By: Jeff Doherty, Chief Product Enrichment Officer
We know you've got a very full plate already with building your brand, and creating incremental sales, all while keeping costs down. Oh yeah, and having to do all this with fewer resources.
Want to take on some extra data scientist work too?
We definitely don’t want you to do that! That’s why we created the CPG Insights Stream, our ready-to-use data clean room solution. We want to free you from arduous data-wrangling duties and empower you to do what you do best: run world-class marketing campaigns.
Since the launch of our CPG Insights Stream this past spring, we’ve already heard lots of feedback from our clients and partners. One piece of feedback has resonated loud. Our ready-to-use CPG purchase insights drive immediate value for clean room investments and produce more return on advertising spend (ROAS). Yes, this was music to our ears. Talk about a win-win!
This is the very reason we built this solution. To make it easy on our CPG brands as they embarked on a clean room journey. Getting started with a clean room is challenging enough, but thinking about how to leverage purchase insights in a clean room environment can be like thinking about how to boil the ocean. You have to source raw transaction data, bring it into your clean room, append it to your ID spine and segment it by household. We wrote about this process earlier this year. It’s no wonder many brands struggle to see a good return on their clean room investment.
The good news is that complete purchase insights, representative of all U.S. households, can be accessed as ready-to-use, aka, turnkey. And when they are turnkey, you’re boiling one cup at a time.
To kickstart your clean room investment, we’ve created a starter kit of ideas that can be used as inspiration to get you immediate value when using ready-to-use CPG purchase insights.
1. CAMPAIGN MEASUREMENT (A TOTAL SALES VIEW)
First-party data is important, but it's not always easy to obtain and incomplete for most CPG brands. Not knowing which households buy your products or how much they buy makes campaign measurement a tough nut to crack. However, within a clean room environment, marketers can access product purchase data at the household level. And by matching household purchases to campaign ad exposures, you’ll know the total amount of sales by your exposed audiences. Of course, you’ll need an ID spine to make the match. But when CPG purchase data is turnkey, you’ll activate this use case fairly quickly.
2. CRM ENRICHMENT
Even the best CRMs out there can't give you the full picture of your customers. At best you only see a partial view of your buyers. For instance, you have no idea if your customers are buying products from your competitors. You might not even know if they're purchasing other brands that are part of your corporate family. But here's the good news: by enriching your CRM with ready-to-use purchase insights, you can uncover your most loyal customers. It's like discovering a whole new level of understanding and can be actioned quickly.
3. AUDIENCE TARGETING
If you want to boost incremental sales, target households who have already bought your brand. But if your CRM is not complete, it is challenging. Here's a neat trick: add purchase insights into your clean room and find those households that are a perfect match based on past purchases. When purchase insights are used to create audience segments, you're running more efficient campaigns. You're finding those households who are most likely to buy your product. You can even create lookalike audiences that resemble your most loyal customers. By targeting households with similar purchasing behaviors, you'll expand your reach and increase your market share. And guess what? If you have purchase data that's ready to use, you can activate this incredible strategy in no time.
4. SUPPRESSION/OPTIMIZATION LISTS
Here's a smart move you can quickly implement to save you from annoying customers and bring efficiencies to your ad campaigns. Suppress those households who bought your product recently using purchase insights. This way, you won't bombard your buyers with unnecessary ads. Reinvest your savings to achieve greater frequency, or pocket the savings altogether.
The use cases described above are standard, but brands struggle to accomplish these because their data is not usable. But when purchase insights are turnkey, they can be accomplished immediately. Learn more about creating a win-win scenario for your brand by achieving more ROAS and creating an ROI for your clean room.
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