If it’s customer acquisition you want, then there’s one source of market intelligence you should be investing in, industry-wide purchase behavior data.
However, concerns about purchase data validity and privacy issues may have caused you to dismiss the idea of incorporating third-party purchase data into your campaign targeting. But that’s a costly mistake.
In today's rapidly evolving digital economy, valuable ad targeting data very quickly goes stale. We all know that it's the current, regularly refreshed data that truly delivers on campaign key performance indicators (KPIs).
So, how do you scale your targeting beyond first-party data?
If we consider data as the new oil, then your first-party data is liquid gold!
First-party purchase data offers the most accurate and reliable way to generate a high percentage of conversions and purchases from your campaigns.
But what about everyone outside your existing customer base?
Getting your ad campaigns in front of new, high intent audiences is, for most marketers, an inexact science at best. Ever changing and riddled with gross generalizations, and unreliable, unproven data sources.
All advertisers face this challenge every day but there are a few shortcuts that can significantly improve the odds.
Enter third-party purchase data….
Not all purchase data is equal
If you decide to supplement your first-party data with other sources of marketing intelligence data, make sure to prioritize purchase data collected directly by the payment processor.
This type of data, sourced at the point of the transaction, ensures greater accuracy and reliability. It is the 24 carat gold standard of data, not derivative, fatigued or unreliable.
While social ad platforms provide limited purchase behavior targeting options, it's worth noting that it’s inferred and intent-driven, rather than solely based on recent purchases made.
With industry-wide, online payments data direct from the payment processor you can find and target new audiences that are highly likely to convert, providing a shortcut to scaling campaign conversions and expanding your paying customer base.
Get more, from less
Be considered and strategic in your data usage to reach the highest value audiences.
One targeting option frequently recommended by ad platforms is to go broad.
Just because you can reach everyone, everywhere with your ads, it doesn't mean it will deliver the best results.
Instead, it's crucial to focus your campaign targeting on new audiences with the highest purchase intent.
Purchase Behavior Targeting finds new consumers who buy products like yours.
By targeting based on proven purchase history, you can increase your conversions and ROI significantly.
Cast a smaller net to capture more whales through purchase behavior targeting.
Personalizing without profiling
It started with Amazon's recommendation engine, 'People who bought this also bought'.
Today, the most successful commerce platforms leverage massive amounts of aggregated online commerce data to find more customers.
Purchase Behavior Targeting is the secret weapon used by these commerce giants to turn payment insights into marketing gold.
If you know what people buy, you can create ads that speak to their proven interests.
Avoid broad profile that exclude large cohorts just because they don’t fit the majority.
Remove the need for blanket statements based on one dimensional segmentation.
By showing your social ads to consumers most likely to result in sales, you can increase personalization.
This enables you to scale your purchase behavior targeting and deliver the right creative to the audience most likely to convert into paying customers.
Competitor purchase behavior insights
In today's competitive landscape, industry-wide third-party purchase data holds tremendous value, providing insights and benchmarks that allow you to tap into new customer bases, including your competitors, similar products, and products with a high overlap of customers.
Access to this data is just one piece of the puzzle; the real magic lies in translating it into actionable insights that drive tangible results.
The power of AI analysis applied to vast pools of online purchase data reveals unique purchase behavior trends and patterns that individual brands could never uncover on their own.
Bango Audiences is able to reveal these insights, contact us for more info.
Investing in market intelligence data, especially third-party purchase data, can unlock new audiences, increase conversions, and provide valuable insights for refining your marketing strategy.
By leveraging purchase behavior targeting, you can create impactful marketing campaigns that resonate with your audience's proven preferences.
Embrace the power of data-driven insights and unlock the potential for growth and success in today's competitive landscape.
Harness the power of purchase behavior targeting and propel your campaigns to new heights of success.