Differences in Data

Have you ever been pre-judged by someone before they had a chance to really get to know you? When I look at where data-sets are today, that’s kind of how I feel. We are taking our best guest at personifying individuals based on a series of various data sets that semi-fit together. In our last blog we talked about the importance of content personalization. If we are going to get there, data interpretation is just as important as the data collected about a person.

Different Types of Data

Qualitative vs. Quantitative

The biggest distinction in reading quantitative vs. qualitative data, is whether something can be easily categorized or not. Quantitative data is data that can be categorized numerically. Your shoe size, your height, your income, your zipcode etc. etc. In other words, it’s the demographic information that can be easily collected.. Qualitative data, however, cannot be categorized numerically. In the words of Isaac Newton, “every action causes a reaction”. This reaction, or emotional response can be classified as qualitative data.  

Target, for example, takes to the twitter-world to see the emotional reactions to new product launches. They collect this qualitative data about the individual responses to better understand their customers and move one step closer towards content personalization.

These two data sets go hand-in-hand because you can infer many correlations such as, location eludes towards cultural responses, affluence levels indicate certain buyer behavior, and so on.

First Party Data

Finders keepers! Anything you collect about your customer, is yours to keep. This means your brand gets the first glimpse into your customer’s interaction with your brand. First Party Data is one of the most valuable data sets because you can deploy any data aggregation strategy to understand the exact relationship between you and your customer during the buying journey.

For example, if you want insight into how your customers interact with your website, deploying a heat-mapping strategy to collect data on what images individuals click on might be the best route for gathering this first-hand intel.

Second Party Data

Second party data is like the ultimate tease. A customer may be in a data relationship with someone else, but you’re still benefitting from that relationship. For example, a customer releases the rights for Google AdWords to track their search history but you’re still benefitting from that same relationship with AdWords. It’s common for brands to strategically partner in a data sharing strategy to obtain information that otherwise might be too costly to collect on their own. This is why second party data becomes valuable, and knowing what data you’d need to further complete the personalization puzzle will help define the strategic partnerships you can create.

Third Party Data

This data is the most widely adopted data collection strategy. Marketers depend on data collectors to aggregate intel on customers that they can use to develop a variation of marketing strategies. Unfortunately for third-party data, it’s becoming less common in strategy development as marketers want more first-hand insight aka. first party data.

Knowing what type of data you are collection, can help you figure out what pieces of data are missing that will help you complete the puzzle towards content personalization.

References:

http://www.huffingtonpost.com/advertising-week/turning-intentions-into-c_b_8137128.html

http://www.getelastic.com/beyond-product-recommendations-big-datas-role-in-personalization/

http://www.b2bmarketinginsider.com/strategy/are-you-using-first-party-data-to-drive-personalized-customer-experience

http://www.emarketer.com/Article/Marketers-Put-First-Party-Data-First/1012663

http://marketingland.com/can-marketers-find-best-customer-data-noses-139308

http://marketingland.com/second-party-data-digital-marketers-128254

http://www.signal.co/blog/data-sharing-second-party-data/

Crossing the Data Driven Chasm

George Orwell in his book 1984, depicts a society that is overseen by Big Brother. Big Brother in this case, was the government. The Government, utilizing a series of various video monitoring services, were able to control societies every move. Now while 1984 is a tale of fiction, there is some truth to what he wrote. We are entering an era of information overload so companies can create individualized experiences and build one-on-one relationships.  

The Chasm

Chasm, by traditional definition, is a deep fissure in the earth, ie. a canyon, gorge or abyss. In Geoffrey Moore’s book “Crossing The Chasm” he refers to the pivotal moment in which high-tech companies cross the marketing chasm from early adopters to widespread adoption.  

