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Understanding Data in Marketing

Understanding Data in Marketing

Data, it’s everywhere and used for everything. In marketing, consumer data is used to discover more about customers and prospects to drive better-targeted campaigns. Whether it’s as simple as identifying if the person is a customer or as complex as making assumptions about their buying behaviors, data can help guide marketing efforts and drive overall campaign success.

Ross utilizes various data sources in our marketing efforts. We help businesses understand when to use each type of data set, what information matters most, and how to apply it to campaigns.

How is Data Collected?

Consumer data can be gathered simply by asking for it through surveys or form fills, diving into sales records or customer service history, social media activity, email tracking, retargeting the consumers' IP address, or partnering with a data company.

No matter the method, it is important to make sure that the way you are collecting and storing the data is compliant and secure. This is pertinent as data breaches do happen and can immensely impact your brand if you were to lose your customer and prospect data.

What Types of Data Sets Are Out There?

Knowing the different types of data sets out there is an asset to you as a marketer as the end of third-party data and cookies is imminent. Consumers are gaining awareness of data collection and are pushing for better privacy protection. This will impact the way that marketers and data science teams gain access to and use consumer information. 

That being said, your business may need to prioritize other data sets moving forward. Ross, a Darwill company, utilizes a wide range of data sources to help businesses navigate any potential changes to data privacy and continue to craft successful, highly targeted campaigns. Here is a quick summary of each of these data sets and a chart that we put together to help you understand the differences between each.

  • First-party Data - Information a company directly collects from its customers and owns.
  • Second-party Data - Information that is acquired from a trusted partner, like Ross.
  • Third-party Data - Information that is collected by a separate entity, typically purchased.
  • Zero-party Data - Data that the customer intentionally and proactively shares with a company.
  • National Consumer Files - Through Darwill, Ross has two national installs of consumer files, Acxiom and V12, which give us access to over 345 million unique individuals we can market to. Plus, we maintain partnerships with a larger number of specialty data providers giving us access to even more records.
  • Location Data - Information about the specific geographical location of the device being used by a consumer.

Types of Data Chart

Why Use Consumer Data?

Whatever the data may be, we as marketers use it to learn about customers and prospects to identify trends and patterns. The data and the insights gained, help us to determine what customers like, what interests them, what their future needs may be, and more. 

By using data insights and building data models collected from the above-mentioned data sets, marketers can get a clearer picture of their customers and prospects. From here, personalized direct and digital campaigns can be crafted to better target your audience. 

According to Salesforce, 52% of customers expect offers to always be personalized and 66% of consumers expect brands to understand their individual needs. Adding the customer's name, nearby store locations, information on what they previously viewed on your website, etc. builds a better customer experience and drives conversions.

Discover Data Insights with Ross

Collecting data and understanding it may take some time. Ross’ experts are here to help you discover insights on your customers and prospects to better target them with data-driven direct and digital campaigns. Contact us to see how Ross can help you focus on the right data.

07 / 07 / 2022 Marketing, Data