Boosting return on investment by lowering average cost per acquisition (CPA) should be top of mind for all marketers. And though experienced marketers typically plan to keep their heads above water, the reality is that they sometimes sink below the surface. In general, it’s just not realistic to believe you’ll consistently hit your numbers. So it makes sense to proactively consider a strategy to generate incremental revenue from traffic to your landing pages.
Your opt-ins are not “your people.”
Most marketers deploy a variety of strategies, including brand building, direct marketing and content development, to drive people to their websites. An investment has been made to attract each visitor, and there’s an outlined roadmap for each person’s future. It’s not surprising that many marketers draw circles around their site visitors and opt-ins to stake their claim. They’ve worked hard to entice these people to their landing pages, and they’re not letting go.
But, the people coming to your site are not your people. Yes, they came to your island. Yes, they left footprints. Can you guess what they’re doing next? Visiting someone else’s island.
For example, let’s say you’re planning a family ski trip. You’ve booked your hotel, but there’s still lots of planning yet to do. Whether the hotel draws a circle around you or not, you’re moving forward. In the end, you’ll have shared your information with a list of vacation-related sites. And, chances are, many of those companies are monetizing their data to lower their CPAs. Are you?
Intrigued? Read on.
How do you know if data monetization is right for you?
If you answer “yes” to any of the questions below, you should consider implementing a data monetization campaign.
Do you believe prospects who opt in on your site will do the same on your competitors' sites?
Are your competitors sometimes ranking above you in paid search results and Facebook?
Are you struggling to lower your average cost per acquisition?
Do you wish you had more marketing budget to allocate?
Do you want to enter your company’s next strategy session with a solid plan to boost market share?
If you answered “yes” to every question, it’s time to take action!
Your data is like currency, so take care when selecting a data monetization partner.
When it comes to data sharing, being educated is recommended. Before you get in bed with anyone, do your research. Search for reviews, check on forums, ask peers. Do Google searches for complaints or spam connected with either the company name or the company owner. Your data is your currency, so trust your gut and make sure you feel comfortable before you make any decisions.
Next, evaluate the skill sets of potential data monetization partners. Not everyone that says they can monetize data has the skills to do it well. Especially when it comes to executing email campaigns, it takes a lot to get it right.
When researching data monetization partners, we recommend you ask a long list of questions, including those listed below, to identify the partner that best fits your needs.
What vertical experience do you have? Verticals have unique consumer journeys and triggers. You need a partner that understands how to communicate properly within targeted verticals so they don't eat up data without benefit.
What domains (ex. Gmail, Yahoo, Hotmail) do you inbox? There is no one-size-fits-all solution. Even though you may often hear monetizers claim to inbox all domains, you can be confident it is not true.
What is your data hygiene process? You don’t want to enter into a dirty relationship. Ask about suppression files, the unsubscribe process and their third-party partners for removing bad data.
What frequency and types of offers should I expect? How often will my data be mailed? What kind of offers will my data be shown? Are any offers competitive to my business?
So why isn’t everyone monetizing their data?
At our core, we’re hunters and gatherers. It’s human nature to keep everything close to the chest. Translated to marketing, most people assume that every person who has visited their website is a prospective customer representing a potential sale. There’s nothing inherently wrong with that. After all, it’s a marketer’s job to drive conversions. But you can never guarantee data related to your site visitors, often the exact same information you’ve collected, will not get monetized by another marketer.
Do you want to turn your marketing department into a revenue generating department?
Contact us here or email [email protected] to learn more about monetizing your data.
About the Author
David Shteif is Executive Vice President of Automation and Data at Digital Media Solutions (DMS), an industry leader in providing end-to-end customer acquisition solutions that help clients realize their marketing goals. Since its inception, DMS has evolved into an award-winning, full-service performance marketing company demonstrating incredible year-over-year growth, which has earned recognition on the Inc. 5000 list in 2014, 2015, 2017 and on the Inc. 500 list in 2016.
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