Data is the modern-day equivalent of oil in the digital world. If you possess quality, secure data, chances are that you’ll do far better than the competition. There’s a catch though, while possessing copious amounts of data is a viable practice, extracting and working upon its insights is easier said than done. If done the right way, data activation can lead to hyper-personalized marketing strategies that you may have never encountered before. The ROAS can skyrocket rendering your campaign at the top tier spot.
Data collection has become way easier than ever before. Turns out that a significant number of tools have already been deployed by major players to extract the kind of data that suits their use case. However, as mentioned above, without insights, data these days seems to be less powerful. Close to 54% of marketers use less than 50% of the data they receive, which is not only bad in practice but it also prohibits them from getting into the dynamics of the situation at hand. Hence, bad campaigns and improper understanding of insights.
Now, understanding the need for data activation is crucial in its own right. But before we commence that journey, we need to know what data activation really is.
To put it simply, data activation is the process of tapping into the insights present in the data collected from a source. Now, the insights collected from such a source are nothing but the knowledge possessed by the data itself on a particular subject matter. For example, an insight here could be a thorough map of a person’s buying interests over a period of time. It could also be taken as a complete buyer’s persona.
It is a process that allows us to have a 360 view of the object/situation at hand. In fact, the more real-time data you possess, the better your chances of creating a seamless and accurate map from the insights will be.
For the most part, the system here works at its optimum efficiency when it is fed secure data as unreliable data often leads to false positives and bad target acquisition. Also, at this point, it is imperative for you to get in touch with the way this entire process is performed.
This process involves capturing data from as many sources as possible. These sources can be mobile apps, websites, cookies, transactions, CRM systems, etc. Zero and first-party data should also be taken into account when talking about the ingestion process. Once ingested, this data from abundant sources is then clustered into their respective domains.
Once the ingestion process is done, the aggregated data then undergoes analysis for various aspects that it holds within. It is here where insights come into the picture for the first time. Processes such as lookalike modeling and many more are performed upon this data to gain insights and useful information. This unlocking process gives rise to paradigms that are still being worked upon as of now.
For example, identity graphs are still in their evolutionary stage, while they do have the capability to chart nearly everything there is to know about a person’s buying behavior, the process with which it is done is still prone to having a ton of variables. This not only makes the process more complex but time-consuming as well.
Hyper personalization simplified
By now, everyone knows why personalization is crucial to your marketing efforts. Close to 72% of consumers prefer to engage with messages that are addressed to them personally. It is a no-brainer to accept the fact that secure data is one of the building blocks of personalized marketing.
Hyper-personalization is a step further than mere personalization. Personalization often grabs people’s attention by deploying the same old tactics, such as sending mail copies addressed to the customers’ names. Hyper personalization on the other hand involves not only understanding what the name of the customer is, but it also tries and understands what they’re really into. This personalization technique also takes into account the sophisticated concepts of machine learning and AI just to name a few.
The main objective here is to deliver the right message to the customers at the right time, through the right channel. Hyper-personalization not only helps you target the audience in a better manner, but it also helps you cut unnecessary costs and boost automation. Dynamic pricing is something that can be achieved with hyper-personalization as well. Things such as the time of a customer’s last purchase and their general buying budget are studied as well.
This is what it boils down to
Perhaps the best thing about data activation in general is the fact that it is very dynamic. It totally depends upon a company’s ability to warp the data to their needs. One entity’s vision and process of data activation might be completely different from another. It is an ever- evolving process that is probably standing the test of time as you’re reading through.
A seamless customer experience is an integral part of the marketing process. Spanning across multiple channels, we often tend to overlook one channel or aspect over the other. Speaking of channels and data in general do you know that all this time you possessed the ability to monetize your data but it simply eluded you? Well, at Cubera we take the notion of data value share quite seriously, which is why our ecosystem helps you earn from the data you willingly share. It is high time for you to become a part of the ecosystem and experience the revolution first hand.