Here’s a case of Audience Enrichment.
Imagine that you start gathering behavioral data from your website analytics and you want to create rich target audiences from them.
But you aren’t able to find and define the target audience effectively who will be interested in your product/service.
Only when you know who your audience is, you’ll be able to segment effectively, make targeted marketing decisions and campaigns for great business results.
But how will you achieve this?
Audience enrichment is your much-needed solution.
It plays an essential role in today’s competitive and data-driven marketing landscape.
But, before launching a campaign based on data insights, let’s ask ourselves the following questions:
- Does your audience data offer an accurate portrayal of customer behaviour?
- Is your audience data free from inaccuracy or duplicacy?
- Do you have enough data to draw accurate insights about your customers?
If ‘NO’, then audience enrichment is your go-to strategy.
What Is Audience Enrichment?
In simple words, It refers to the processes that improve and enrich your data quality i.e to enhance the already collected audience data.
It takes your first-party business data(like the data you gathered on people visiting your website and media properties) and enriches that information with third-party data (such as data collected on other websites and platforms while they roam the internet).
This tracking and data collection creates a full-picture view of customers. Consequently, you are able to know the demographics, interests, behavior of your data and create content and marketing strategies that leverage revenue opportunities.
Here’s An Example of Audience Enrichment
Let’s say that you sell home decor items through your website.
Now if someone visits your website, you can make an assumption that the visitor has a purchase intent, or atleast, is interested in home decor.
What else do you know? Nothing much right now. You don’t know his location, age, gender, income or interests and behaviour.
But, what if you actually have all this additional audience data at your disposal?
If you know their income groups, you could determine whether to ask him to buy a product/service or not.
Now, if you know his historical interests, you could define whether you are speaking to a habitual buyer or just a fair-weather fan; age and gender could tell you his desire and probable wants.
Now, you are able to create your accurate and targeted messages around your target audience instead of creating messages that could probably strike them.
What you fetch now is creating a better marketing experience for your customer and get improved targeting, improved revenue through audience monetization and thus a greater ROI.
How Can You Enrich Your Audiences?
We have been talking a lot on what is audience enrichment and what profitability it brings to advertisers and marketers.
But how does Audience enrichment actually work? Here’s how!
You can tie your data pieces together and enrich your audience profiles using a unifying data system with cookie-mapping, data management platform and Data Exchanges.
Consequently, advertisers can generate known information, like demographics, behaviors or interests about their users and create audiences based on this information.
Also, cookies can work wonders for you when it comes to audience enrichment.
Cookies are small pieces of information stored on your computer by a website. When you revisit a website, your browser simply sends the information back to the website.
A cookie remembers some useful information about you and tells it to a website .
For example, an online clothing store might use a cookie to record the brands and variety of dresses you ordered.
When you return back to the online clothing store, your browser reads the cookie on the store’s site. The website might then make and show you a list of dresses by the same labels.
This information is further packaged into a cookie and then sent to your browser, which stores the information to be used later.
The next time you’ll go to the same website, your browser sends the cookie to the server of the Website.
A message is sent back to the server every time the browser requests a page from the server.
And thus cookies can help you target your customers much better by giving you detailed information against the otherwise vague targeting.
What Are the Benefits of Audience Enrichment?
There’s a massive potential for you to improve your campaigns. As an advertiser or marketer, if you have more data, you can make well-informed decisions on your campaigns, launch personalized marketing campaigns, and create more creative advertising solutions for your clients.
Let’s talk in detail about several benefits of it:
1) Audience Enrichment Facilitates Shorter Lead Capture Forms
It promotes a win-win situation for site visitors and marketers. They can use shorter lead capture forms that ask only required information from their customers.
Also, it helps in sourcing more real-time information and creates a powerful customer persona that helps in determining the lead quality.
2) Automated Lead Scoring
Audience enrichment automatically categorizes lead priority on a real-time basis. For example, a lead enters your database simply with their name and personal email address. Generally you may consider it a low-score lead.
However, it links that particular lead to more information including a business email address and recognizes it as a decision-maker re-prioritizing it as a high-priority lead, without much of your manual effort.
3) Audience Enrichment Enables Better Segmentation
What is the backbone of a successful marketing data-driven campaign? Audience segmentation, of course!
Marketers are often seeking better ways to segment their audience to make more revenue. And data enrichment offers that.
With enriched data, you get a better view of customers who you weren’t able to access previously.
You get new segments by unifying your audience data. Better segmentation provides you a competitive edge in the market.
4) Audience Enrichment Enables More Personalization
Back in the early days, filling up a customer’s name into an email template was considered as a great strategy to go ahead of competitors.
With it, you can get more insightful data about your audiences and personalize your messages for successful campaigns and effective revenues.
5) Audience Enrichment Improves the Overall Customer Experience
It improves customers’ experience and customer journey. How?
Simply, enrich your data to brings in more accuracy to the insights you have drawn from your database.
This leads to accurate and targeted campaigns increasing your customer value and improves the customer experience.
6) Audience Enrichment Finds Out Opportunities With Existing Customers
Let’s understand it this way. Audience enrichment promotes the quantity and quality of your data significantly.
The better and accurate data-quality you have, the easier it becomes to understand the up-selling opportunities with your customers and hence increased revenue.
It improves your audience reach by obtaining these extra bits of knowledge from an outsider provider.
This can drastically improve the accuracy of your target audience.
They can be utilized to either discover extra clients like the ones you are as of now focusing on, or you can utilize it to learn progressively about your audiences. You can use Audience extension to make your audience broader and reach targeted customers.
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