Because of growth and competition in the digital era, many marketers overwhelm their consumers with messages and choices that are not in their interest. However, advanced marketing has changed tremendously from buying attention to get your brand to consumers to something that improves their shopping experience.
Your campaign is a success once you have a better understanding of consumers’ buying journey and can engage them accordingly. One of the ways you can achieve this by using behavioral data.
Hence, it is imperative to understand the different kinds of data that you can access.
First-party data
It is the information that you collect using your sources such as a website, apps, social media, and others. This first-party data is useful when you are creating a consumers’ activity. But it is quite limited.
Second-party data
Meanwhile, this kind of data is just first-party data from other organizations. They are made available for any marketers that want to use them. These data give them complete control of the kind of data that they are planning to buy. It is also more effective for targeting.
Third-party data
Finally, this type of data is what an aggregator typically buys from other sources and sells them as a package. Third-party data typically have something which both first and second-party data don’t. These data can provide them a holistic view of your consumers’ shopping experience. The data show how a prospect is interacting with sites beyond yours.
Behavioral data is so crucial because behavior changes all the time and transcends demographics. Using behavior data enables you to respond at an individual level to real demonstrated intent, rather than relying solely on informed guesses based on demographic segmentation.
It can give you a competitive advantage. Research shows that companies that exploit knowledge on consumer behavior to produce behavioral insights outperform peers in revenue growth by 85% and gross margin by more than 25%. You can achieve approximately 200 percent ROI with behavioral data by timely and appropriate marketing.
The priority to include in your marketing data should be to know when someone is taking measures on their customer journey. When they are important, it helps you deliver marketing messages, drive better interactions, and maximize spending. And, it helps make the right choice for the customer.
