Data Driven Marketing

3 Ways to Incorporate Digital into Your Acquisition Campaigns

3 Ways to Incorporate Digital into Your Acquisition Campaigns

May 10, 2022 | Todd Hoover

As a marketer and consumer, you know how much time people spend on their devices and looking at screens. But, reaching the right online audiences for your acquisition campaigns is not easy. How can you reach consumers interested in your product or service? And find consumers who are ready to buy the product now? Can you reach audiences that can afford to pay for your offer? Whether your campaign includes display, social, mobile, addressable TV, or other channels, it is critical for your brand to serve its offers to the right audiences.

Here are 3 capabilities to help you reach the right audience for your digital acquisition efforts, speed up your digital transformation efforts, and improve campaign ROI.

1. Look  for new audiences that have the interest and financial capacity to spend on your offers

There is no shortage of audience targeting segments from which to choose for your digital campaigns. There are plenty that can help you reach consumers that may be interested in your offer. But if your digital targeting isn’t factoring in consumers’ capacity to buy your products and services, then your digital campaigns could be missing the mark.

For example, auto manufacturers, dealers, and agencies may want to advertise a specific luxury model. So, who should they target? Initial criteria might be audiences that are interested and in-market for the model or brand. It would also be smart to target audiences that are likely to have a lease ending within six months or that already own a similar vehicle. But it is also important to reach audiences that can afford this high-end model. For example, consumers likely to have income over $150,000 and have good credit.

By using a combination of interest and financial-based digital targeting segments, auto marketers can incorporate all the criteria to form custom audiences for their digital campaigns. These campaigns can hone in on consumers that are more likely to purchase. Targeting segments that incorporate relevant anonymized data about the consumer wallet - such as affluence, estimated income, spending capacity, ability to pay, and financial durability - can be especially helpful in connecting with audiences that can afford your products or services.

Factoring in financial capacity can be the secret sauce for digital acquisition campaigns. One company discovered that over 78% of ad impressions were served to visitors that did not meet the financial criteria for its services. By reallocating impressions to audiences with the desired financial criteria, the company achieved an 88% improvement in its prospecting goals.

2. Reach online audiences that look like current customers

How well do you know your current customers? Can you reach new consumers that have the same characteristics?

Analyzing current best customers by financial capacity, credit behaviors, interests, and spending resiliency, can help marketers identify specific attributes. Then marketers can use these criteria to select and market to lookalike audiences online.

Here’s how an alternative finance company that markets lending services might go about a lookalike analysis for digital targeting. First, the company could analyze its customers in terms of likely income, ability to pay, aggregated credit measures, and economic-based segments. Then, the company would choose digital targeting segments that match these attributes and advertise its offers to online audiences with the same characteristics as its current customers.

One AltFi company that conducted such an analysis using responders from a previous ITA campaign discovered that select attributes could offer over 15% lift in response rates for future ITA campaigns. Going forward, the company could use the same attributes to choose audiences for both direct mail and digital campaigns.

3. Target your best prospect audiences online

If you have been relying on direct mail for your prospecting efforts and are looking to expand your campaign reach, then onboarding your prospect audiences for use in digital targeting can help you boost your acquisition efforts.

Onboarding can really pay off. By developing offline custom audiences fueled by financial insights and then onboarding them for use in an addressable TV campaign, one company saw a 30% lift in new accounts opened.

The shift to digital has been rapid – more and more consumers are transitioning to digital as their primary channel for spending and transactions, and marketers must keep up. Leverage our digital targeting segments and network of digital partners to reach optimal audiences for your online acquisition campaigns. Read more of our case studies and see how we can help your organization.
Try these 3 strategies to enhance your digital acquisition efforts and contact us for more information.

Todd Hoover

Todd Hoover

Marketing Practice Leader

As Equifax’s Marketing Practice Leader, Todd Hoover leads a consulting team that enables clients to build best-in-class, data-driven marketing capabilities and programs. He also leads go-to-market strategy and partner relationships for Equifax in the marketing space. Previously, Todd led global Sales and Business Devel[...]