Have you ever been to an upscale restaurant and ordered what you thought was a standard cocktail only to be overwhelmed by the most delicious, expertly crafted concoction you’ve ever tasted? Try as you might, you were never truly able to recreate the magic-not on your own, and not at your local neighborhood bar. It’s not that you didn’t have the right ingredients, it’s that you didn’t have the right steps, proportions or specially sourced products. When it comes to a masterfully mixed drink, you can really only trust a well-trained expert.
This is exactly the case when it comes to combining first-party and third-party data. The data must be of the topmost quality, and expert mixologist Springbot is one of the few to master the secret recipe.
Earlier this week, I had the pleasure of presenting a webinar as part of the Group High Outreach Marketing Virtual Summit, along with Erika Brookes, CMO of Springbot. We discussed the importance of using not just your own data, and not just data from other sources, but marrying all data together to create an irresistible experience for each member of your audience.
I don’t want to give away the whole webinar (we’ll share a recording soon), but I’d like to expand on the idea of combining this data and show you how two companies enjoyed huge success using a multichannel data strategy.
What’s the Benefit of Combining First-Party and Third-Party Data?
As marketers, we know the more data we have, the better. The more we know about consumer behaviors across the web, the better we can personalize the experience and the more we can connect with our customers in a way that drives loyalty. Taking the data you already have (first-party data) and combining it with data from trusted sources (third-party data) allows you to paint a clearer picture of who your customers are-both online and offline.
First-party data includes:
- Email address
- ZIP code
- Website click history
- Purchase history
Third-party data includes:
- Demographic information
- Behavioral data
- Contextual targeting (such as household income and presence of children)
Our friends at Springbot allow businesses to take the data they have and bring together data sets from third-party sources. Here are a couple of success stories to help you get inspired.
How Axtro Sports Re-engaged Abandoned Cart Shoppers
The leading distributor and retailer of wearable sports technology had a problem-94% of their add-to-carts were abandoned. Plus, they needed to better analyze their marketing channels and make better budget decisions.By combining first-party and third-party data, Axtro could better understand not only its customers’ behavior on its site, but also understand how its customers were using other channels so they knew where to target those customers.
By using a better targeted, segmented two-email abandoned cart campaign and learning where to focus marketing dollars, Axtro recovered nearly 10% of abandoned cart revenue and increased order value from these abandoned carts by 30%.
How Country Club Prep Became an Expert on its Customers
Like Axtro, the Country Club Prep team knew their marketing was working-they just didn’t know which part. The clothing retailer was sending one-size-fits-all messages to its customer base, with little ability to track ROI.
Using segmentation data and trackable links, Country Club Prep found its most valuable channel: Facebook. By focusing more on this social platform, and sending personalized emails, the business increased site traffic 912% in five months, increased revenue three times and yielded 22 times the ROI for emails segmented by demographic and product data.
The moral of this story is a simple one: By mixing the right types of high-quality data, you can create a winning campaign that drives revenue and makes the most of your marketing budget.
Stop wasting marketing dollars! Learn more about how we partner with Springbot to bring you big success, and make the most of your efforts.