We see that marketers differ in maturity when it comes to using first-party data. First-party data use cases. Organizations climbing this maturity ladder from single channel to multichannel. Are better able to manage fully personaliz customer journeys by. Combine multiple online and offline data sources and associate them with. A unique enterprise-level customer ID. Supplement existing first-party data with third-party data. Other data such as advertising costs and sales data. Enrich their first-party data with predictions from. AI-driven models such as propensity-to-buy scores. Engagement scores that predict customer behavior. then activate this prediction in the channels and analyze the whole.
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From data to decisions to activation To unlock the full potential of your first-party data, you need the data, analytics, and activation building blocks. Data is collected from multiple sources, cleaned, transformed and combined by Costa Rica Phone Number adding one unique customer ID. This whole is then accessible to other systems that help you gain insights or make predictions. I explain this with an example: From data to decisions to activation in a schedule. In the image above you see a marketing activation situation of an multichannel retailer. The objective is to only target audiences with Smart Bidding that have a customer lifetime value (CL) with a positive profit margin. So the bidding algorithm of an advertising platform should not be steered by turnover or value, but rather by profit margin.
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By feeding the algorithm of the bidding platform with margin data at product level, which also includes discounts, and by correcting returns, you no longer bid on audiences that are loss-making and on the contrary, bid higher on profitable audiences in, for example, Google Ads and on Instagram. To achieve this you have to combine various sources and then score with an algorithm. Different types of modeling for audience and bidding strategies such as conversion models engagement models. Models that predict customer lifetime value. Are appli using the Google AI platform or a similar service.