When it comes to your customers, "more of the same" is a good thing.
Ever wished you could clone yourself and get more done? Although you can’t (yet), the good news is you can use cloning in your digital marketing to quickly expand your reach and target new event audiences.
But what does that mean, exactly? I’m talking about a marketing technology known as lookalike modeling. Lookalike modeling is a simple and efficient way of broadening your digital marketing reach with little risk. In this post, I’ll explain lookalike modeling and how you can use it to target new audiences for your events.
The best way to start a new project is by reviewing and then building upon existing research. Reaching new customers is no different: your existing customers are the best starting place to find new ones.
If you collect cookie-based data about your site visitors, and we’re pretty sure you do, you have what you need to build a lookalike audience. Lookalike modeling takes input from you about your best customers and extrapolates it to scour the web for people with similar attributes.
The key is data enrichment. Using a data management platform (DMP), you choose the attributes of the established customers you wish to clone. Next, the DMP takes the enriched data from your seed audience and analyzes it for similar patterns within the 3rd party or DMP’s total audience. The DMP then generates a new pool of potential customers which you’ve never reached, but who have a lot in common with your existing customers. This is the lookalike audience, and it is statistically more likely to convert.
For example, let’s say Leafy Ericson is a loyal attendee of event VikingCon. Leafy is 30 years old, lives in Asgard, and buys lots of helmets and hammers at VikingCon every year. VikingCon organizers love Leafy and want more attendees like him. They can use what they know about him and reference it to another pool of candidates provided by the 3rd party or DMP. Consumers matching Leafy’s age, description, residence, and ancient-weapon-buying habits will be targeted for VikingCon ads.
If the idea of cloning or lookalike modeling still raises your eyebrow, take a look at the results.In a study by Forrester Consulting [PDF], data onboarding service LiveRamp Connect used lookalike modeling to target clones of its existing customers. The result? A 250% increase in sales from new customers. Quite an improvement from the 5-20% likelihood of converting new prospects!
In fact, a study by Exelate discovered that lookalike modeling “results in double or even triple the results of standard targeting, according to the 30 percent of advertisers and more than half of agencies who reported using the tactic.”
Lookalike modeling isn’t a magic bullet. It is, however, one of the smartest and most efficient ways to find new customers who are most likely to be interested in your product. Who better to target than effective clones of your best customers?
Feathr makes lookalike modeling for your event easy. As soon as you incorporate the Feathr Super Pixel into your event’s digital content, Feathr immediately begins to track more than 25 attributes associated with your web based prospects. Feathr gives you granular control over the attributes you want to clone by allowing you to build Segments around the attributes that are common among your most valued and loyal customers, like their age, where they’re located in the world, their occupation and more. Once you’ve built a Segment of the desired attributes you’d like to find in your new exhibitors or attendees, you can quickly create a lookalike model of those existing prospects with the click of a button.