Big Data Craze = Big Data Maze
As we’ve known for quite some time, Big Data is all the rage. The collective industry think revolves around the notion that the more data you have access to, the better equipped your brand is to make informed, educated decisions as to how to properly evaluate and allocate your media dollars.
The formula seems pretty simple: access to an abundance of data means opportunity, and ultimately success for the brand. Whether it’s targeting, reporting, attribution or planning, the sheer volume of data readily available should make everyone’s job easy, or at least, easier, right? Well, it seems all this data has lead to an overwhelming influx of information and options, and with so many different variations of the same types of data points, the question then becomes which one(s) do brands ultimately decide to utilize?
What To Do With All That Data?
Is there such a thing as too much data? Analysts around the world will scoff at this notion, but from a digital/programmatic standpoint, we are in the midst of a data saturation tipping point. It’s about quality over sheer quantity. To dive deeper into my point, there are thousands of data providers and hundreds of thousands of data segments available for marketers to utilize. That’s quite a lot of data, and many of those segments are very similar. Many of these vendors are quite established and have been in the space for some time, while others that offer slightly different and unique data sets, are just beginning to emerge. Not to say that these new providers are superior, but they are making the data landscape more sophisticated and dynamic, while at the same time providing marketers with even more data to evaluate. So how do brands begin to navigate through this great data maze?
Turn Big Data Into Smart Data – Custom Segment Creation
Brands now have the ability to chose audience segments based on multiple factors such as real-time social activity, voter information, demographic information, viewership habits, and/or purchase data, etc…. And instead of settling for the same off-the-shelf segments that have been available for years, they now have the ability to build custom segments based on their complex marketing needs.
For instance, instead of selecting a “Lapsed Soda Buyers” segment that is comprised of data from the previous 6-12 months, brands can now build their own powerful segment of soda buyers. These inputs can include loyalists of their brand, competitor purchasers, and respective category purchasers. More importantly, this data is constructed from audience inputs that have been recently updated (1-7 days) and is representative of the current marketplace.
Drawbridge Audience Management Solution
Drawbridge has integrated partnerships with not only the largest data providers in the industry, but also some of the most innovative as well. Our platform consists of unique, real-time data sets that allow advertisers to customize their own segments based on their needs. Our most recent partnership and integration with PushSpring, the mobile audience data provider, truly embodies our positioning and overarching platform data strategy. Also, in order to simplify navigation for users, our third-party audience marketplace is organized into categories such as behavioral interest, location, demographic, and purchase-based audience inputs to choose from.
In addition to our vast third-party audience marketplace, one of the strengths and the crux of our core value proposition at Drawbridge, is our ability to ingest and augment an advertiser’s first-party data. Utilizing our Connected Consumer Graph, we are able to amplify an advertiser’s data set by an average of 2-3x, and more importantly, extend that audience across all devices and platforms.
Now this capability isn’t just limited to brands with cookies or mobile device IDs; CRM data points can be leveraged as well. This breadth of data onboarding flexibility makes activating first-party data a reality for brands all of sizes within multiple business sectors and verticals.
As the programmatic landscape has changed, so has the data, and the days of selecting pre-defined, stodgy segments is slowly coming to an end. With new tools available that provide the flexibility to create, customize, and leverage their own data, brands are now in control and no longer have to settle for what’s available. This empowers and provides brands with the opportunity to reach very niche audiences as efficiently as possible, and to do so at scale across any of their devices.