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Identity Resolution For Best Match Rates & Unique Pre-Built Profiles

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As the proliferation of data continues, identity resolution or entity resolution becomes a topic of greater importance. You may be wondering how such a specific technicality may affect your business. Our in-house expert, Glen Ireland actually answers that question and more on our podcast. Let’s begin with the basics.

Listen to the full podcast here:

What is Identity Resolution?

Identity resolution is the process of matching data from multiple sources with one entity. It can also be referred to more generally as entity
resolution. Basically, when several data points are matched with a person and the association is confirmed, it is identity resolution.

For example, let’s say there’s a contact named Eric Smith in your database. You may find out from another data source that Eric Smith has a net worth of $10M. The problem is that there could be ten different people with the name Eric Smith among your contacts. Identity resolution comes in when you need to find the right one to associate the net worth with.

Businesses Can Also Face Identity Loss

Not only does entity resolution affect people, but it also affects organizations. Even if your organization deals with other businesses, identity resolution could become important for you.

For example, your system may have stored IBM as IBM, International Business Machine, and as IBM Corp. When you add new data, you may add each data point to a different entity. In this case, your data will not be able to paint a holistic picture of the entity for you.

In these instances, computers cannot make judgment calls. Human intervention may be needed. Of course, when you try to achieve entity resolution at scale, you can do this through algorithms.

Entity Resolution & Wealth Data Analytics

When it comes to your wealth data analytics, identity resolution becomes paramount. Let’s consider the case of WealthEngine. Identity resolution enables us to pre-form profiles about every adult in the US. These pre-
formed profiles allow WealthEngine to offer solutions like WE Prospect, and WE Analyze.

Furthermore, with entity resolution, you can perform a nationwide quick search. This means you can look up any individual adult in the US or create segments in the WealthEngine database.

Identity resolution lets WealthEngine procure data from several different data sources. So, each data source has its own unique identifier for each person. WealthEngine can then match all these data sources through entity resolution. This helps us build pre-formed profiles and to update and enrich them over time.

WealthEngine invests millions in acquiring high-quality data from different sources. This means you can learn more and more about Eric Smith on your contacts list with WealthEngine. This includes demographics, lifestyle, behavior, interests, and affinities. Our algorithms and data science help make sure that you have up to date and extensive information to work with.

Identity Resolution to Match Vendor & Customer Data

So, how do you match data from different sources and vendors? Although this is a complex process, two basic techniques can be used. For instance, the main attributes we use to match entities are their name and primary address.

A best practice for identity resolution is standardizing the format for names. To illustrate, turn nicknames into formal names, remove any punctuation from names, etc. You may also want to standardize addresses by reformatting them. The format should match deliverable USPS addresses. Those are two basic things that can be done to enable entity resolution.

There are also other sophisticated techniques to accommodate misspellings. We use some of these advanced practices at WealthEngine. For example, a vendor might send a record with a name that’s missing one character. Similarly, there could be a street name that’s missing two characters. In these instances, we use something called edit distance algorithms. We may also use this and similar techniques to accommodate misspellings in first names, last names, or street names when ingesting vendor data.

Advanced Technology for Higher Match Rates

The above were general best practices, but the process becomes complex at scale. Furthermore, as you ingest data from more sources, you need more sophisticated data science to ensure accuracy. WealthEngine’s industry-leading technology means that our clients can enjoy up to 90% match rates.

In fact, clients have confirmed that other analytics solutions offer about 30-60% while WealthEngine can get them to 90%. This is because WealthEngine has spent 20 years coming up with sophisticated techniques beyond the basics.  For example, we can also use attributes like spouse name or business name to increase that metric.

This is important because both husband and wife can make a decision on something. If you’re targeting a specific individual, you may want to bear in mind that the spouse might actually be the decision-maker. These could be decisions about a donation, about buying a particular product, or using a certain financial services firm. With this being the case, it’s very important to have identity resolution be as accurate as possible.

