"No more data," said no one ever.
Publishers are perpetually gaining new and anonymous users to their media properties. The process of combining first-party publisher data with other sources such as from third parties is aptly called "data enrichment."
There is no limit to the kinds of insights you can gauge with data enrichment. With just one identifier such as mobile advertiser ID, or encrypted email, publishers can get the following additional which are the most valuable to brands:
- Socio-demographic data
- Geographic data
- Purchase intent data
- App usage data
- Affluence data
- Lifestyle/Lifestage data
- And so much more
But before you jump on the data enrichment bandwagon, your intent for doing so must be clear to be able to sift through the endless data available for mining to cull out relevant data points.
With this in mind, let's look at how data enrichment helps establish high ad returns for brands. As a publisher, you can command high ad revenue from brands with assistance from data enrichment platforms like Lifesight.
Turbo-charged consumer insight, anyone?
Data enrichment triggers the synergy of the nuance and relevance of first-party data with the scale of third-party data to achieve a granularity that can propel the depth of customer observation. Further, with the sheer scale of lookalike modelling, you can provide the brand with a larger audience pool, thus allowing them to unlock erstwhile untapped audience segments.
With in-depth deep dives and expansions of customer data comes another advantage. We are referring to customer segmentation. Data enrichment will allow you to filter the data based on specific parameters, whether it's gender, age, city, and so on.
As you enrich the data with a plethora of sources, internal or stemming from a third party, the level of complexity will rocket. You will discover ways to segment your data that wasn't even part of your original intent.
These put together enhance customer experience and help the brand identify customers who are not satisfied and on the brink of switching. The brand can then take the appropriate steps to salvage the situation before it goes out of control; all because they could monitor it due to data enrichment.
Brands want laser-focused audience insight? We got you!
Let's consider un-enriched data for a second. What would it look like? Maybe the data is systematically stored, and it gives good insight, but there is a lot to be desired.
For example, you are a video-on-demand publisher and your client is a CPG brand. They are launching a new premium hair care brand.
Suppose you enrich your data not only with what kind of content affluent women are watching on your app but also, their real-world lifestyles like which salons they visit. Combining these data sets can give your client unique insights like "30+ affluent women who watch premium content on your app and visit high-end salons at least once a month."
Now you have not only provided your client-specific content on which they can advertise but also which audience segment to advertise to. You have combined parameters such as demographics, consumer patterns, and preferences with numeric thresholds, all with a sequence that the brand can leverage for high ROI campaigns.
Won't that ignite a sense of trust and confidence with the brand? What will that lead to? That's right! Satisfied customers and high advertising ROI.
Data enrichment informs brand insights, and these insights shape critical decisions the brand might need to make related to ad campaigns, the launch of a new product or service, shifting focus from customer retention to customer acquisition, and so much more.
Therefore, strong data enrichment efforts can dictate strong business outcomes.
Personalize and win hearts (and converts!)
Multiple surveys have proven that customers enjoy and expect a high degree of personalization in their experience on a brand's website, whether related to the shopping experience or the absorption of content.
Targeted emails that not only address the customer by name but also put across relatable experiences that might be unique to you are a growing trend.
This level of personalization can be achieved only when you have enriched data sets that give you a 360-degree view of your customer.
That is not possible with just one or two sources because each platform can provide only a limited number of data points. Merging all potential touchpoints will increase the overall efficacy of the data you have at hand.
Therefore, data enrichment is essential for contextualizing your customer's experiences in a familiar and unique (to them!) way.
Mix all of these together, and you have at hand high ROI and ROAS
A publisher that has taken the plunge into data enrichment will achieve high ad returns by enhancing customer data, providing focused insights and recommendations, and personalizing the customer experience.
Once a customer feels satisfied overall with a brand's presence, tactics and behaviour, they are more likely to respond positively to the ads, contribute to the content the brand provides, and even promote the brand on their own.
All of this will translate into high ad revenue. This can be attributed to the base data that was exceptionally comprehensive due to data enrichment.
Yes! We have the expertise and experience to enrich your data
Leveraging data does not have to be complicated. Lifesight provides a bundle of solutions that will aid you in your data enrichment efforts. With brands upping the ante when it comes to advertising, publishers need to keep up to provide value with data.
Just collecting and cleansing the data is not enough. Enrichment is the cherry on top.
Do you want to command high ad revenues from brands based on sophisticated data enrichment practices? Book a demo today.