but more often than not, we have found that each use case is unique in determining the most optimal data partner for driving results.
Our approach at Blend360 is to conduct an agnostic and analytical evaluation of multiple data sources for every use client. Purchasing third-party data is a large investment for a marketing organization and it is important to take a meaningful approach in evaluating the best data, whether it is for use in your campaigns and activation strategy or for enhancing your first-party data to build out customer profiles and segmentation analysis.
By partnering with a broad range of data companies, we can effectively evaluate different data sources by measuring key dimensions such as predictive power, descriptive value, and overall data quality. If you are interested in learning more about which types of data are best for your business goals and objectives, you can reach out to me directly at email@example.com.