Being first to arrive at the party is always good! That’s the way it is with data, too, and making use of your first-party data to improve your campaign targeting is the smart way to market your healthcare company.
First-Party Primer
First-party data is acknowledged to be more valuable than other types, because companies collect it from people with a specific relationship with their brand—clients and prospects who have previously interacted with the company. This makes it more accurate and relevant than second- or third-party data; it’s also easier to obtain because in most cases companies already have it, and there are fewer privacy concerns surrounding it.
Learning to Leverage
When you have access to a gold mine of this nature, here’s how you can leverage it to improve your campaign targeting:
1. Personalization
By collecting the correct data from your client interactions and analyzing it correctly, you can derive insights based on purchases made, and by whom. This allows you to create personalized campaigns for new products in related categories.
If you know which clients purchased a glucometer in the past year, for example, you’ll know to whom you should market replacement glucometer strips. You can cross- and upsell multiple products or services based on past behavior, simply by personalizing your approach to the right data set.
2. Building Look-Alike Audiences
The principle of market segmentation is based on the idea of identifying current and prospective clients who have similar attributes, and grouping them into a “segment.” This is simple to do with first-party data, because you have records showing which products clients purchased. By using data to identify the common buyer characteristics, you can build a visual persona of a particular type of client.
Through purchasing quality second- or third-party data, you then create a look-alike audience with the same characteristics as the first-party clients in your original group. This will give you a very specific audience to target with the same product purchased by your clients.
Your look-alike audience will have many similar needs and wants, life circumstances, buying power, family values and residential status as your initial group, and often the same marketing methods and channels will reach them effectively.
Make the most of your incredibly valuable first-party customer data to help target your marketing campaigns far more precisely than you could previously.
Call Wax Custom Communications at 305-350-5700 or visit waxcom.com for more information on using big data to target your marketing campaigns.
