Data Driven Media Buying with LiveRamp and DataMatch
Media buying involves making strategic decisions about where and how to place ads to maximize their effectiveness and achieve the desired results. The use of data in media buying has become increasingly important in recent years due to the growth of digital advertising and the availability of vast amounts of data.
Third-party data segmentation is important in media buying because it allows advertisers to target specific audiences more effectively. Third-party data refers to data that is collected by companies that are not directly related to the advertiser or publisher, such as data management platforms (DMPs) or data brokers. This data can be used to gain insights into consumer behavior, preferences, and interests, and to create more targeted and effective advertising campaigns.
Here are some of the key reasons why third-party data segmentation is so important in media buying:
- Improved Targeting
Third-party data segmentation enables advertisers to target specific audiences more effectively. By using data on consumer behavior and interests, advertisers can create more relevant and personalized ad content that resonates with their target audience. This results in higher engagement rates and better ROI.
- Greater Reach
Third-party data segmentation can also help advertisers to reach a larger audience. By using data from multiple sources, advertisers can expand their target audience and reach more potential customers. This can result in increased brand awareness, higher engagement rates, and improved ROI.
- Reduced Ad Waste
Third-party data segmentation can also help advertisers to reduce ad waste. Ad waste occurs when ads are shown to consumers who are not interested in the product or service being advertised. By using data segmentation, advertisers can ensure that their ads are shown only to relevant audiences, reducing ad waste and improving the efficiency of advertising spend.
- Better Performance
Third-party data segmentation can also help advertisers to improve the performance of their advertising campaigns. By using data to create more targeted and relevant ad content, advertisers can achieve higher engagement rates, increased conversions, and better ROI. This can help advertisers to achieve their advertising goals more effectively and efficiently.
In summary, third-party data segmentation is an important component of media buying. By using data to create more targeted and relevant advertising campaigns, advertisers can improve their reach, reduce ad waste, and achieve better performance. In today’s competitive advertising landscape, the effective use of third-party data segmentation is essential for advertisers to remain competitive and achieve their advertising goals.
LiveRamp is a San Francisco-based technology company that was founded in 2011. The company specializes in providing data connectivity and data onboarding solutions that enable businesses to connect their customer data to marketing, advertising, and analytics platforms, both online and offline.
LiveRamp’s products and services are designed to help businesses make the most of their data by making it more accessible, actionable, and valuable. The company’s solutions enable businesses to create a unified view of their customers, which can be used to inform marketing and advertising campaigns, optimize customer experiences, and drive business growth.
Identity Resolution is LiveRamp’s flagship product. It enables businesses to connect their customer data across multiple channels and devices, creating a unified view of their customers. With Identity Resolution, businesses can match their first-party data (e.g., email addresses, phone numbers, etc.) to third-party data (e.g., cookies, mobile ad IDs, etc.), enabling them to target and personalize their marketing and advertising campaigns more effectively.
Identity Resolution helps businesses to understand their customers better by providing a comprehensive view of their interactions across multiple channels and devices. This information can be used to inform marketing and advertising campaigns, as well as to optimize customer experiences. View the video and screen shot below.
One of our partners, MNI, offers DataMatch, a big data solution that allows businesses to connect their customer data with third-party data to create a more complete view of their target audience. By using DataMatch, businesses can gain valuable insights into customer behavior and preferences, and use this information to create more effective marketing and advertising campaigns.
DataMatch works by using advanced data matching technology to link businesses’ first-party data, such as email addresses or phone numbers, with third-party data sources like cookies and mobile ad IDs. This process creates a unique identifier that enables businesses to link their customer data across multiple channels and devices, creating a unified view of their target audience.
Using DataMatch, businesses can also onboard their offline customer data, such as CRM data or transaction data, to online platforms like Google, Facebook, various display, and OTT. This allows businesses to use this data to inform their marketing and advertising campaigns, creating more targeted and effective ads.
DataMatch also offers advanced data protection and privacy features, such as encryption and pseudonymization, to ensure that customer data is protected while still enabling its use for marketing and advertising purposes.