Our identity is singular, meaning there is only one of us; everything about each and every one of us is unique, and organizations are finally beginning to see the importance in recognizing those differences.
Identity resolution involves the creation of single profiles through the collection of varying data points including browser behavior, transactions completed, devices used, and more. The result is a holistic view of customers and knowledge that allows organizations to communicate in ways that suit the individual rather than the masses. This data can strengthen campaigns and increase your customers’ experience.
What’s All of This Really Worth?
- Brand Loyalty: The most valuable thing any organization can have is a satisfied customer. Customers that are happy with the services provided to them are likely to return, and they are likely to recommend those services to people they know, bringing organizations new clients through passive marketing. How does identity resolution play into this scenario? To provide a client with an exceptional experience, it is necessary to have an understanding of who they are, what they like, and how to best communicate with them. For example, say you have a customer who has visited your site multiple times and has a shopping cart filled with items, but no purchase is made and this happens multiple times over the course of the week. Your system, using that individual’s identity resolution profile, is able to recognize this as a pattern for this client and an email prompting a purchase can be sent to that client, reminding them of a task they may have forgotten. That simple exchange can create a sense of security with a client; you’ve made their job easier, helped them accomplish a task, all with a simple email reminder. Without the utilization of identity resolution, that email may have never been sent and that purchase may have never been completed, resulting in not only the loss of a sale, but the potential loss of a client.
- Retargeted Ads Improve: 34% of consumers agree that in order to improve retargeting retailers must understand when a shopper is no longer interested in a product or they have already purchased it. The benefit here is two-fold, not only will clients see ads that can pique their interest because it is new, but ads you are spending money on won’t be wasted on individuals who have no use for them. If a client has frequented your site and has recently purchased a new coffee mug, sending them ads for more coffee mugs does nothing, but if with an understanding of that client and their behavior you realize they have already purchased a mug and instead you show an ad for a kettle or new coffeemaker, they may be enticed to search your site more and perhaps even make another purchase. Knowing what they want is amazing, but to know what they already have eliminates some of the guesswork involved in sales and makes closing the deal a little bit easier.
- Decreased Ad Spend: Your return on ad spend will more than likely increase as well! A greater understanding of what your clients need and want will mitigate some of the risk involved in marketing and increase the quality of communication between the both of you. Messages that are redundant in nature, or unrelated to a clients needs can cause the opposite reaction with a client. A client who receives ads that are consistently uninteresting or unrelated to them, is likely to unsubscribe from varying types of correspondence. That loss affects the reach of your ads, as well as your relationship with that client. With the utilization of resolution techniques, there would be a profile for this client and the ads shown and correspondence sent out would align with what is on the profile. Marketing is not a one size fits all business and the sooner organizations accept that, the better off they will be.
- The Identity: An individual’s identity in this instance is based on their online persona. Identity resolution gives you the whole picture. One person can have a smartphone, a work computer, a desktop at home, and a tablet. All of these devices can belong to the same person, but the data you pull from one can greatly differ from another. When creating these profiles, data is pulled across devices, platforms and web subscriptions. This data aggregation allows for every facet of this individuals life to be categorized, noted and accounted for; this identity has layers, personality, and opinions, and an organization’s ability to see and account for all of these intricacies can only help in making their client relationship better.
Identity resolution, as important as it is, is just a piece of the puzzle. The tools required to compile, understand, and use this information are varied and to truly understand the methods behind this solution requires expertise; at Marketop you’ll find experts who understand identity resolution but take it a step further by using our AI and machine learning platform to find you the highest qualified leads possible. We help you understand what these clients are looking for while highlighting the profiles of those who are, in real time, seeking your services near you. Understanding the profile of someone in Los Angeles when you run a small organization in Brooklyn isn’t helpful, but understanding the profile of someone in Brooklyn who is actively searching for your services is game changing.
Identity Resolution: The Takeaways
As time passes, things evolve and those who are unable to change find themselves becoming a distant memory. How we market and who we market to no longer subscribe to generalizations; consumers are becoming more aware of their power and they are leveraging that power to force the hand of organizations to become better. If an organization is unwilling to learn about their consumer and change with the times, consumers recognize that, and are able to move on faster and easier than ever before.
We’ve discussed the importance of knowing your audience in the geographical sense and how that can benefit your marketing bottom line, but knowing who they are can do the same. The accuracy of your market will decrease your ad spend; perhaps the same amount of ads will show but because of their individualized accuracy they are more likely to convert. Your marketing strategy requires a lot to truly be successful, any missing piece can cause irreparable damage, but because of our 360 take on the marketing process, Marketop makes certain that no piece is missing and no damage is done.
There is a wealth of information out there, and the knowledge that is available to organizations now rivals every long standing marketing strategy. The key to a successful business is a satisfied customer, a customer who can rave about you, a customer who is eager to return. What Marketop offers, through the incorporation of machine learning, AI and identity resolution techniques, will change things; your clients will find themselves reinvested in you, and new users will be blown away by you.
In the coming year there is going to be a great demand for identity resolution services. Wonder why?
- Identities are moving targets that constantly change. Marketers admit that they lack the technology, skills, and institutional knowledge required to properly manage data as it evolves over time, which jeopardizes data accuracy and value.
- Brands are unable to keep up with the rapid release of MarTech innovations, both in terms of cost and onboarding.
- Many marketers still rely on a limited scope of identifiers, which will prevent them from adapting quickly to compensate for changes in privacy and data laws.
- As the volume of identifiers, devices, and touch points continues to increase rapidly, brands that rely on siloed tracking methods and disjointed consumer identities will miss promising new opportunities to deepen their understanding of individual consumers.
What does all of this mean for you? Well, it means that you’re going to need some help. For an organization to implement all of the technology, tools, and to train a team of qualified individuals to successfully keep up with these trends and change methods, a lot of have to change and even more would have to be spent. Honestly, there is no need for an organization to take a project of that magnitude on because Marketop exists. We aren’t just followers of these trends, we are trendsetters.
Your organization can lead the pack and cement themselves at the forefront of this new era of marketing. We are currently in a unique position, we are aware of what needs to be changed and we are equipped with all the necessary tools to make those changes.
Our goal is to help you understand consumers. At Marketop we understand what you need; we practice what we preach. We’ve recognized patterns, created profiles, and tested our theories resulting in successes across the board. Work with us and gain an understanding for the consumer and show them how well you pay attention; sometimes that’s all it takes.