The TruSignal team recently hosted a webinar to share findings from the September 2016 commissioned study, The Total Economic Impact™ (TEI) of TruSignal, conducted by Forrester Consulting on behalf of TruSignal.
The webinar featured guest speaker Michelle Bishop from Forrester Consulting, who unveiled the study’s findings and told the story of a TruSignal client who found that their existing campaigns, including behavioral targeting using online data, had maxed out.
Michelle presented great insights about TruSignal’s client’s journey, and there was excellent discussion about the power of offline data and predictive scoring. In case you missed it, here’s your recap.
The Client Challenge
The TruSignal client aimed to expand their customer base by bringing in more high-balance customers. Before TruSignal, the company used online data to target in-market consumers who shared characteristics with existing customers. Here’s how the firm’s associate media director described the scenario:
“We were reaching people who were in market for a time, but it was like chasing a shadow; we were always two steps too late. Customers already made the decision before we served ads to them.”
The company needed an easy-to-implement and easy-to-test solution with the ability to reach customers early in their customer journey. The firm reached out to TruSignal because we use offline data and predictive scoring to build custom, people-based audiences that power accurate, efficient target across every channel and device.
The CampaignWe started with a sample of the company’s best existing customers. We then used our predictive scoring engine and powerful offline profile data to build a predictive model. We used this model to score 220 million U.S. adults from zero to 99, based on how likely those consumers were to convert for the company. You can learn more about how TruSignal builds custom predictive scores here.
Leveraging the highest scores to target high-value consumers who were likely to convert, the TruSignal client was able to reach consumers earlier in the consideration process. An executive noted, “We were reaching people too late in the funnel before, and with TruSignal we were able to expand that time window.”
Moreover, by applying the lowest scores as a filter to their existing campaigns, they suppressed targeting to people who were unlikely to convert, increasing campaign efficiency. The filter decreased wasteful spending on prospects who were not a great fit. “One of the main benefits of TruSignal has been to eliminate wasteful ad spend,” observed the company’s director for digital marketing. “We are able to suppress marketing to people who are not in the right demographic.”
Forrester’s analysis proved that over the course of the campaign, the TruSignal client also experienced:
- Increased marketing efficiency by eliminating wasteful ad spend, saving $1.96 million over 3 years
- Increased audience targeting accuracy and effectiveness
- Access to massive breadth and depth of offline data
- Improved flexibility
Q & A with TruSignal
The webinar sparked discussion about TruSignal, the client and the campaign. Here are just a few highlights:
Q: A lot of audience targeting companies talk about creating custom audiences or lookalike audiences—Facebook, for example. How is TruSignal different?
A: … First, we’re using offline data only. I call that out because I know a lot of platforms, or partners we have, use a combination therein. Because many of the use cases for our predictive scores are to be used in concert with online data, we think it’s helpful to understand that we’re using just offline data and really using that data to drive our predictive scores.
The second thing is not all lookalike models are using the brand’s first-party data or first-party data coming from the data provider itself. We think that results in far better and more predictive lookalike scores or models…
Q: Is TruSignal’s value-add primarily the analytical approach it takes to create predictive scores, based on first-party data provided by the company?
A: … Our value is in the modeling itself and the speed in which we can deliver it, which I mentioned in the presentation, we can do it in 24 hours … Also, we’re transparent with all of the offline attributes—again, it’s offline data only. I do think a lot of our partners evaluate us on the basis that we’re a turnkey solution. We’re able to go from seed to model to distribution, all in the same package, and provide that as a total turnkey solution. Our goals are speed and ease-of-use, and those are things we’ve been working very hard on
… We’ve also built a platform that you can log in to and upload your audience and get insight about the seed audience that you’ve provided and then we can turn your audience around quickly. But we can also do it at scale. … The platform is absolutely built for scale and I think that all together is part of the value prop.
Q: Can you give some color on what the client is currently doing with TruSignal?
A: … They’ve been taking the models and applying them to two things: new platforms, taking advantage of the portability of our solution; and, secondly, as they’ve been looking at new opportunities and new lines of business, they’ve us to help identify the next best customer to help them identify where to focus …
Don’t miss out on hearing all of the discussion. You can download the webinar recording here.