What Happens When There Is No Match

If a record from a vendor cannot be matched to a profile, WealthEngine has to decide whether or not to create a new profile. If the record coming in from the vendor is complete enough, and it seems like a person that is not already in the database, we create a new profile. For instance, there are something like 10,000 17-year-olds turning 18 every day. They would all be eligible for being loaded into the WealthEngine database.

In other situations, a customer record may match multiple profiles. In this instance of entity resolution, let’s say you add some extra pieces of information to WealthEngine. This may cause one customer record to match multiple WealthEngine profiles. Then, WealthEngine appends information from all matching profiles to the customer record to enrich it as much as possible.

Does this work?

Yes, because  WealthEngine sometimes has more than one profile per person. The reason behind this is that we want to shy away from over-merging. This means, you never want to use identity resolution to combine two different people.  WealthEngine tends to err on the side of what’s called under-merging, where one person is represented by multiple profiles in the WealthEngine database. In fact, competing solutions may have greater inaccuracy because of this.

How You Can Benefit From Identity Resolution

Identity resolution ultimately increases the accuracy of information for customers. This means you can simply search for a person and see all their information compiled into a profile. These profiles are built using data from several different sources. Thus, this presents itself as a convenience for you.

Secondly, having reliable entity resolution in place means you get higher match rates. For instance, WealthEngine match rates are very high, at about 90%. So, when you find out that Eric Smith’s net worth is $10M, you can be sure that it is the right person.

Furthermore, you can keep on enriching your contacts’ profiles with more information. With WealthEngine, the enrichment is automated in most cases. There is a small percentage of data that WealthEngine cannot match. However, with a feature called Find More in WealthEngine9, even this has a solution.

If your customer record does not match a WealthEngine profile, we will still store that record in your My Profiles tab. You can then click into the profile and do a manual identity resolution. First, use Quick Search to find what you believe is a match. Then use Find More to merge it into the uploaded record. Doing this, you can increase the match rate up to 100%. No other wealth intelligence solution can help you do this.

Increase Your Match Rate to 100% Starting Today

Take WealthEngine9 for a spin–>

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How a Donor Pyramid Can Make or Break Your Capital Campaign

donor pyramid

Are you starting a capital campaign? Then, missing this step could send your campaign down a rocky road. This important step is building a donor pyramid.  These structures also referred to as fundraising pyramids, are an accurate way to prioritize development efforts.

Yet, not all pyramids are created equal. Read on to see how to build one that will boost your campaign and help you exceed your goals.

What is a donor pyramid?

A fundraising pyramid is a visual that categorizes prospects by their engagement level. Further, it provides nonprofits a path to move donors from lower levels of giving to greater commitment.

fundraising pyramid

While some donors will move from one -time donations to planned giving, not everyone has the same journey.  For instance, mid-level donors are generally a reliable segment. They need a strategy that is tailored to them and they shouldn’t always be pushed up the giving ladder. However, there are still hidden gems in your donor base who can be nurtured all the way to the top of the pyramid.

Why Donor Pyramids can Make or Break Your Capital Campaign

A fundraising pyramid helps you focus your campaign dollars to the right set of prospects. When you build a data-driven pyramid, your data will automatically reveal patterns that you can use to build your campaign.

Starting a campaign that is aimed at a random sampling (or the entirety) of your database will dilute your ROI. When your entire base receives a generic message from your nonprofit, the number of people who will engage will naturally be low.

Even if you’re in the middle of a capital campaign and you realize that you’re not seeing results, a donor pyramid can help revive it. All you have to do is segment your base and prioritize those prospects who have the propensity, capacity, and intent to give.

How to Create a Data-Driven Fundraising Pyramid

Wealth screening is the first step. Screening data gives you a holistic picture of who your prospects are. In other words, you can understand your prospects’ wealth, lifestyle, interests, and affinities.  This means you now know their potential not only in terms of capacity to give but also interest and intent.

