Let’s Get Real (Transparent) – Find More Buyers with Second-Party Data
We’re all shoppers. Likewise, we’re all buyers. The difference between these two self-identifying nouns seems minuscule; buyers complete the act of making a purchase, whereas shoppers are really both, buyers and browsers. This seemingly small difference is at the heart of what advertisers and marketers all over the world spend their days ruminating over – seeking creative ways to turn shoppers into buyers. Succeed in this and you’ve found the marketing goldmine (at least until the next campaign).
Of course, there are various ways to seek out new shoppers and attempt to convert them into buyers, and each one of those methods involves using some form of data. So for the sake of simplification, let’s take a look at how retailers and brands (or manufacturers) utilize data for their advertising and marketing initiatives.
Retailers and brands are two logical entities that while different, share similarities in their intent to sell to often like-minded consumers. Their marketing strategies, however, depend on the countless human factors involved in making those decisions, such as personal experiences, past projects, success and failures, and so on. Their preferred use of data is just as individual – we use what we know, right? For this reason, many retailers and brands count on both their relevant and valuable data (i.e. first-party data) as well as data that’s aggregated through various external platforms and websites (i.e. third-party data) to find more converters.
Are these methods creative? Not really, no. Meaning the goldmine’s still out there. What’s more, you’ll likely run out of scale with first-party data, and you won’t always know what you’re getting with opaque third-party sources. So where can retailers and brands that are looking to do something new go from here?
Let’s get real (transparent). Second-party data ensures transparent access to a trusted partner’s first-party data, assuring a cooperative relationship that can be preexisting (a brand that already sells through a retailer) or entirely new (no clearly defined relationship…yet), creating a new means for advertising revenue and greater brand awareness. Second-party data is that marketing data goldmine.
But second-party data is still very much an innovative approach, and even when everyone else catches on, it’s highly unlikely that anyone will ever use it in the same way. Moreover, in order to catch on – to reevaluate your advertising approach and begin utilizing a partner’s relevant first-party data – you’ll need a guide to help broker your first cooperative relationship. Otherwise, you’re on your own – and starting something new is rarely easy.
Having once served as the CMO of Sharp Electronics, the retail and brand connection is something I know and dealt with first-hand. It absolutely needs to exist. ownerIQ, the leader in the 2nd party data, has exclusive partnerships with over 550 retailers and brands, as well as access to over 200 million shopping behaviors of their in-market consumers. Through the unique position of sitting in between retailers and brands, ownerIQ lays the groundwork for powerful data co-op campaigns, especially critical for time-strapped marketers.
In a nutshell, ownerIQ is a turnkey solution that quickly:
- Finds prospective customers based on their past browsing behavior
- Manages the entire campaign process, from audience approval, to sharing creative, to then delivering media, and to providing analytics.
- Converts shoppers into buyers.
Overseeing the digital marketing process for retailers and brands, ownerIQ also benefits each advertiser accordingly:
- Allows support of the retail channel.
- Ensures that co-op advertising dollars are spent on customers who have sought out the product.
- Drives sell-through online and offline.
- Delivers measurable results when their co-op dollars are utilized.
- Provides direct and new access to their best (in-market) prospects.
- Increases web presence; enabling local retailers to look as prevalent as national chains.
- Permits more efficient co-op spend due to enhanced knowledge of preferred product categories.
- Increasing traffic both online and in store.
Let’s face it, this is hard stuff. And attempting to refresh your digital marketing efforts on your own can cause a serious headache. But this stuff also works, and companies like ownerIQ can help alleviate your headache, starting you off in the right direction toward achieving your unique objectives.
Far from a one-size-fits all solution, ownerIQ stays away from using broad strokes, painting a truly custom picture of your customers instead – then advertising to them; making co-op spend incredibility more efficient and effective.
Ready to get creative? Get started today.