Data-driven marketing is an all-important concept in the digital world, and it is only set to take over the way businesses communicate. Businesses collaborate with third-party vendors who in turn assure digital campaign success. But many a time, it doesn’t help.Third-party data is an additional expense and ROI needs to be accounted for. Before plunging into the data-pool, here are 7 critical questions you should ask your Database Provider, to ensure you carve a path to meet your marketing objectives:
What will you leverage the data for? Do you plan to identify leads or do you want to build a digital campaign to bolster customer relationships with the existing pool?
List down the results that you plan to achieve by using the data. Once you have identified your objectives, look out for a partner who understands your digital marketing objectives, and can provide you data relevant sets of data to facilitate your strategy.
When you are purchasing your data, the first natural question to ask is whether the data collected is their own or has it been sourced. Data sellers that procure their own data-points through surveys and customer research etc. have more control over accuracy and classification. On the other hand, data aggregated from multiple sources is questionable in terms of quality and accuracy.
Recent data is closer to relevance. When going for third-party data providers, fully understand the time when the data was collected and aggregated. This way you can adjudge whether the database holds true or not when you would leverage it for your marketing campaigns.
The look-back period varies from industry to industry. If you are a mobile technology business, data collected six months ago will not be useful; however, for the energy business, a longer time-frame wouldn’t adversely affect the relevance of the gathered data points.
Bear in mind that data shouldn’t be sold to a point that different businesses keep on targeting the same set of consumers for a similar product set, and ultimately leading them to become blind to all the targeted marketing efforts. Data that’s sold on public data exchanges may be used over and over again, causing customers to become banner blind, and thus affecting your campaign success.
Scalable data is pertinent as it enables you coverage across a large chunk of the population. When selecting a vendor, try to understand how much of the population is covered by the data. High coverage refers to high scalability and that in turn allows you a good amount of accuracy.
It’s not necessary that all those who visit your site may be interested in buying your products. There are so many times that we tend to visit websites of products, we never intend, want or need to buy. When buying data from a vendor, ask them how they can distinguish between serious and recreational behavior;, and fetch your data that will help you reach out to customers who indeed have interest in your business, and may very well convert.
And finally, you should be aware of how well the data provider can measure the effectiveness of the data. When selecting a vendor, ask whether they have the set-up that will help you understand how the data can drive incremental results.
Data is so diverse across providers and industries, that the answers to these questions are not always given or clear. Optin Contacts does our best to make sure your questions never go unanswered. As the industry grows and data evolves, these relationships and understanding of providers will be crucial to effectively navigate those future waters.
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