By learning more about who they are, you can really speak their language. For example, United Way of Greater Saint Louis says,

“We really like the level of granularity we can get in the data, understanding details, such as propensity to give and giving capacities helps to fill in gaps in the profiles….Finally, learning about a prospect’s interests can help us better shape the conversation to customize our asks. We are a lot more cautious about the ask now that we have more intelligence…”

Therefore, screening helps you segment your prospects into different rungs of your donor pyramid. Those with the highest capacity and engagement (for instance, those with high P2G scores) are candidates for major gifts or planned giving. Similarly, those with lower capacities but high engagement are well suited for mid-level or recurring donations.

Using Modeling to Enhance Your Donor Pyramid

Wealth Screening is the first step, which means that a wealth model can drive your capital campaign much further.

Screening can give you a broader view of your donor base. Modeling can actually help you predict the outcome of your campaign. For example, WealthEngine’s Gift Pyramid Model can automatically build a pyramid and predict campaign success.

In that sense, modeling is predictive based on custom insights that are deep and actionable. The model builds a specific formula for your organization’s donor base. The model generates a score against which you can compare your prospects. By doing this, the model automatically splits your list into 10 equal deciles. The top decile will represent the top 10% of prospects for your capital campaign. The top two represent the top 20% and so on.

Going from Fundraising Pyramid to Campaign: Practical Implementation

Predictability allows you to improve your goal-setting. With your targeted campaign, you can not only set ambitious goals but also exceed them. Follow these steps after creating your data-driven donor pyramid:

1. Segment and target those donors who are apt for your campaign. Annual fund campaigns, for instance, can focus on prospects who have the highest inclination and capacity for this type of gift.

2. Evaluate your deciles to see which ones will be most effective for your campaign.

3. Set your budget based on the number of deciles you would like to include, or include deciles based on your campaign budget.

4. You can go down the list of deciles until you meet and exceed your campaign goals.

Breathe New Life into Your Capital Campaign

WealthEngine’s modeling removes the guesswork and puts you in control of your campaign, budget, and ROI. Book a demo today to learn more!

Request Demo

Related Reading

Capital Campaigns: Fundraising Strategy for Nonprofits

What to Do When You Inherit a Fundraising Campaign

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Using Big Data and Fundraising Data Analytics for Marketing

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The evolution and growth of big data is transforming the way we market and connect with donors and prospects. But, what does this data mean for commercial non-profit markets, and how can it be leveraged? Let’s explore how big data and fundraising data analytics is influencing our practices, and how we can navigate through this new space effectively.

What is Big Data?

Ask 10 people, and you may get 10 different answers. Big Data can generally be defined as data from multiple sources, combined in ways to make it informative and actionable. By combining data from disparate sets, patterns and insights emerge, and this actually creates more data! As we recognize patterns and trends in the data, these relationships, not previously a part of the data set, become new bits of data ripe for mining and analysis.

As time goes on, bigger data sets are also generated because information is being collected from social media, smart phones, cameras, satellites, remote sensors and other newly emerging technologies. 90% of the world’s data today has been created in the last 2 years alone. Every day, we create an estimate of 2.5 quintillion bytes of data. That’s 2.5 with 17 zeroes behind it! Needless to say, there’s an enormous amount of data that marketers or fundraisers can take advantage of.

What does Big Data mean to the marketer or fundraiser?

 

To the fundraiser or marketer, Big Data is the ability to see each consumer or prospect in a 360-degree view, and to personalize messages and interactions with that individual to create the ultimate purchasing or donating experience. We all know relationships are the key to successful marketing. Making sure that our prospects have the best experience they can have with our organization, whether it is a luxury brand selling luxury goods, or a nonprofit seeking funding for their mission, will improve their results.

One of the key buzzwords in marketing these days is “relevance.” Companies and organizations are generating content and practicing content marketing, but the key to making content marketing work is to be sure that the content we put forth is relevant to the audience we are targeting. That’s where  fundraising data analytics and big data comes in. Knowing your customers’ likes and dislikes; buying and donating behaviors; relationships with others in your universe; and most importantly, their wealth, and buying or investing power, allows you the ability to make your messages truly relevant on an almost individual basis.