Crossing The Data Chasm

Creating the ToolKit

You wouldn’t cross the grand canyon without the appropriate tools, so why try to develop one-on-one marketing without the proper data sets? Currently on the market, there are various resources that when coupled together get you further to crossing the chasm. For example, pairing implicit data sets from Acxiom with explicit data sets from Keen.io will help you profile your audience while analyzing what they visit most on your website to better understand their interests. However, these sets together, will only get you so far and you’ll probably still fall into the chasm at some point. What this data doesn’t currently do, is offer the ability to import into a SaaS marketing technology like Salesforce, Marketo or Mailchimp, to create individualized profiles. When this can be done, we will be much closer to content personalization and crossing the data driven chasm.

Skills Needed to Cross

Data is useless if marketers don’t understand what it means. If we pack the right tool kit to help us cross the chasm, it won’t mean anything if we can’t figure out where the chasm is that we need to cross. Early adopters that are closer to crossing the chasm are the digital media and technology agencies that are experts in finding the channels, and creating interactive experiences with their audiences. There is a great data divide, however, for smaller businesses to effectively deploy the right toolkits needed to optimize their advertising efforts.

The Data Chasm continues to grow deeper as more data than ever before is being collected through sensors, wearables, tracking and more.The race to cross the chasm has begun, and what we will see happen is the puzzle pieces come together to create the perfect toolkit.  

References:

http://businessvalueexchange.com/blog/2015/07/09/open-data-drives-us-towards-the-information-chasm/

http://exelate.com/resources/news/new-iab-study-reveals-data-divide-early-adopters-leverage-cutting-edge-opportunities-in-marketing-data-but-barriers-remain-to-broader-use-of-new-practices/

https://gigaom.com/2014/05/06/5-technologies-that-will-help-big-data-cross-the-chasm/

It’s Getting Personal

I’ve been reading many articles on data personalization as it relates to content marketing and I keep arriving at the same conclusion – It’s all about the story. But what story are we actually telling? A person doesn’t just have one story, they have multiple stories. Trying to reach someone when they want to be reached can get tricky. Are we appealing to them when they are working? Or do we try to reach them at home? These are questions data is hoping to help answer.

The B2B Story

You arrive at the office and you’re immediately bombarded with emails that never seem to end. You get called into your morning meetings where someone in the room is trying to ‘sell’ something – an idea, a campaign, a new tool that the company should buy, etc… Before you know it, it’s time for lunch. While at lunch you login to Linkedin and you’re flooded with even more ads – new job offerings, new services, new startups, etc…

Remember the famous quote: “It’s not personal, it’s just business?” While reading an article on B2B content personalization, the core message became clear; before you waste precious time on that powerpoint, find out how your boss wants information delivered. Marketers are presented with the same challenge. When creating the B2B message – find out exactly how the target audience wants information delivered. This will save you ample amounts of time in delivering the right message at the right time to the right person, because after all… time is money.

The B2C Story

You get off of work, and now you’re just an ordinary consumer faced with an amplified amount of places or things to spend your hard earned money. In our last blog, we talked about the importance of data personalization and why consumers want individualized messages, so it resonates as an emotional and relevant message.

If you aren’t familiar with Simon Sinek, he is famous for his Ted Talk on the ‘What’ vs. ‘Why’. He explains the seduction involved in storytelling and describes the brilliance behind Apple’s marketing messaging. Where Apple has the competitive edge over many businesses from access to their unique data asset. They understand their consumers so well, that their messages dig deep to connect with who they are… because ‘It’s all about me”.

The Differences in Constructing the Story

There are two main differences in B2B and B2C data. B2B data is more quantitative or objective in purpose, so it is typically used for lead generation. B2C data is more qualitative or subjective and help marketers piece together profiles to understand who you are, so there is more of an emotional connection. The ultimate goal in marketing, would be one-on-one, aka. personalization. When constructing these stories, it’s important to remember that people don’t become an entirely different person when they bounce from their B2B to B2C roles. To gather all of these puzzle pieces, it’s either ridiculously expensive or the data sets are very jumbled. The solution would be to have a robust platform enabling marketers the flexibility to select the correct data sources to construct the compelling marketing messages that they can apply to their target audience, at the times in which they would like to be reached.

