Consumer Intelligence Group
How Companies of All Sizes Can Benefit in 2022
In a recent survey of marketing professionals in North America, 62 percent of respondents said improving audience segmentation to enable more precisely targeted messaging was a top priority.
As we kick off 2022, we are seeing more and more advertisers prioritize audience-based media buying strategies (ABB). Underpinning this shift is advances in technology, insights, and precision targeting with tools like intelligentVIEW. Marketers can now identify, target, and buy audiences versus buying media channels to reach audiences.
This is just the start of this trend; we are going to continue to see a dramatic shift away from traditional media channel buying to ABB strategies throughout 2022.
A starting point for marketers to shift to ABB is to better understand the audiences that they want to target. This is where a flexible segmentation system can be invaluable.
Six Segmentation Solutions for 2022
1: Try before you buy to minimize risk
Marketplaces offer the ability for companies to try data samples to test the data fit/applicability for company goals before investing in a purchase. This includes full data documentation and variable descriptors.
2: Compare data to test value
Companies can easily compare and test multiple data vendors in the same category. Let’s say you are looking for weather data, sample, and test various vendors for a particular use case.
3: Enhanced technical capabilities
Most marketplaces enable data providers to deliver their data products via APIs, something they may not have the inhouse expertise to do, and vice versa, they allow buyers to access data in real-time.
4: Minimize data cutting errors
Accessing data from one source allows for the control of the data being shared because it is processed once. The focus is on trying to share data in a way that is consistent for all customers and any data errors can be corrected on-the-fly.
5: Consistency in format
Marketplaces do a great job in making data product content, and licensing requirements, consistent between all types of data vendors that helps eliminate a lot of the groundwork required in the past to acquire data.
6: Frequent updates
Marketplaces allow for data updates to happen automatically on the data provider’s side minimizing any effort on the buyer’s side to maintain data updates and versioning.
The data is stored on the marketplace and customers can access data whenever they want with assigned login credentials. Furthermore, through marketplace ODBC connections, companies can connect directly to the datasets they license for analysis in third-party apps such as Tableau, Alteryx, etc. This eliminates any storage requirements on the buyer’s side.
8: Data catalogue management
Paid marketplace clients have access to their own account where they often store their company’s own internal data for dissemination across their organization. Data these companies license from third-party data vendors, like CiG, also gets stored in their own account making it easy for their database admin to provide access to users across the organization.
9: Transparent pricing
Data product pricing is transparent in most marketplaces enabling companies to quickly assess if acquiring the data fits within their budgets.
10: No barriers
Marketplaces bring down barriers to accessing data. Organizations don’t need to be a customer of a marketplace to take advantage of their many benefits; they get reader accounts assigned to them from data vendors that enables them to use much of the same functionality as marketplace paid clients.
In 2021, as part of our DaaS model with the relaunch of intelligentVIEW, we’ve made our data available for clients through the Snowflake data marketplace.