A POV on Audience Enrichment and Finding the Hidden Gems in Your Data
There are so many questions that marketers have about their data. A quick Google search of “too much data” yields the following results:
“Do you really have big data, or just too much?”
“Why too much data is stressing us out”
“5 reasons too much data can be risky”
What does this mean, that less is more? No, that is an oversimplification. CEO Sree Nagarajan authored an op-ed that discussed the pros and cons of probabilistic vs. deterministic data. The main takeaway is not to gather the most data. Nor is it about stripping it down to the bare essentials. The key is choosing the right dataset.
The problem is that this is not an all or nothing proposition. First-party data, while based on actual consumers, has limits in its scale. Third-party data casts a wide net, but is often not the best approximation of your consumers.
Consumers are not identified by a device ID, or a single attribute. Consumers are multifaceted people with multiple identifiers. That idea is best served by audience enrichment via social affinity. It fills in the gaps in consumer profiles, finding your best prospects – buyers & non-buyers – at scale.
Social affinity runs the table differently when it comes to audience enrichment. It does not match data records deterministically. Instead, it makes predictions based on the data that a brand already has. For example, Spotify has information on all of its 140 million users. It knows which listeners have listed songs by Seal and Post Malone as favorites. Using these attributes, among others, social affinity predicts these users are likely ideal prospects for Rolex watches. Spotify could use this information in its targeting and partnership efforts.
AffinityAnswers CEO Sree Nagarajan recently sat down with Adotas to talk about social affinity. He ended on what marketers should deem an optimistic note: “It’s about expanding your audience in the most meaningful way possible.” Meaningful is the best possible descriptor for new audiences that come from your existing customers.
Find out more about how it works here, and contact us to get started.