Data Ownership

Part II Identity Resolution: 10 Competitive Advantages Provided By Accurate Identity Resolution

Identity Resolution is a foundational component for revealing buyer’s journey insights and predictive analytics.

Building a viable identity graph means collecting and connecting data to market prospects and customers as individuals. 

Then we use that data and buying journey insight to engage prospects at the right time with the right message.

Successful marketing teams are using increasingly accurate ever-evolving identity graphs. I like to call them target market maps. 

The Identity Graph allows you to verify both demographic, financial strength, lifestyle preference, and purchasing behavior. 

Along with internet browsing behavior across multiple platforms. 

The verification is made by comparing a hash event (Site visit, purchase, etc) to the existing identity graph to cross reference the identity to known identifiers.

Data is gathered from millions of digital platforms and events, including website visits, online news sites, purchase transactions, surveys, email providers, public records, and device ID providers.

If your brand aspires to a customer centric focus, the use of Identity Resolution, backed by an evergreen Identity Graph is not optional. 

Here are 10 advantages you will gain after deploying a reliable identity resolution solution: 

Top-Line Income Growth Opportunities

Efficient deployment of reliable identity resolution can improve marketing ROI by more than 50%. Simply by identifying all of your website visitors whether they fill out a form or not. Expanding your 1st party data set by as much as 99.9%

Additionally, opportunities for cross-sales and upsells can be gleaned from insights gained using identity resolution. Identifying potential opportunities to re-engage or retain existing customers and generate new sales increases lifetime customer value.

Accurate Forecasting

Since the day dual entry accounting was conceived, sales and marketing teams have been held accountable for meeting sales forecasts delivered from on high, from the VP level or C-Suite.

The cutting edge of the organization must be highly flexible and adaptable to meet forecast objectives that are constantly moving and changing. 

Accurate ID Resolution Will Focus And Expedite Your Marketing 

Eliminating guesswork (you can target individual prospects with messages by interest category). 

And reacting quickly to in-market or in-funnel behavior with full knowledge about what initiated prospect interest and where a prospect is along their buying journey in real time. 

Personalization of Customer Experience

When you know precisely who your prospect is by name and multiple identifiers, you know with confidence what they’re shopping for. And you can craft messages that answer questions you know they’re trying to resolve. 

When you provide shoppers with the information they’re looking for your likelihood of improving that relationship and generating conversions increases dramatically.

Identify Customers Online in Real-time

The ability to identify a quality lead or an existing customer in real-time on your website is critical. Having identity resolution in action, you can identify a prospect definitively the moment a site visit occurs. And send relevant content over multiple channels to enhance engagement. Thereby improving the customer experience. 

 

Companies are able to accurately identify an existing loyal customer even if they haven’t been authenticated through a login and then act accordingly.

Improved Customer Satisfaction

This is a huge benefit. Consumers are increasingly expecting brands to engage them with highly relevant and personalized messaging. With accurately targeted content. 

If your content and engagement strategy is based on verified prospect identities, you are more likely to meet that prospect’s needs and expectations. 

On the flip side, inaccurate identity resolution can cause erroneously identifying prospects and engaging them in ways they perceive to be invasive or creepy.

Optimize Marketing Resources

When you know who is in-market for your solution and how to reach them across multiple channels, you can market more efficiently. Spending less for better results by not spending time on those prospects not currently seeking your solution. An accurate Identity graph reduces waste, overlap, and duplication of effort.

At the same time failure to deploy  identity resolution results in a shotgun approach, where you rely on hope and best guesses

360 Degree View of Your Ideal Prospect Avatar

Reliable Identity resolution provides intelligence about who’s on the other end of a browser, mobile app, or location. Accurate identity resolution will allow you to create a true perspective on your target market. With a  properly maintained Identity graph you can perpetually enrich your data with new insights. Making it possible to anticipate opportunities. 

Identity resolution is a prerequisite to predictive analytics..

Accurate Conversion Attribution

Without accurate ID resolution, you miss as much as 99% of your 1st party data opportunity and perpetuate a fractured perspective of your target market avatar. Making it difficult to assign conversion attribution from prospects who convert without filling in a form. Accurate Identity resolution allows your team to holistically measure results and monitor prospect activity online and off in real time.

Building Authority, Credibility And Trust

Marketing’s stature and credibility within the organization (not to mention budget) strengthens mightily if you can accurately identify customers and engage them in personalized ways.

Knowing more about customers also allows marketers to create campaigns that are more interesting, relevant, engaging and generate a greater ROAS. You can avoid publishing campaigns that are a market mismatch.

Privacy And Compliance

Privacy concerns when using Identity resolution are addressed by using secure data transfer and encrypted storage, data processing control with access restriction to ensure regulatory compliance. All identifiers are collected with permission based consent.

Final Thoughts and Next Steps

The underlying message to marketers is clear: If you’re not using identity resolution in your marketing tool suite you’re not prepared for marketing your business in 2020. If you  have implemented a reliable identity resolution and ID graph, you’re putting your company in a competitive advantage. 

If you want to keep up with the leaders in your vertical, do whatever you need to get identity resolution under control, and keep pace with your competition.

Schedule a call with Payback DIgital to learn more about how we can help you access a reliable Identity graph.

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