GrowthLoop, the leading composable customer data platform (CDP) provider, announced a new partnership with TransUnion, a global information and insights company known for its robust identity graph. This partnership pairs GrowthLoop’s best-in-class unified audience layer with TransUnion’s TruAudience Marketing Solutions, which provides high-quality data on more than 98 percent of consumers across the country. Together, they help solve a significant pain point for marketers: overspending on ad campaigns that often fail to reach their target audience.
The disparities between a company’s first-party data collected from its owned channels and the data from third-party advertising platforms like Facebook and Google Ads have led to match rates hovering at a mere 20-40%. This number will only continue to decline as Google phases out third-party cookie support in Chrome. Low match rates mean digital advertising campaigns reach the wrong audience, or worse, create a poor user experience for individuals who should be excluded from campaigns, such as recent purchasers.
Marketing teams burn budgets on incorrectly targeted campaigns, which drives poor return on ad spend (ROAS) and unnecessarily high customer acquisition costs. By partnering with TransUnion, GrowthLoop is helping marketing teams tackle this challenge head on, providing the enhanced identity resolution and activation capabilities needed to boost addressable reach and maximize return on ad spend.
“Low match rates are detrimental to advertising campaigns. False positive matches, driven by ‘fuzzy match’ algorithms, can be even worse. Marketers have struggled with this challenge for far too long, but we don’t have to accept this as the status quo,” said Anthony Rotio, Chief Data Strategy Officer of GrowthLoop. “Precisely targeted advertising is crucial for marketers, especially in the wake of ongoing third-party cookie deprecation. Our partnership with TransUnion can help marketers spend their advertising dollars wisely, reaching the right customers without disrupting audiences who might benefit from a different campaign in the future.”
Through this partnership with TransUnion, new and existing GrowthLoop customers will have the option to toggle on Enhanced Match Rate within the platform. This enables greater reach and better engagement for GrowthLoop’s enterprise customers in industries including financial services, healthcare, technology, telecommunications, sports, entertainment, retail, consumer packaged goods, and more.
“When testing the new solution, we were able to more than double match rates between audiences and paid media partners in many cases,” added Rotio.
Key Benefits of GrowthLoop’s Enhanced Match Rate
- Reach more of your audience – Marketers can engage a higher percentage of their key audience on paid channels, ensuring maximum exposure, reducing the risk of losing market share to competitors, and optimizing return on ad spend.
- Better suppression – Marketers can feel confident that they are excluding their current customers, as well as those who have already completed the goal conversion of the campaign.
- Optimize ABM strategies – Important account-based marketing (ABM) initiatives succeed in reaching the right targets with the right messages.
- Provide a seamless cross-channel experience – Customers receive consistent and accurate messaging across channels, enhancing brand loyalty and overall satisfaction.
- Reach more of your desired customers on paid channels – Marketers can expand their reach and attract new customers by overcoming the limitations of low match rates and eliminating the need for third-party cookies.
- Learn more from campaigns – Larger audience sizes provide more meaningful data, so marketers can derive valuable insights for optimizing future paid campaigns.
- Reach business goals – With more effective paid advertising campaigns, marketers can confidently work toward and achieve their revenue goals.
“TransUnion is excited to partner with GrowthLoop to deliver a solution that directly addresses the challenge of engaging consumers in the digital landscape,” said Douglas Feit, VP of Channel Sales at TransUnion. “Marketers must manage cookie deprecation and improve addressability with identity-based activation to effectively achieve performance in their customer acquisition and retention.”
SOURCE: PRNewsWire