Monetize your internal data, exchange data, and apply machine learning to reach precise targets
Key Takeaways:
- Third-party cookies are going away in 2022 in Chrome, the browser market leader
- Additionally, privacy laws are at the forefront, making a compliant data solution imperative
- First-party data targeting is the future of digital marketing
- Second-party data, purchased through a data exchange, ensures privacy compliance
- Omnisource IQ Machine Learning is privacy compliant and helps companies reach monetization, performance, and scale goals via precise targeting and impeccable data accuracy.
The end is near! The end of third-party cookies, that is, as market-leading browser Chrome will stop enabling ads that target an individual’s browsing habits via cookies. This will take effect in 2022, leaving advertisers scrambling to find ways to reach their target audience. No longer will ads follow potential customers from site to site.
Digital marketers who rely on the use of third-party cookies or ad IDs must plan for this future. While major players like Apple, the Interactive Advertising Bureau, and Google are working on alternatives, the real key to the future of digital advertising is first-party data.
Rather than mourning the demise of what has been the 25-year use of third-party cookies, marketers should look upon this change as an opportunity to take the data they already have and leverage it for accurate targeting to build personalized connections that advance and enhance the customer journey. Fortunately, the technology exists to do just that.
Digital advertising is undergoing a seismic shift
As marketers bobbed-and-weaved to accommodate consumer’s needs during a pandemic, they also had to deal with the big kids on the playground not sharing their toys. While web traffic has increased, Google, Facebook, and Amazon have grown their domination of digital ads, but they are not sharing their data with advertisers.
Privacy laws are also becoming more commonplace. California voters recently passed the California Privacy Rights Act, which means consumer targeting methods must evolve to match the trend of putting data in the hands of the consumer, giving them more opt-out options, and preventing businesses from sharing their personal information. Unfortunately, for advertisers, this would mean the inability to target unknown users based on their behavior.
That brings first-party data into the spotlight.
First-party data: The future of digital advertising
The huge changes wrought by the demise of third-party cookies and enhanced privacy protection mean rethinking your strategy to emphasize your first-party data. This is the information you’ve collected about your own customers through active or implied consent when they’ve visited your site, bought something, or otherwise opted in to receive your messaging.
Because they have provided this information willfully, this data provides better insights and is usually accurate. It also boasts higher conversion rates, and you’re already using it to build, nurture, and maintain your customer relationships.
While first-party data will reign, even when browser-based third-party cookies are gone, third-party data can still be used to create fuller profiles of your customers by matching it with your in-house data. You can also use third-party data to do effective deduping of your data sets.
The rise of data exchanges and second-party data
You can share, sell, or buy data and still comply with privacy requirements through the use of a data exchange, where first-party data is kept both anonymous and accessible. This is known as second-party data.
For example, if you own a retail store that sells baby items and you want to advertise with a streaming channel, you might want to target viewers with profiles that say they have young families or are most likely to have a growing family.
If the channel doesn’t want to provide their first-party data directly, through the use of second-party data, you can broaden your customer base in a way that doesn’t expose their personally identifiable information. Data can be searched, targeted, and compared, all anonymously by working with a data exchange.
But buyer beware: Many data exchanges have invalid or inaccurate data, which can cost your company not money and opportunity. In an era without third-party cookies and with carefully guarded privacy, it’s vital to use state-of-the-art Machine Learning (ML) to identify new audiences for your brand.
Omnisource IQ provides precise audience targeting with machine learning
Machine learning boasts an accuracy rate of up to 84% when it comes to finding the perfect targets for your marketing. Omnisource IQ Machine Learning is a branch of a.i. (artificial intelligence) that automates analytical modeling that is built based on the supposition that systems can learn from data by identifying patterns and then make decisions without much human guidance.
The benefits of Omnisource IQ
You can expand your first-party data monetization opportunities with Omnisource IQ Machine Learning. It’s privacy compliant and allows you to reach scale and performance goals with custom models built via ML in mere hours instead of weeks.
With its high accuracy rate, Omnisource IQ ML, based on your objectives, can isolate precisely targeted audiences and reach those consumers who are most likely to both engage and convert.
How it works
Getting started with Omnisource IQ ML is simple. You’ll provide a seed file of your first-party data from your ideal customers, then we’ll analyze that file against our platform, which contains over 5,000 data segments collected from more than 100 data sources.
Then we bring in the ML to weigh each and every data point according to their relative importance to your needs. This builds an incredibly accurate model of your ideal targets.
We’ll then test this model against your own first-party data to make sure it’s accurate before activating it on your chosen platform, delivering a scalable audience of likely purchasers with flawless precision.
This means increased ROI while advertising at a nationwide scale with high accuracy.
Effectively monetize your first-party data with BDEX
The third-party cookie jar may be emptying rapidly, but that just provides an opportunity to leverage your first-party data more effectively your most valuable business asset.
Established in 2014, BDEX is the first-ever and the largest Data Exchange Platform (DXP). Combining hundreds of data sources in real-time into one unique data infrastructure, BDEX offers the most powerful and accurate identity graph available in the U.S. market. BDEX empowers B2C companies to use the power of data to understand consumer behavior and intent, helping them reach the right people at the right time.
We have over 5,000 data categories, more than 800 million mobile ID-to-email matches, and over 1 trillion data signals. With BDEX, you’re empowered to create your own custom audience, so all you have to do to get your messages in front of the right people at the right time is build your ideal customer to target.
Make real human connections with BDEX. Contact the team today to get started with Omnisource IQ Machine Learning.
