The global recession has affected the digital ad market drastically. Despite the fear, 89% of marketers are still planning to invest more in the digital ad market in the coming year. Likewise, 44% of them are thinking about making sizeable investments. However, investments might not be enough if marketers don’t have enough power to move forward. The source of that power will be high-quality and trusted third-party data. “Investment & Data” is a deadly combination that can help brands improve their ROI (return on investments) among other competitors in the digital market.
Here are a few of the most vital benefits mentioned that highlight the importance of investing in data to make digital investments successful.
It Boosts the Performance Level of Campaigns
The marketing strategies that were working well for most marketers have now failed to get the expected ROI. Over time, the changes in the market and economy demand the need for new marketing strategies. The best way to deal with the current circumstances is to use third-party data and insights, which can help campaigns run effectively. So, if a brand or company has been using old targeting strategies for years, it’s high time to add new dimension to campaigns to improve their performance.
Moreover, you must consider working with the data partner to get information about the traits of the target audience. It would further build a custom section in the campaign to capture the audience interested in the relative niche. It would help improve the chances of purchase as the product will be related to their interest. Many companies have witnessed an increase in their click-through rate and a decrease in cost-per-click after using a custom segment in advertising.
It Helps Deliver the Maximum Impact
Digital advertising is a crowded and competitive space where you need to make the extra effort to stand out. It has a huge potential for getting higher ROI. However, it’s not as simple as it seems. Investing in digital advertising and expecting everything else to work out is not wise. If you want to overshadow your competitors, you must keep a significant investment of your money, time, and effort aside for data. It would help ensure that every dollar you invest pays off by delivering the maximum impact.
It Will Reduce Cost and Increase Reach
The availability of consumers’ profiles on the Internet is a great opportunity for brands. They can use the data to reduce the cost of the campaign and increase the reach of the audience at the same time. If you analyze the third-party data to see the interests and preferences of your target audience, you can create the campaign accordingly to attract them.
The data provider will help you identify the online profiles of all shoppers interested in buying your products or services. So, activating a customized campaign and running it on the web will help you reduce the cost of the landing page view. In addition, it will increase the average click-through rate by more than 50%.
It Will Grow B2B Performance
Customer data is also crucial to growing B2B performance. Suppose a high-technology brand is looking for new and creative ways to achieve its objectives, increase conversion, and reach its target audience. In that case, it must work with a data provider to get a detailed insight into the audience’s interest, purchase history, needs, or preferences while taking care of their privacy.
Data provides the best solution for every company to manage a lower CPEV (cost per efficient view) than the greater value of the benchmark. The excellent performance of Q1, due to the investment in data, might also make you extend the campaign into Q2. It will decrease the value of CPEV further and help your company outshine the rest.
It Will Help Test Marketing Strategies
Investing in data will give you real-time information about whether or not your strategies are working. You can then tweak them according to the results, so you won’t have to wait for the campaign to end to analyze the data.
It Will Reduce the Cost Per Lead
You can also depend on third-party data to improve the performance level of the campaign in the realm of cross-channel advertising. If you launch a premium product for high-profile individuals who still need to notice your website, you must turn to your data partner to get a custom segment for your target audience. It would help you get high-quality leads quickly. Your target audience will start landing on the promotional pages of your official site. After activating cross-channel advertising across different social media platforms, the cost per lead will drop.
It Helps to Retarget Effectively
The investment in data will also play a vital role in retargeting those still looking for the same product or service after looking at your site. The data provider can help you retarget them to bring them back to your site, as they are more likely to make a buying decision. This way, you can also save a few dollars, which might have gone to waste otherwise.
It Will Help Create Data-Driven Plans for Recovery
Because of the uncertainty in the market, marketers need to be able to make data-driven plans. Real-time data is an authentic source of information you can use without a second thought. It will help you take the next big step to survive and ensure that your business isn’t affected by sudden changes in the digital ad market or economy.