With data exchange, you can get fast access to thousands of audience segments built up from countless data sources from all over the world. As a result, you can target and gain in-depth knowledge of your market and customers, make profitable business decisions. Below, we shall discuss a breakdown of everything you need to know about data exchanges. Dive in!
What Is a Data Exchange?
It gives way to data points from around the world and shares data between various stakeholders. It can expand your target audiences by promoting data-driven marketing activities and advertising.
And it shares data between your organization and its systems without altering the meaning of your data. You can take out the previously existing or unavailable data using a DMP.
As a result, you can utilize it to strengthen your marketing campaigns with access to a Data Management Platform.
Why Data Exchange came up as an essential concept?
To understand why it is important in today’s world, you need to look back a little bit. Let’s understand it by recalling how today’s consumer has evolved until now.
Before the information age, marketers used sales pitch as their marketing strategy. For instance., door-to-door pitching of a vacuum cleaner could be the best possible example we can take here. So, how did they sell it? They simply used to come up at the consumer’s door and tell them about the product and why it should be bought.
However, this approach would mainly focus on advertising and not on the customer. The salesperson would tell customers why it would be great to have the product, but the seller didn’t know anything about the customer.
If he didn’t know anything about the customer’s wants and needs, how could he really know if the customer would buy the product? As a result, advertisers or seller of the product had unclear ideas about what will work and what won’t.
Then Came the Necessary Shift in a Consumer’s Evolution
In the information age, there came a radical shift. Advertisers now know a lot about the customers. Also, the customers were having a lot of ideas about the products being sold. They could go online and look for brands and features and make a decision on what suits them.
A New approach Was Born…
A new approach came up out of all these changes and shifts. The current situation needed to target the right people, and so was the need to collect data. However, to deliver a truly personalized experience to consumers, advertisers needed to learn in-depth about their target audience.
They had to learn who their target audience was, what they were buying, where they were buying it, and what are their behavioral patterns. In this way, it became possible with data exchange methods and with a data management platform that collects data on a totality.
Now, you can develop personalized marketing strategies to the most motivated buyers across multiple platforms. As a result, you can maximize effective campaigns and create great user experiences.
How can Data Exchange expand your Target Audience?
Your organization may gather and analyze first-party data from the websites. You could also purchase data or collect data through email lists and social media accounts. The data is mapped using data mapping, and exchange of data takes place.
However, this data will give you only a fraction of the available information about your potential audience and tell you how to reach them.
But it provides access to accurate, real and up-to-date information from several data sources, which includes:
Website Data is the data you collect from consumer and their behavior patterns to identify audience interests.
Mobile Data is about collecting demographic and behavioral mobile data across millions of devices around the world.
Social Data is the collected information on declared social actions, including shared content, posts, votes and more.
CRM Data is the demographic and behavioral data from customer relationship management (CRM) services from businesses around the globe.
B2B Data is the professional and company data that you collect for market and competition analyses.
Purchase Data collects data on customer purchase information from retailers across the world.
You can get access to as many data points as you need, from which you can get the remaining information about your current audience and know learn more about their interests when they aren’t present on your website.
Using data exchange, you can better understand your target audience and potential new segments. As a result, you can identify your consumer and use their behavioral patterns, demographic similarities, frequently used devices, and interests groups within your audience base.
Integrate All Your Shared Data with Data Mapping and Exchange
Further, you can use this information to understand your target audience better and predict potential new audiences based on the data you collect in this manner.
Now you may use your data mapping and exchange information to build out your campaigns and thus create carefully designed and accurate marketing activities that are sure to get converted.
With data exchange networks, you have the opportunity to make the most use of the available data. You can use this data to maximize revenues through data monetization and app monetization to drive an excellent ROI.
Who needs a Data Exchange? How does it benefit them?
It is a vital resource for you if you are a publisher, marketer or agency. This is because you do not have enough first-party data to make campaign decisions.
