Data. A commodity that is both everywhere, yet nowhere. And a word that, thanks to some questionable ethics and underhand tactics by certain corporations, has received some bad press over the past few years. 

Combine this with the increasingly impenetrable barriers created as a response by the likes of Facebook and Google, and it’s no wonder business owners are left feeling bemused.

Most of us will remember when, in 2018, Facebook announced it was no longer going to allow third-party data providers such as Experian within its platform. It came as somewhat of a surprise to the industry, who had been reaping the collective benefits of targeted advertising for years. But increasing scrutiny over data mishandling and incoming GDPR regulations had Facebook spooked, so they simply pulled the plug.

For those of us older than Generation Z, commodities we can’t physically hold in our hands can already feel somewhat perplexing (Metaverse, anyone?), and as a result many companies are now missing out on potentially make or break opportunities. 

We've heard business owners loud and clear: rising ad costs, lower ROAS, and shifting strategies - frustrating! But we’re here to tell you that all is not lost. 

At R360Growth we use a hybrid strategy consisting of owned marketing (zero-party data) and a creative approach to third-party data. This data still exists. It just requires some creative thinking and a more strategic approach through relevant connections. That’s where digital marketing agencies like R360Growth, in partnership with selected third-party data plug-ins, step in.

Here’s how it works.

First, scrap everything you know about the traditional Facebook or Google interface. Now, you'll need to enter into explicit agreements with:

  1. A reputable third-party data provider, such as Outra. Their dataset of 29 million households means you can build a 360-degree view of your customers’ profiles and insights. In their words, ‘By using AI (smart computers, trained by smart people), combined with brand data, and our exclusive data, we help brands not just know their customers – but understand their customers. Because not only does it improve the world we live (and shop) in, but with customer-centric businesses being 60% more profitable we get to see the businesses we work with thrive.’
  2. A data activation partner who connects that data with your chosen digital marketing channels, such as LiveRamp.

But this is only the beginning. What do you do with all this data once you’ve tapped back into the source? Here’s how we at R360Growth have been successfully harnessing this data for our clients: 

ENHANCE YOUR CUSTOMER VIEW

Let’s spell this out. The turbo-charged targeting you can achieve with third-party data plug-ins is more specific, more personalised, it means you can serve your market with relevant content that they’re more likely to engage with. In real terms, it’s the difference between targeting an actual pet owner (perhaps someone who has made multiple purchases of pet products online), over someone who likes to share the occasional dog meme with their friends. That’s a big distinction. 

TARGET REAL AFFLUENCE

Target the top 15% most affluent people in the UK with, for example, high-end beauty products, instead of being limited to targeting people who have expressed an interest in high-end brands. As window shoppers know, having an aspirational interest in high-end brands or products isn't the same as having the actual purchasing power.

ANALYSE YOUR CUSTOMER BASE

Some bigger businesses already use providers such as Experian to get a granular analysis of their internal customer base. You could then sync these audiences into Facebook to target anyone who fits your criteria, but who hasn't made a purchase from you (yet).

An omnichannel strategy can take your product or service offering to the next level, creating a seamless experience for customers across all channels. Expanding your access to data and connecting relevant data sources to include owned marketing and partnering with third parties will optimise customer experiences and drive better results. 

We are the.1% female-founded and owned.

Discover how R360 Growth can fuel sustainable profitability and long-term success with a robust loyalty strategy. Connect with us at hi@r360growth.com or via our online form here.

We look forward to exploring growth opportunities with you.‍

Your journey. Our expertise.

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