What is Data Management?
Each day advertisers in our industry are generating leads/sales with their offers. Whether the lead is an email submit, lead gen, business opportunity, free trial, or sale – it generates data. The data might come with a lot of info (sale), or very limited info (email submit), depending on the offer. With this data also comes the ability to generate another revenue stream for the advertiser by monetizing the data that has been generated.
However, before the advertiser can think about monetizing their data, they need to make sure that their privacy policies address the Can-Spam Act, Do Not Call List, and many other regulations that have imposed certain restrictions on the way they can market their list. However, if they intend for another party to manage the data, then it must mention in the Privacy Policy that a 3rd party will be marketing it on their behalf.
That being said, there are many ways to monetize the data (whether it is online or offline) with one of the most popular types being email marketing. Email marketing allows the manager to distribute offers to repeat and potential customers for a relatively low expense. The manager will be able to receive quicker feedback on the offers that are working best with the list they are managing. The manager will also use the feedback on the offers to further breakdown the list into sub lists, which react to the same type of offers or campaigns. By studying the info in the data, they can geo target portions of the data to increase their returns.
Depending on the amount of info that is included in the data, another option would be direct mail advertising. Historically, direct mail was used to target previous customers with catalogs and specific offers, which took previous purchases into account. With the improvement in printing technology, ads and campaigns can now target neighborhoods, cities, states or specific areas of a country. This allows the ads to be a lot more personalized to the consumer receiving the mail.
If you are collecting home telephone numbers in your data, another form of monetization would be telemarketing. This style of marketing will allow you to contact existing customers, follow up with product performance, and offer an opportunity to upsell the consumer on new products and/or services. It also allows you to continue the personal interaction between you and the consumer.
Cell phone data is also becoming extremely valuable with the rise of short messaging service (sms) marketing. What’s great about SMS, is that it allows you to interact with the consumers in your text by asking questions or prompting an action on their part. It is estimated that over 2 billion people world wide are sending or receiving texts, so you could not ask for a more widespread consumer base. With the addition of regulation on this type of marketing, deliverability is becoming more dependable than email delivery.
Using the aforementioned ways to monetize their data, advertisers are finding a more consistent way to generate revenue on the backend. This new acquired revenue will allow them to reinvest and improve their company quicker and more efficiently.