How can I harness the power of Big Data?

So, given the high volume of data points generated, and the barriers to accessing and processing all these points, how can marketing or fundraising professionals reap the benefits of Big Data? To leverage fundraising data analytics, and big data, the fundraiser and marketer must:

  • Capture
  • Curate
  • Transform
  • Normalize
  • Parse
  • Combine
  • Analyze
  • Report, and
  • Visualize

These actions and activities would require more resources than most small to mid-sized businesses have on hand. So how can the small shop leverage  big data? How can the mid-sized nonprofit use fundraising data analytics to continue measuring the relationship between investment and fundraising?  How can this data be utilized without investing inordinate resources on data collection, curation, and analysis?

Selecting the right Big Data Partner

The answer is finding the right partner. Choosing the right Big Data partner can make your marketing and fundraising messages resonate with your unique audiences. When you’re shopping for a data partner, consider the following questions:

Does this partner understand wealth?

While behavior is an important element, wealth is the true driver for both purchasing and donating.  Does this partner have experience curating data?  For all of us who have tried to merge two spreadsheets of different sizes, or import data into an existing structured CRM, or transform text into numeric data, we can begin to glean the many challenges of working with huge data sets that require many steps to massage into a meaningful whole.  It’s beneficial to work with a Big Data partner who routinely works with data sets of all types and sizes.

Is the potential partner willing to work with you to select the data you need to append, and to customize a data solution for your needs?

Too much data can be as bad as not enough data.  Make sure you get the right fit by selecting a partner who can assist by understanding your needs and providing a customized solution. It’s equally important that your partner is leveraging resources that allow you create a wealth search and help you understand a potential or existing donor’s capacity to spend, invest, or give.

Does the partner add value?

Data is the foundation for knowledge and insight, but you need a partner with a robust analytics understanding who can add value to your data with ratings and scores, predictive modeling, clustering analysis and other techniques.  Analysis is where the true value of data is derived.

Will the partner work with your data?

Much of your most valuable data resides in your own CRM or DMS.  By combining the data you have with additional Big Data sets, you can extract the most value. Having a partner who can work with both, and who understands your business needs and challenges will reap the best results.

Does the partner have all the data you need?

Shopping piecemeal for data is time consuming and difficult.  So finding one partner who has wealth, demographic, lifestyle, behavioral, and biographic data at the individual and household levels. This can parse, normalize, and combine all your data points, and saving you hours of aggravation.

 

Organizations of any size and any level of data competency can harness the insights of fundraising data analytics with the right partner. If you’d like to learn more about the power of  fundraising data analytics, contact us to speak with one of our experienced consultants.

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5 Benefits of Real-time Wealth Insights Through an API – Infographic

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The key to engaging prospects and rising above the noise is targeting the right people and personalizing your offers and calls to action. In order to do this effectively you need to have access to real-time insights.

We’ve put together this infographic with five suggestions to give your engagement strategies a boost.

To get more information on how you can leverage real-time wealth insights download our full eBook now – 5 Benefits of Real-Time Wealth Insights.

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Five Tips for Maintaining Your Data

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Data is only your most important asset (after people, of course!) if it’s clean, consistent, accurate and complete.  If data is not maintained to these standards, any reporting or analytics done on top of it will be less than reliable.  We offer five tips below for keeping your data in top-notch condition so it forms a stable and reliable foundation for your fundraising and decision-making success.

  1. Know what data you intend to collect and enter into your DMS or CRM  This is particularly relevant as you recognize new data points that you want to collect, such as cell phone numbers, marital status, or date of birth.  These new data points should be tied to organizational goals.  For instance, if you have a goal to start a planned giving program, and have little DOB or age data, your strategy should include the collection of DOB’s.  You may need to edit all response mechanisms used in direct response and all web forms used in online engagement to include DOB as an optional or required field.  You may also want to budget for a DOB overlay to get more of this data populated as quickly as possible.  Whatever your tactics, specify in a data policies, procedures and style manual how the data should be entered, e.g., 3-14-72 or March 14, 1972.
     
