“Near-market” “auto shopping intenders” perhaps you’ve heard a few vendors pitching you on their newest solution for reaching ready to buy consumers based on some type of dataset that they have access to. While their data may provide some answers, and you might reach some people who are ready to buy or getting close to buying with the right message, the reality is that this type of data, by itself, is only half of what you really need to run an effective and profitable data targeting campaign.
You’ve likely heard the phrase “Big Data,” and how Big Data allows us access to the minds of consumers today and gives us the info we need to effectively market to the right people at the right time. Well, that’s half true! You see, Big Data, is quantitative data. Companies sift through terabytes upon terabytes of data and look for patterns in an attempt to explain consumer behavior online. This is all well and good, and will give you an understanding, but it won’t give you the entire picture. Here’s an example;
You’re bored and you decide you want to look at cars for a bit. So, you hop on a manufacturer’s website and build out a vehicle of your dreams. Then you go to another one and do the same. Then after that you go to a third party listing site and look at a few vehicles… BOOM! According to big data, you’re in market! Or near market, and for that reason, the ads start to show up everywhere!! Dealerships who sell those cars you were looking at are serving you ads. Those specific vehicles you looked at on the third party sites are now being shown to you everywhere…
But here’s the thing… You went to those three sites, surfed each for a bit, and then you went to shop for clothing, and then play around on social media, then you went to go play some online games. And the ads followed you. But you hadn’t really ever looked at cars much before that, and it’ll be a while before you do it again. So while big data might lead advertisers to believe you are ready or getting ready to buy… The truth is, you’re not. You’re not even close. This is where “Thick Data” come into play.
Where Big Data is quantitative, Thick Data, is Qualitative. In other words, while Big Data takes everything and tries to find patterns, Thick Data tries to make sense of it all. Big Data tells us how, Thick Data tells us why. In essence you’re taking patterns and adding a human element, an emotional element to the equation to better figure out why people are doing what they’re doing online. And when you combine Big Data and Thick Data and apply it to consumer auto shopping, you win!
Let’s go back to that example from above. So after visiting those auto-specific sites you go to online shop or look for rock climbing gyms near you. Those actions aren’t showing intent to buy, but the ones that do show intent are recorded none the less. So perhaps two weeks later you search for content related to the vehicle you were looking at for some time, but then go look at cat videos. The auto related search gets recorded, but not the cat videos. This type of back and forth behavior online is recorded in a sort of “online folder” that is specifically yours. As you get closer to buying, your online habits change.
Then one day, you’re online looking at regional incentives, valuing your current vehicle, and searching for local dealers.. NOW YOU’RE READY TO BUY (or pretty darn close to it). THAT is how you combine Big Data and Thick Data! But how does a dealership use it to be a force in the marketplace these days? Where do you get the data? And are there any other benefits other than just targeting the most ready to buy prospects?
Companies get this information through browser search data and tracking. Companies that purchase ad space online (known as Demand Side Platform, or DSP) tend to have large amounts of useful data based on the browsers they cookie for those purposes of targeting and retargeting. Some have invested in machine learning software that will track a consumers path to purchase online. And since it is being done for millions of people on a monthly basis, they can tell when someone is ready to buy or close it. Not just vehicles, anything really.
There are many benefits to using this type of data to target consumers (especially in the car biz). First off, no more spray and pray marketing. Your budget is no longer wasted on consumers who have little to no interest in your products, let alone an actual vehicle purchase. Second; drastically reduced cost per click, cost per impression, and in many cases, cost per acquisition. Because you’re only targeting those who are truly in market and ready to buy, or ready to be influenced into buying, you’re targeting your ads and only showing your ads to those people. So there is far less ad spend, competition for position and clicks, and there is virtually no one to compete with when you’re targeting a specified list of prospects. PLUS, when you target across multiple platforms and screens (social media, display, email, on desktop and mobile) you’ll be top of mind for your best prospects, much more than your competition could hope for.
The only thing you must do to implement a strategy like this for your store is to find the right digital marketing agency who has access to clean data and the creativity to get your best message across. Think about this type of strategy before you go spending thousands on search engine marketing or social media marketing, or direct mail. Adding this type of data targeting in conjunction with traditional and digital can make your marketing efforts FAR more effective, and stretch your spend out as well.