"Purchase Data" is the secret to many of today's most effective marketing campaigns.
In virtually every marketing channel...online, social, email, direct mail and telemarketing...and across every B2C industry...Purchase Data often outperforms other data, list and audience alternatives.
Marketers who embrace the power of Purchase Data are seeing response rates and conversion rates double. They are lowering their marketing costs by 50%, increasing revenue, and enjoying faster growth.
But what exactly is "Purchase Data" and how can you make it a central part of your modern marketing strategy?
The Definition of Purchase Data
Purchase Data can be defined as a category of marketing data that accurately identifies consumers who are most likely to purchase a specific product or service. As a result, the unique power of Purchase Data is its ability to put you in touch with your very best prospects without wasting a single dollar on consumers who are uninterested in what you have to offer.
Put another way, Purchase Data gets you in touch will all of the right prospects and none of the wrong prospects. And that, my fellow marketing professionals, is the first step of a winning campaign.
The Six Most Common Types of Purchase Data
So, what are the specific types of Purchase Data that you can use to turbocharge your marketing?
I'm glad you asked. Let's briefly summarize the six most common types of Purchase Data you can use in your next campaign.
1 - Purchase Propensity Data
This data helps you reach consumers who are most likely to purchase your product or service based on scoring from machine learning. Every consumer in the U.S. is given a score (from 1 to 99) that indicates their likelihood to purchase your product or service. When testing this data, we recommend that you begin with the top 1-10 scores.
2 - Purchase Signal Data
This data helps you reach consumers who are actively researching and shopping for products and services in your category. These consumers are currently visiting, researching and shopping across websites that match your product or service category. These consumers on in the middle of their purchase journey and are highly responsive.
3 - Purchase Category Data
This data helps you reach consumers who are currently buying products and services in your category. These consumers are consistently purchasing products and services in your category. Furthermore, you are able to select prospects based on their preferred channel preferences, including online, brick-and-mortar, and direct mail.
4 - Purchase Trends
This data helps you reach consumers who are currently buying from your key competitors. These consumers are making regular purchases with you direct competitors. You are able to select prospects based on their spending levels, recency and frequency.
5 - Purchase Trigger Data
This data helps you reach consumers who are experiencing life changes that "trigger" the purchase of your product or services. These consumers consistently respond and spend at higher levels. You can select by trigger type, including new children, marriage, divorce, income changes, retirement changes and more.
6 - Purchase Location Data
This data helps you reach consumers who are currently buying products and services in specific locations (your locations or your competitors' locations). These consumers are actively visiting locations that make them outstanding prospects for your offers. You can select prospects based on visit recency and frequency as well as hundreds of other demographic, lifestyle and Purchase Data characteristics.
Taking Advantage of Purchase Data in Your Marketing
It's important to note that there are Purchase Data options for almost all industries and applications, including the following:
Health Insurance: Medicare Advantage, MedSupp, Part D, Individual, Dental
Life Insurance: Final Expense / Burial, Term, Whole, LTC
Travel & Leisure
Media & Technology
As you can see, Purchase Data can give you a true competitive advantage in your marketing. You now have an unprecedented ability to reach consumers who are most likely to respond and buy based on their known behaviors and preferences. What's more, these consumers want to hear from you because they have shown that they already prefer the products and services in your category.
Now that you've discovered the power of Purchase Data and the six types of prospects that are available to you, what's holding you back? It's time to put your marketing message in front of the people who want to purchase!
Your Next Steps:
Click here to learn more about Purchase Data.
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