Or so says our Director of Digital Solutions, Paul Hickey....
Speaking in a recent article for Digital Marketing Magazine, Paul highlights the benefits of reaching individuals based on facts, rather than assumptions - the latter of which being what many marketing campaigns are based on. Observed consumer behaviour from online searches are best-guesses at an individuals' preferences. This is known as probabalistic data. Deterministic data is factual; it's based on something which someone has self-declared, such as birthday, or an action they have carried out (e.g. a house move).
Many marketers believe that deterministic data can't be used at scale in large brand campaigns due to limitations on data pool size. Deterministic life event data, however, such as homemover data, has a potentially huge and high-value audience. With 5-6 million people in the UK moving home every year, this consumer group represents a collective purchasing power of £12 billion.
There are also many other life events that can provide a huge amount of deterministic data, such as having a baby, retiring or going into higher education. For example, over 600,000 babies are born every year. Brands that can engage with people at these moments, and who then continue to adapt their proposition to follow these consumers through their lifestages, can create years of opportunity!
It's also important to be mindful of the importance of a variety when it comes to data, and to combine both probabilistic and deterministic data within campaigns. Using probabalistic data is useful for retargeting campaigns, and combined with deterministic data, brands can create a 360 view of consumers.
To read the full article and find out more about TwentyCi's Deterministic Life Event Data, click here.