  2. Limit access to your database to a need-only basis
    Your database should only be accessed by people who need to access it in order to do their job, both for security purposes and to preserve database integrity. Limit the ability to edit data to the few who will be held accountable for its accuracy.  All those with editing capability should be periodically trained in data entry procedures, and should have access to data policies, procedures and style manuals.
     
  3. Back up your DMS on a regular basis
    Your DMS should be backed up on a regular basis (preferably nightly) and the backup routines must be rigorous and tested periodically.  Every organization should test the restoration of their data from their backup to be absolutely sure the system is operating successfully and will serve them when needed.
     
  4. Audit your data periodically to test for:
    1. Completeness: Do all records contain the primary and essential information?  How many are un-solicitable for bad addresses? Is this number growing or shrinking?
    2. Consistency: Are data points entered in the same format?  Are they entered in the same fields in each record?  Are there spelling errors?
    3. Accuracy: Is the information included in each record correct? Are there spelling errors?
      Periodic audits will reveal where training needs to be implemented or improved, where resources need to be deployed to combat inconsistent or missing data and will provide key measures against which to measure progress.
       
  5. Codify data appropriately to ensure that it is useful
    Having thoughtful codes that can be used to segment and sub-segment the constituent population is essential to make the information you are collecting both reportable and queryable.  Having too few codes will prevent you from gleaning all the insight the data has to share; having too many codes will make the results of any analysis too granular and therefore unactionable.

Data is the essential ingredient all nonprofit fundraising programs are built on.  Be sure you are building on a firm foundation by taking the steps necessary to ensure your data is accurate, complete and consistent.  For more tips on data-driven fundraising, plus worksheets and more, check out our Growing Individual Gifts: An Analytical Approach to Data-Driven Success workbook.

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Drive 2016 Holiday Strategies with Big Data

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Fall and holiday planning is in full swing and customer-centric brands have an opportunity to drastically improve the consumer experience – with wealth data. Wealth data has become the “must have” data point for brands and retailers who know how to maximize their consumer marketing and create the most relevant and profitable experience for each segment of their database.

The emergence of new structures for rich data allows for the unprecedented ability for brand marketers to truly deliver highly personalized, one-to-one e-commerce experiences. As we know, today’s consumers are pros at ignoring mass media and listening only to what they want to hear. But, with access to and with the effective use of Big Data, brands can enhance consumer experiences with contextual relevance that allows for engagement at precise moments when customers are most persuadable. Applying contextual relevance to digital customer experiences is often overlooked by marketers, yet it can make all the difference in delivering value propositions that get to the heart of a customer’s buying criteria.

In this competitive landscape, it doesn’t matter if marketers are focusing on direct mail, email, mobile, or digital strategies. The focus is the same. It is critical for marketers to pinpoint their prospects in unique and compelling ways. Utilizing wealth, demographic and lifestyle parameters are an effective way to leverage the attributes of your best customers to generate a targeting strategy and a voice that will resonate with that audience.

For more information on prioritizing your buyers and prospects using wealth data check out our webinar Improve Consumer Experiences and Drive Revenue in the 2016 Holiday Season Using Wealth Data.

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Business Intelligence vs Predictive Analytics vs Prescriptive Analytics

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You say you want a revolution
Well, you know
We all want to change the world.

Business Intelligence, Predictive Analytics, Prescriptive Analytics…

The Big Data revolution’s got all kinds of scientific terms buzzing around today’s boardrooms at warp speed, smashing into each other on the path to becoming enterprise-wide solutions to business success. But what do they really mean? And more specifically, what do they really mean to marketers?

