– $100 million dollars a day is wasted on poor media buying decisions based solely on 3rd party data.
– The problem with 3rd party data is that it is unreliable and being phased out.
– The solution is to integrate zero party data into ad campaign decision making by collecting, combining, and applying data.Integrate zero party data into your ad campaign decision-making process by collecting data, combining it, building data models, and applying it to drive results and increase revenue.$100 million dollars a day is wasted on poor media buying decisions based solely on 3rd party data. Compelling, right? I don’t know if it’s true. It’s impossible to get an accurate reading of this. But if it caught your attention, then keep reading because I wouldn’t be surprised if it’s 100% true. $378 billion was spent on digital advertising in 2020. We’re really good at comparing and contrasting with Google Analytics, creating dashboards in data studio, but it’s limited to comparing data and aggregating it, NOT COMBINING IT. The problem with 3rd party data only is that it’s unreliable and is being rapidly phased out. Chrome is the last browser that doesn’t block tracking by default. The other problem relates to “signs of intent” and how we react to them. Looked at a product – Intent. Added to cart – Intent. Started checkout – Intent. I add things to the cart all the time to save them as I browse so I can go look for a better deal on another website. Sometimes I even start checkout just to see shipping fees if it’s close. (Shhh, don’t tell anyone). The solution – integrate zero party data into your ad campaign decision-making process. Collect data – Combine data – Build data models – Apply data. 99.9% of ecommerce companies don’t collect zero party data during sign-up, and those that do tend to ask the wrong questions. This is a very easy way to stand out in a crowd. The framework: 1. Create a multi-step sign-up form that collects zero party data. 2. Use those combinations of data and create a ranking system of which combos create the most revenue. 3. Look for those combinations coming as sign-ups across your campaigns, ad sets, and ads. 4. Pick winning ads based on a scoring of those campaigns, ad sets, and ads based on data proven to drive results while mixing this with standard metrics across CTR, CPC, cost per subscription, subscription conversion rate, and ROAS. 5. Profit. To me, the above is logical. To a lot of you reading it, it might not make sense, which is OK, but you should strive to better understand it. Zero party data is the key to unlocking your revenue roadmap; it touches on all parts of the customer journey. There’s been a lot of hype around Zero Party Data, but none of those solutions work without people having to redo content across the outbound. This is too much friction for most businesses with soundbites coming from companies assuring people it will matter. There’s a big difference between companies that can collect data and require your team to figure out to do with it and companies that have already built models with how to use it. We’re out to optimize media buying, because in our calculations it’s a ~$400 billion dollar industry that’s still just relying on 3rd party data. End the wasted spend. Make decisions with more insights.#zeropartydata #marketing #ecommercehttps://www.linkedin.com/in/jivanco