Ad targeting has long been plagued by bias, with traditional methods relying on assumptions about demographics and failing to accurately represent the diverse and changing nature of modern consumers. As a result, many brands have struggled to reach and engage their target audience effectively, fuelling frustration and the rise of ad blocking technologies. However, iPROM Private DMP is here to change the rules to this game.
As a leading first-party data management platform, iPROM Private DMP uses lookalike targeting and machine learning to address the issue of bias in ad targeting. In this post, we’ll explore the importance of first-party data and how iPROM Private DMP is revolutionizing the way brands reach and engage their customers.
First-party data and lookalike targeting
As a marketing executive, you are always looking for ways to improve your targeting and media buying strategies to reach the right audience with the right message at the right time. One solution that is gaining traction in the market is the use of first-party data and lookalike targeting through the use of machine learning.
First-party data refers to the data that a brand or a business collects about its own customers and prospects. Because it’s collected directly from the source rather than being purchased from a third party or inferred from external sources, this data is extremely valuable. First-party data can include different types of data, such as customer demographics, behaviours, preferences, and interactions with the brand.
Lookalike targeting is a machine learning strategy that uses first-party data to identify and target new prospects who are similar to the brand’s existing customers. The algorithm analyses the characteristics and behaviours of the brand’s current customers and uses this information to find and target new prospects sharing these traits and behaviours. This allows the brand to reach new audiences that are likely to be interested in its products or services, improving the chances of a successful conversion.
How first-party data ensures more effective advertising strategies
One of the benefits of using first-party data and lookalike targeting is that they can help reduce bias in ad targeting and media buying. Traditional targeting methods often rely on assumptions about who the target audience is and their potential demographic properties or interests. This can lead to unintentional biases and stereotypes that may not accurately reflect the diversity and evolving nature of the target audience. By using first-party data and machine learning, brands can eliminate these biases and reach their target audience more accurately and effectively.
In addition to reducing bias, first-party data and lookalike targeting can also improve the relevance of the ads that are displayed to the target audience. By using data about the target audience interests and preferences, brands can create ads that are more relevant and personalized to the individual user. This can increase the likelihood of a successful conversion and improve the overall brand experience for the target audience.
Compliance with EU privacy regulations using first-party data
Another important consideration for brands is compliance with data privacy regulations, such as the EU General Data Protection Regulation (GDPR). iPROM Private DMP is a first-party data management platform designed to help brands comply with these regulations while still being able to use first-party data for targeting and media buying. As a leader among European first-party data management platforms, iPROM Private DMP provides a range of features and tools to help brands manage their first-party data in a compliant and transparent way.
Marketing specialist and CMOs can secure GDPR compliance and tap into valuable insights about their customers by using iPROM Private DMP to create targeted and personalized campaigns that drive brand impact and business growth.
Are you ready and empowered for all these changes and more pervasive ways of advertising in the future? Learn more about iPROM Private DMP and contact our data specialist to help you achieve your marketing goals.