Faced with shrinking budgets, frustrated audiences, new regulations, and the death of third-party data, many advertisers have found themselves in a new and potentially hostile environment. Those working hard to survive (and even thrive) in these harsh conditions have adopted a more adventurous approach, exploring new ways to cut costs while boosting advertising effectiveness.
But for all this exploration, there’s still something missing…
Targeting. A missing piece.
With smaller budgets and less data to work with, ad campaigns aren’t as effective — or as targeted — as they once were. A growing number of ads fail to reach relevant audiences, frustrating consumers, and sucking up valuable marketing budgets.
Currently, two thirds (66%) of consumers say that the ads they receive aren’t relevant to their interests. The result is widespread frustration, with many audiences describing these poorly targeted ads as “excessive” (39%), “intrusive” (27%) and even “random” (32%).
Clearly something’s gone wrong.
For a lot of advertisers, the problem comes down to a lack of reliable targeting data. In Bango’s latest research with in-house and agency-side advertisers, 78% agreed that they need new data sources to reach relevant customers. Over two thirds (67%) also said that they’re actively searching for a ‘missing piece’ to complete their targeting toolkit.
So what is this elusive ‘missing piece’, and how can it help get ads in front of relevant audiences who are in the market to buy?
PBT: Advertising to people who pay.
Purchase Behavior Targeting (PBT) is the best way to find new paying customers online. It’s the elusive missing piece needed to enable your advertising strategy and to ensure your ads deliver a return on investment.
This targeting strategy provides advertisers with the highest quality data to optimize their campaign targeting. The world’s most successful online retailers — think Amazon or eBay — have long used PBT to deliver relevant ads to consumers. However, once you have exhausted your first-party purchase data from existing customers, what next? Broader purchase data sets have previously been walled off, only accessible to a handful of major retailers with closed ecosystems.
Now, by engaging in PBT with Bango Audiences, it’s possible for everyone to target ads at new consumers who’ve bought similar or complementary products.
By collating purchase data from billions of consumer transactions, PBT allows advertisers to target ads specifically at customers based on what they like to buy. No more guesswork, and no more vague audience personas, PBT is can be realized through tailored audiences that plug directly into your next digital ad campaign.
Provided by Bango Audiences, and already adopted by the likes of Adidas, PBT campaigns have been proven to generate a 95% higher return on ad spend than targeting based on first-party data or social ad platforms.
For those who’ve tried it, the result are clear. 83% of advertisers say purchase behavior data has been effective for driving customer acquisition, while 74% agree that past purchase data provides the best insight into customers’ future buying decisions. That’s why merchants on Amazon, Shopify and eBay all already use PBT to target products and adverts towards customers who buy.
Best of all, consumers prefer ads that are targeted using PBT. Nearly half (49%) say that they actually enjoy receiving digital ads when the products are relevant to them. Most importantly, over a third (37%) say they spend more money with brands that send them fewer, but more relevant ads. Win win.