The quality of a marketing list will make or break your campaign. And too often, we see the poor results and hear the frustrations from our new clients because they were unaware of the quality of their data until after the campaign has ended and ROI analysis has been completed.
Types of Data:
- Big Data – data sets that are used in algorithmic use cases, such as examining purchase habits and anticipating who online might be in the market for a particular product or service. This data finds trends as it relates to crime or disease, and even analyses traffic patterns for future infrastructure needs.
- 1st Party Data- shopper data that is owned and collected by the company from the consumer directly. This would be something like your newsletter list or customer files.
- 2nd Party Data – this similar to 1st party data, except this is data that belongs to another company that then resells it to a company for marketing purposes. This is common in cross-promotion.
- 3rd Party – these are data sets that are purchased from aggregation companies that compile data from multiple sources in order to build profiles.
Cost of Obtaining Data
The most well-thought-out creative message will only take a marketing campaign so far without the right data set to support your goals. And yes, data can be expensive, but without the right data, your campaign is destined to fall short of your marketing goals.
Any campaign with the wrong supporting data is a lot like Chrysler 300 that has a Bentley badge and Vossen Rims, at the end of the day it is still just a Chrysler 300. Changing the perspective on data from a cost to an investment will help not only improve your return on advertising but will help mitigate wasted advertising dollars in the long run.
Diamond Media Solutions has been in business and helping our clients source the best quality of data for almost 20 years and we have a deep understanding of the landscape of data companies and their available files. If you are looking to use data in your next campaign, reach out to one of our knowledgeable sales representatives to discuss your data strategy before you find out your campaign is a Chrysler 300 on a Bentley budget.
Jayme Hill is Chief Operating Officer for Diamond Media Solutions.