Data still has a far road ahead for marketers to reach personalization, but we are slowly crossing the chasm to deliver the optimal value for their end customers.

 

Resources:

http://m.bizcommunity.com/Article.aspx?l=196&c=423&i=132915

http://techcrunch.com/2015/08/14/the-future-of-consumer-marketing-is-personal-2/?utm_medium=referral&utm_source=pulsenews

http://www.business2community.com/b2b-marketing/b2b-personalization-is-still-far-from-wash-rinse-repeat-mode-but-you-can-create-the-right-framework-01280978

What Marketers Need To Know About Diggen

Now, more than ever, a premium has been placed on the ability to effectively gather and utilize information about people for data driven marketing to successfully create more relevancy for customers. This consumer data is comprised of their background, interests, online activity and behavior, jobs, income levels, and lifestyle. So much so, that big corporations routinely spend millions of dollars to collect, manage and monetize their consumer data.

The situation can leave small and mid-size companies with limited resources operating at a distinct disadvantage. But that will no longer be the case now that we have launched Diggen as the one-stop shop for consumer data.

What it means

Our software platform offers marketers of big and small organizations easier and more economical access to consumer data. We limit the disruption to a marketer workflow by integrating into all the popular marketing tools like CRM software, email service providers, content management services, ecommerce platforms, as well as marketing automation, optimization and a/b testing tools. Diggen will in short order, level the playing field for all companies to access the same consumer data capabilities as much larger corporations.

If you are wondering about the name Diggen, it comes in part from the word digital and in part from the word genome, which refers to the complete set of  genes or genetic material information present in a cell or organism.

At the core, that’s what we intend to accomplish with our middleware technology to enable companies seamless access to valuable and comprehensive consumer data, so they can better understand their target audience, improve key performance metrics, and increase overall revenues.

Starting with basic consumer data attributes, such as age, gender, lifestyle, education, and income level, marketers will begin to understand their audience, create more relevant marketing campaigns, and personalize their website and mobile apps to position their brand and appeal to specific groups that make up their target audience.

No developer requirements

As a data agnostic platform, Diggen will make marketing personalization possible for all businesses that would like to customize their messaging and content to target consumers on an individual level. Diggen’s interface really simplifies the management and flow of consumer data between various marketing tools and other data supply sources without any obstacles.

Our platform and business model will reduce the cost of owning data and eliminate a multitude of development, integration and maintenance costs. Diggen will provide the integration work, ongoing support and all necessary maintenance.

Whatever the information source, as the industry’s premier clearinghouse for consumer data, Diggen can eliminate for good, the technical and cost challenges that prevent marketers from leveraging personalized marketing messaging to engage their target demographic.

The service will make it much easier for C-level marketing, technology and privacy executives to leverage new tools, and technology and maintain mandatory compliance initiatives more effectively with impending regulation demands on consumer data. The benefits will be ongoing as we add new features, bring on more data sources and integrate more marketing tools.

Privacy and trust

With such an important role to play, safeguarding consumer data is paramount and we will make privacy and trust the hallmark of our services. With the sensitive nature of consumer data, it needs to be treated differently because everyone benefits from a more transparent, controlled, and authoritative solution. Diggen will take every measure to provide confidence to all stakeholders including consumers, marketers, developers, platforms and data providers.

It will not only be necessary but practical as we move toward our ultimate vision to provide a platform for consumers to control their personal data, while continuing to deliver tremendous value to marketers.

As a company we are not unfamiliar to data challenges and solutions. Our roots were firmly established in local search data developing and refining business listings. Once responsible for setting the standard on the internet for search fields and data listings, we are now hoping to take consumer data to another level with ease of access, more personalization and an alignment of stakeholders.

If you would like to learn more about Diggen and how it can help simplify your access to consumer data, please fill out our contact form.