Why Is it Important to Own Your Data as a Big Data House?
Big data houses need to have access to their own data. CCPA legislation restricts the data they had before. However, with transformed household data, they can make their data even more relevant as it’s transformed in real-time.
Large data houses have a massive data warehouse and data set. With the new sale of data legislation, how do we make this relevant to clients? If your clients are in real-time, transforming their cookie audiences into household audiences, this enriches your entire dataset. A company like Acxiom would be able to deliver a fully comprehensive, accurate, infused and rich set of true first-party data.
How To Begin To Collect First-Party Data
Once you invest and license our technology, you can place it on your client’s website. Our technology will immediately start collecting data. From there, you're able to activate that data through the system itself, similar to an ad-buying platform or an ad choice platform.
If you’d rather DIY the data activation, you can use our API system to download all the household data and activate it on your own as well. Most tools have a set of APIs.
How To Activate Your Data
As a big data warehouse with a lot of data, you're likely looking for ways to activate it. You have an amazing set of data. With legislation, it’ll only become more difficult for you to utilize your collection. How do you make sure the information is ultra-relevant?
You will want to invest in a license for technology like FullThrottle, put it on your client’s site, and have the data feed back to you, likely through the same set of APIs.
Once you have that household data, you can use it to create look-alike audiences, right in your own data set. If you have a billion households that are in-market, now you can use your client’s first-party data and not just what’s in their previous transactions. You can use the real-time, daily generated household data to create a look-alike or hone in on your 10 billion set right into a great targeted audience that you know will perform for your client.
Avoiding the Data Famine as a Big Data House
It is important to recognize there is a first-party data famine.
Awareness is key. Understand that if you wait until 2023, you likely will see incremental rising costs and a cost per acquisition or cost per lead type of metric.
You’ll also be dead in the water.
Everyone knows they need first-party data. The problem is that there is not a lot of it. You can use your previous transactions and leads in your CRM; however, that’s not enough to create a complete, comprehensive list.
With FullThrottle, not only can you use the list and the customers you already have, but the technology also does a good job of helping you build more first-party data, due to the transformation factor within it. We can bring conquest audiences to people on your website and build additional lists of people who haven’t transacted with you—yet.
So, if you want to be someone who doesn’t end up in a famine and would rather be where all the great, rich first-party data is being created, it's important to be ahead of the curve on this one.
Steps to Being Ahead of the Curve for a Big Data House
For those of you reading this, awareness is already the first great step.
The second step is to champion that in your organization—ask what the plan is. Put together a couple of different strategies to help your big data house to avoid the data famine and get to a place of truth with rich, first-party data.
We have all seen the results when running campaigns with first-party data versus no first-party data. The results our brands, agencies, and big data houses are seeing is true return on investment––especially with first-party data that they own. This data is comprised of people who are interested in their products/services.
The conversion rates and the effectiveness of those campaigns utilizing that first-party audience have been off the charts.
It's so important to start now. Start building up that audience, so you can slice and dice and run campaigns whenever you want to—just start taking advantage of it.
Because right now, if you're reading this, you are now ahead of the curve.
The Importance of Awareness
There are not a lot of big data house businesses that are aware of this or even thinking about it. Now that you're reading about this, you have the competitive advantage you can give to your business and your clients.
We have seen different types of organizations succeed with our technology so far. Agencies, media companies, and brands that are using it are leading the charge internally at their organizations. It very positively affects their careers.
Now, in your organization, you are an agent of change, an agent of positive transformation. That's a great way to help think about how to propel your career forward and help your organization navigate the best path forward.
FullThrottle Data Analysis
We are pleased to offer a complimentary Data Analysis.
If, after reading this, you are still unsure if FullThrottle is the solution for you, we can offer you a Data Analysis.
How It Works:
We set you up on the technology.
Once you start collecting your data or your client's data, we analyze it over a 60-day period to see what you’re working with.
After looking over the data, we can help you determine if we are the right fit for you and your business. Then, if you want to start activating some of that market against the households, we can help you do that.
To discuss the options best suited for your needs, register for your demo here.