Continue reading “Business Intelligence vs Predictive Analytics vs Prescriptive Analytics”

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Predictions for Data-Driven Marketing in 2016

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We know that data-driven marketing is becoming more critical to marketers and fundraisers. One doesn’t need a crystal ball to know it will continue to influence what we build and execute in 2016. Let’s be clear, it’s not about more data, but data that can drive business decisions. Company leaders, especially within the C-suite, are considering how they will define their own vision of a data-driven company, the metrics required and how to adopt predictive prospecting as a strategy.

In a recent webinar, Cool Perspectives about Data-Driven Marketing, three of Gartner’s Cool Vendors in Data-Driven Marketing came together for a panel discussion. Here are some of their predictions of what’s to come in 2016.

“There are three big trends affecting data-driven marketing that will accelerate through 2016. Big data technologies combining open source and commercial advances are making new types of data available at scales and speeds marketers couldn’t imagine a few years ago. As a consequence, marketing itself is able to deliver more and more personalized insights and messages, rather than averaging experiences. And there is a third shift toward synchronous experiences, where what is happening now or in the very recent past can inform things like offers, messages, content, and analytics.”

Martin Kihn, Research Analyst, Co-author of Cool Vendors of Data-Driven Marketing
Gartner

“Taking a data-driven approach starting with pre-engagement will continue to be instrumental. For years, our non-profit customers have been using predictive analytics for fundraising to determine who to ask and what to ask and when to ask. While marketers have used analytics to determine buyer behavior, they’re now incorporating wealth intelligence to determine what offers and upgrades they can present in a very personalized way. The results are pretty outstanding. Marketers are seeing higher conversions and more loyal customers. While privacy around what personal data is collected and how it is used is still a valid concern for consumers, I think we’ll start to see a higher level of trust being earned by the companies who use their data to focus on how they can create an exceptional experience for the customer through smart segmentation and customized messaging.”

Mike Lees, Chief Marketing Officer
WealthEngine

“Google is the modern operating system for digital marketing.  Adobe, Oracle and Salesforce may get the press, but Google dominates in terms of marketer’s mindshare, marketshare, and ultimately execution.  Google Tag Manager, Google Analytics and Google Adwords have created digital marketing’s data layer and the standard analysis engine to understand, optimize and execute on digital marketing investments.  Next up for Google is to help marketers build a truly enterprise marketing data warehouse and analytics engine in the cloud.  

Google Cloud Platform & Google BigQuery deliver on this next piece of marketing infrastructure today, creating the first end-to-end data-centric marketing cloud. It’s clear now that CMOs will own the tech marketing stack and Google will be their go-to provider. Other marketing tech vendors will need to be interoperable with the Google Cloud and deliver their own unique value in this ecosystem.  Only a data-centric company like Google can deliver this new kind of marketing cloud.”

James McDermott, Chief Executive Officer
Lytics

“Few CMOs will argue that they don’t own their brand anymore. We have lots of user data thanks to social media, but social media is changing consumer purchasing behavior far faster than companies are translating social data into useful insights. Businesses must begin to iteratively add data tools if they are to overcome this challenge.

Office cultures don’t change overnight. Many companies fear that data will require a top-to-bottom cultural overhaul, which causes them to hesitate instead of adding new data tools. Fear barriers only begin to lower when people begin to iteratively embrace a new concept. With these iterations, change starts to take hold, and companies begin to find the equilibrium between what’s always worked and what’s necessary to remain competitive as the uncertain future unfolds.

In 2016, I believe the fear barrier around data-driven marketing will finally begin to lower as people recognize that they don’t need to eliminate the old ways of doing things, and instead need merely to augment their existing toolbox with new capabilities. On-demand data-driven marketing tools will give CMOs new options as to what they discard, what they keep, and most importantly how they can better use the tools and processes that their company cultures can handle.”

Malcolm De Leo, Chief Evangelist
Quantifind

Interested in learning more about how data can be the critical element that drives your company’s success? Request a demo now.

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Mike Lees’ Week in Review: On LinkedIn about Data Being Everywhere and Datasexuals?

