What Marketers Need to Know About 1st, 2nd, and 3rd Party Data

You may be familiar with the terms first and third party data. But you might just smile and nod when somebody starts going on about second party data. Or you may wonder which type of data can deliver the greatest ROI. Then this blog post is for you! In this post, I will break down the three types of data, explain what they mean, and help you understand the value to be gained by each data type.

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The advanced targeting technique proven to drive 10x improvements in Facebook advertising performance

Facebook has become one of the most effective advertising channels thanks to the amount of data it has on its users. This data allows for a wide array of targeting methods for advertisers. On one hand, the variety of options can be a blessing since it allows Facebook marketers to get more granular with targeting than they can anywhere else. For marketers who know exactly who they want to target, this is great.

On the other hand, the large number of options can also be a curse, since it’s very easy to waste ad spend testing various targeting combinations in an attempt to arrive at the best-performing audience segments.

At Custora we are big believers in the power of continuous testing and optimization. But we’ll let you in on a secret that we have found through our work with some of the largest and most sophisticated retailers in the world. Combining predictive customer lifetime value with Facebook Lookalike Audience targeting consistently delivers 5 to 10x improvements in Facebook advertising performance.

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Making Sense of the MarTech Universe

The marketing technology landscape is like the universe, vast and large. By last count, Scott Brinker of chiefmartec.com counted over 5000 marketing technology vendors. And these solutions—driven by the diverse needs of marketers and the imagination of innovative entrepreneurs—don’t always fit into nice, neat categories.

This contributes to the confusion that many marketers feel around MarTech. There is no standard taxonomy for the MarTech solution space, which makes it difficult to break it down into smaller, more manageable chunks of capabilities.

But after many conversations with research analysts and after reading many great articles on the subject, I’ve developed a simple approach to help make sense of this confusing world. 

There are three systems that you need to understand

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Retail Marketing Leaders Power Breakthrough Results with Custora’s New Segmentation Studio

Fast growing retailers Calendars.com and Dermstore have experienced a 10x lift in ROAS and 2% increase in overall sales with Custora.

Friday, June 9, 2017, 8:03 EDT

Chicago – At CRMC today, Custora unveiled Segmentation Studio, the most robust and user friendly customer segmentation tool on the market today. Segmentation Studio gives marketers point and click access to predictive customer segments that significantly improve the ROI of email, direct mail, Facebook and display campaigns.

Many retailers understand that opportunities for growth are hidden in their customer data, but they encounter a number of challenges when attempting to make use of their data: customer data is fragmented across various systems, they lack the data science capabilities to uncover insights at scale, or, to the extent insights exist, marketers face friction when attempting to leverage insights within daily marketing campaigns. Custora’s advanced Customer Segmentation Platform addresses these challenges and is helping 6 of the top 20 retailers in the US leverage their customer data to drive growth.

Custora’s platform is comprised of two parts: the “Customer Data Cloud” and the newly released “Segmentation Studio.” The Customer Data Cloud powers the platform ‘under the hood.’ In the Customer Data Cloud, Custora aggregates data from a variety of transactional, engagement, and web analytics sources to produce a single, unique profile for each consumer. The platform then leverages a variety of predictive, machine learning models to anticipate customer behavior. Each customer profile is enriched with attributes including product and brand affinities, propensity to purchase on discount, expected lifetime spend, and likelihood of churn.

Segmentation Studio is a web interface that sits on top of the Customer Data Cloud. The Studio provides Marketers with point-and-click access to activate those insights within daily marketing campaigns. Marketers can discover hidden opportunities, create intelligent customer segments, and automatically push those segments into marketing execution tools throughout their ‘marketing stack.’ Segmentation Studio provides “click click done” functionality to help marketers respond to questions such as, “Who should receive our new arrival campaign?” or “Which customers are at risk for churn?” Segmentation Studio offers a natural language query interface, out-of-the-box access to historical and predictive segments, integrations to tools throughout the marketing stack, and automated cross-channel  measurement capabilities. Marketers are leveraging Segmentation Studio to drive significant lift in email, direct mail, social, and display campaigns.
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