What is Data Enrichment for Advertising?
Data enrichment is the process of adding, refining, or enhancing existing data to make it more useful and valuable for businesses. It involves collecting, analyzing, and integrating additional data from various sources to provide a more complete picture of the target audience. By doing so, companies can better understand their customers, create more personalized experiences, and improve ad performance. OTT Video Streaming can take action with data enrichment in real-time to more effectively target the right audience with the right message.
How data enrichment maximizes ROI
Data enrichment is particularly important for streaming media services and advertisers who are looking to maximize the return on their investment (ROI) in online advertising. In today's competitive digital landscape, simply targeting the right audience is not enough. Advertisers need to provide personalized and relevant ads that capture the attention of their target audience and drive them to take action. This is even more relevant for OTT Video Streaming, when users can quickly lose interest and move to another screen or service.
One way to do this is by using data enrichment to enhance the information that advertisers have about their target audience. By collecting additional data points about the audience, such as their interests, behaviors, and preferences, advertisers or OTT Video Streaming can accurately match ads that resonate with the audience.
How data enrichment improves ad viewability
Data enrichment can also help streaming media advertisers improve ad viewability, which is the percentage of ads that are actually seen by the target audience. Once advertisers can better understand the audience's browsing behavior and preferences, they can deliver ads that are more likely to be seen and achieve better engagement results.
For example, let's say a publisher is looking to increase the viewability of their ads. By using data enrichment to gather data points about their audience, such as their browsing history and device type, the publisher can deliver ads that are optimized for the audience's viewing habits. This can result in higher ad viewability and better performance.
Identify new areas of revenue growth
In addition to improving ad performance, data enrichment can also help streaming media services identify new opportunities for revenue growth. With additional data points from food preference to college degree, they can identify new products or services that are relevant to their interests and preferences. This can result in new revenue streams and increased customer loyalty.
In another example, there is a travel company looking to increase revenue from their existing customer base. By using data enrichment to collect additional data points about their customers, such as their travel history and preferred destinations, the travel company can identify new travel opportunities that are relevant to their customers' interests. This can result in new bookings and increased revenue.
Increase revenue with real-time data enrichment
In conclusion, data enrichment is a valuable tool for advertisers and services who are looking to improve ad performance and increase revenue. By collecting additional data points about the target audience, advertisers can create more personalized and relevant ads that resonate with the audience, improve ad viewability, and identify new revenue opportunities.
Being able to enrich the data in real-time, whether by new location parameters, behaviors, or even with an interactive survey can increase engagement. This is critical when there is a large viewing event like a major sports event or show premiere.