The Search Agency is thrilled to offer our clients new analytics capabilities for discovering audience insights using transactional data. This service will enable us to turn our clients’ customer purchase data into powerful multichannel marketing ROI.
What is Transactional Data?
Transactional data is the information recorded from exchanges – usually of money – between people and companies. Transactional data is a broad term that can include everything from purchases and payments to reservations made or interest paid. But here’s the key: we’re not just talking about the shopping behaviors and spending habits of your existing customers. We’re also talking about unlocking powerful insights about your potential customers – even if they’ve never purchased directly from you.
Let’s back up.
Sure, you probably have plenty of data about the customers that added a product to their cart, went through the conversion process and completed a transaction on your site. But what about all the anonymous prospects that dropped off and abandoned their shopping carts? Where did they go? What else did they end up buying? How much did they spend? Which competitor did they buy from? And most importantly – why?
What if I told you that data is available to help you pinpoint not only what your audience buys and when – but also why? You can imagine just how powerful this information would be in the hands of a data scientist or marketer savvy enough to put that data to practical use.
Transactional Data in Action
Transactional data supercharges the process of finding and targeting highly relevant audiences within programmatic media, paid social and paid search. Even B2B tech and e-commerce companies can use transactional data – like when a small business buys another marketing technology or a new mother buys diapers – to prospect new audiences based on specific purchases they’ve made with credit cards and within rewards programs.
Here’s an example: Let’s say a customer visits their car dealership and spends money repairing their car. The dealer could then offer other repair services since it’s likely that the car will need further repairs in the future. However, with transactional data insights, they could also correlate outside purchases with the likelihood of a customer choosing to buy a new car and create a personalized offer that would entice that customer segment to purchase a new car from them.
Armed with data-driven insights pulled from patterns and trends in customer external expenditure data and purchase behaviors, the complex digital landscape becomes a virtual playground for marketing executives.
Benefits of Transactional Data
Here are three benefits marketers can unlock by using transactional data:
- Identify valuable audiences: Blend purchase and intent data with predictive modeling to gain a deeper understanding of the customer segments that drive your business.
- Reach new customers with powerful purchase signals: Reach people who are actively researching and intend to buy new products or services you offer – including those thinking of buying from your competition.
- Improve multichannel marketing ROI: Glean insights from the data to craft highly personalized messaging that clicks and deliver engaging experiences that convert.
By unlocking the full potential of transactional data, you can orchestrate meaningful customer interactions at each digital touchpoint along the path to purchase. You can place personalized, targeted offers directly in the hands of your ideal customer at the exact moment when they are most likely to make a purchase.
Sound interesting? We think so, too. Learn more by checking out our new transactional data service offering.
Ready to unlock the power of your transactional data? Contact us for a free consultation to hear how we can turn your customer purchase data into multichannel marketing ROI.