By Varun Gudiseva, VP of Market Development, Analytics, at Tapad — In part 1 of our series we showed how Tapad’s Audience Magnifier solution takes look-alike modeling to the next level, providing marketers with a more holistic understanding of their consumers’ behaviors. In this post, we will dive deeper into how you can leverage the information from Audience Magnifier to successfully identify who your consumers are and what matters to them.
Naturally, human behavior changes as technology advances. Today, we are seeing consumer behavior changing as a result of owning an average of three or more devices. Throughout the day they switch back and forth between these devices multiple times to research for potential purchases and find information about their interests. A typical example would be if a consumer starts off the day by browsing on his phone, then continues the research on a work laptop. When commuting back home from work, he switches again to the phone and towards the end of the day uses a home desktop or tablet. At the same time, as consumers go through different phases in life, their interests and purchasing behaviors change accordingly and, in many cases, rapidly. In the recent past, third-party data helped you identify the best prospects for your brand as it used to be the driving power of digital marketing. Nowadays, things have changed. Third-party data is widely commoditized, resulting in price inflation and an inability to create a competitive advantage for brands. Having access to data and insights that can help you understand your customer, even before they fall into third-party intender segments, will equip you with a significant advantage.
This is why Tapad leverages the content your audience consumes across every device to understand their intents, interests and other behavioral characteristics.Using machine-learning and predictive analytics, we are then able to build dynamic audiences, which further enables you to adopt a consumer-centric approach and deliver pleasant, personalized digital experiences to target audiences.
For example, a health services company approached Tapad to help them identify the best prospects and, ultimately, achieve lower acquisition cost. By leveraging the the Device Graph, we were able to look into the contextual behavior of their consumers across every device and identify two types of audiences with completely different characteristics: the young Californian and the elderly Southerner.
The young Californians are between 18 to 40 years old with middle income and they maintain a healthy lifestyle by eating clean and exercising. They prefered browsing on their mobile phone and had at least 4 devices. Interestingly this audience also is very curious and is always looking for new materials to research on.
On the other hand, the elderly Southerners live in Southern states, are above 65 years old with middle income, who try to keep their health in check and whose browsing habits are influenced by traditional social media. This audience had only 2 devices and has already made up their mind on what they want to purchase.
By identifying these two different audiences, the company was able to create a successful campaign tailored to the interest, lifestyle and intents of each audience achieving 20% lower cost per acquisition than the company’s initial goal.
Running effective media campaigns starts by understanding your audience. Knowing their current interests and lifestyle across every device will not only help you discover the best prospects, but also enable you to deliver relevant and engaging experiences, ultimately driving action.