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Are you sick of hearing the words “Big Data” yet? While “Big Data” has quite a history, it’s relatively new to those on marketing teams. And while it might sound repetitive, there’s a reason it’s what CMOs are talking about. Big data is at the core of what we do here at WealthEngine. Last week, I tweeted my first published post on LinkedIn on why Big Data is more than just a buzzword. I hope you’ll read what I had to say and comment.

Also, another word I’m still on the fence about whether or not we’ll hear it a lot is the term datasexual. It’s a provocative term to say the least and I’m sure that Michael Kaushansky meant to be provocative when he wrote “Data Saves the CMO” for MediaPost recently. However, I think those of us that eat, breathe and live data in our daily lives as marketing practitioners probably don’t want to include that in our LinkedIn profiles or resumes. Or do we?

Have ideas for alternative terms to “datasexual” to describe those who use data to drive marketing business decisions? Tweet them to me at @MichaelJLees.

In case you missed it last week, we’re hosting our  #WECMO Series events in San Francisco next week and New York City the following week. Bryan Kramer, CEO at PureMatter and author of the book “Shareology”, and I will be talking about marketing personalization at scale in San Francisco on July 15. Those attending the event will receive a free copy of his book, being released on July 14! On July 21,  Bill Evans, Chief Digital Officer at WPP, will join me in a follow-up from our webinar last week and we’ll be talking about data, digital, wealth and predictive prospecting. If you are a marketing leader, make sure you RSVP to our NY WE CMO Series event and our SF WE CMO Series event as soon as possible as space is limited.

Would love if you would join the conversation

Michael Lees is Chief Marketing Officer at WealthEngine. His “Week in Review” is a weekly round-up of conversations, insights and inspiration he’s discovered around the web. Have something you want him to take a look at and weigh in on? Tweet him @michaeljlees and tag #WECMO.

Want a demo of WealthEngine to see how WE can help you with audience development, marketing personalization and wealth insights? Share your contact information and we’ll be in touch soon.

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Big Data = Big Opportunity

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Data-driven marketers need more and better data, but the landscape continues to evolve quickly. Third-party data providers change fast and Big Data is growing exponentially.

Consider a few facts:                                   

  • More than 2.5 quintillion bytes of data are created every day through a range of activities including social media posts, purchase transaction records, cell phone GPS signals, supply chain and logistics data, and digital videos, pictures, and audio recordings.
  • Individuals generate more than 70% of all data; enterprises store and manage 80% of this data.
  • Global spending on big data is growing at an average annual rate of nearly 30% and is expected to reach $114 billion in 2018.

Now, those are big numbers, but one of the biggest concerns is how companies are going to support and execute strategies with this data. Marketers and fundraisers can execute data driven strategies that can and will change the way they do business.

How?

By using data insights to understand, segment, and speak directly to their highest potential prospects and customers.

So, what type of data is critical? Demographic data, traditionally the king of data types, is diminishing in importance. Other types of data, including behavioral and psychographic data, enable marketers to understand, target, and engage audiences more effectively.

Gartner’s recent Market Guide for Marketing Data Providers acknowledges WealthEngine as a representative vendor for these marketing data offerings. It includes a list of data providers and how they can fit into an organization’s structure and strategy. [Market definition, market direction, market analysis, market recommendations].

In this report, Gartner recommends a simple approach to get started.

As marketers, you must ask yourselves…

  • What are the use cases for which you need data from a third party provider
    • Targeting
    • Lead conversion
    • Market research
  • What are the metrics you’re trying to move?
    • Ad efficiency
    • Conversion rates
    • New product uptake
  • What data provider or providers best support your goal?
  • Is your marketing initiative is long- or short-term?
    • If it’s long-term, you’ll need to develop a multi-year relationship with your data provider. Therefore, the provider’s financial viability and customer references become more important.

We know that managing big data and gleaning the insights you need to really drive strategy is not easy, but it is now a mandate for most companies to sustain growth. Imagine what happens when you target the right people at the right time in the right channel. It leads to better engagement, higher conversion, and increased sales.

Now, that’s big!

What’s your secret to data driven success?

*Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.