With a data exchange network, you can get the information you need to maximize your strategy and move forward with confidence.
Here is how they benefit the agencies, marketers and publishers to maximize their results:
1. Agencies :
It helps agencies in:
Targeting Customers: You can get a complete view of their consumers. You can identify and target consumers by data mapping and exchange. These are the customers who are more likely to respond to you and find similar groups who are easy to convert.
Finding New Potential Consumers: Now you can reach new audience groups beyond the ones that are known to you and now increase your campaigning.
Sharing Insights: If something is useful for future campaigns, your agency can share these audience profiles with clients. As a result you both benefit from it.
With all this information agencies achieve more relevant content and practices maximum engagement with consumers.
2. Marketers :
With the help of these, marketers can:
Gain knowledge about audiences: With a data exchange, marketers can become experts on the audiences they want to target. You gain a complete view of customers across all various and get a deeper understanding of what your customers respond to and what are their interests.
Expand the reach to audiences: Not only can it help you in understanding your audience, but it also allows you to find more potential consumers for further campaigns through data mapping and exchange.
So, targeting and behavioural retargeting customers across various devices helps in capturing the attention and interest of audiences. Consequently, marketers can increase engagement with unique messaging strategies and draw in both old and new valuable consumers.
Publishers will get valuable insights and data segments of their audience with the DMP and those insights can be exchanged with advertisers or agencies through a data exchange.
As a result, this will be showing value to advertisers for advertising and help in achieving higher CTR and conversions. This will in-turn increase the profits of publishers in monetization.
What are the main benefits of Data Exchange Platforms?
Today with so much data at fingertips, the world’s focus on data quality is increasing day by day. A data exchange platform takes care of the quality of data and focuses on providing the highest quality data to the customers.
With high-quality data from these data exchange networks and platforms, your business will get these benefits:
1. Enables Extraordinary Targeting:
With accurate audience insights and removal of unnecessary data, you get access to true information of your target audiences. As a result, this can help you to make the most useful decisions about your campaigns and target audiences with more accuracy.
2. Gives You More Accurate Insights:
Using these platforms, you can derive complete learning about your audiences and have better clarity of what they are interested in.
This way, it will be convenient for you to design campaigns and target the relevant audience with relevant data at the right time to maximize your revenues.
3. Reduces Wasted Expenses:
Sending messages to an audience that is not going to respond to your messages is a useless call. So, now you can invest into an engaging audience segment which is going to give you maximum results and bid goodbye to the old and ineffective ones.
Have a look at a few Data Exchange Platforms:
1) Audienceprime is a great platform that helps to know who and where your offline customer is in the online environment with CRM-onboarding and bringing in more audiences for your business.
Also, it enables brands and agencies to purchase more relevant and highly niche target audience segments.
2) With Lotame, buyers can get hundreds of premium sellers with high-quality, as well as direct access to global third-party data marketplace.
3) Dawex helps you to access the marketplace to monetize or acquire your data from around the entire world. This Platform is a mode to promote and exchange your data with your partners.
4) BDEX allows you to implement a people-based marketing strategy that connects you to individuals. No matter what type of enterprise you run, the BDEX Data Exchange Platform (DXP) will allow you to pull together all the data you need about individuals.
Conclusion: What greatness do Data Exchanges bring along?
- Millions of data around the world is at your fingertips today with the help of data exchanges and DMP platforms. After that, you can gain accurate audiences’ insights and make extraordinarily targeted campaigns.
- Now you can build accurate campaigns and send the right messages to the right audiences at the right time. Above all, better targeting will help you to drive better marketing decisions that are absolutely data-driven.
- Data-driven decisions make way to relevant business strategies and thereby produce excellent revenues through data monetization.
- You have great revenues and successful business operations at your reach with data exchange platforms. It is an unmissable trend you definitely need to go for.
So, are you interested in getting started with data exchange platform?
Help us know in the comments.