Partner Spotlight: How Versium Boosts Marketing Engagement With Identity Mapping
With so much digital noise out there, how can marketers connect with customers who are actually interested in their offerings? And how can they increase marketing engagementI while navigating complex customer data ecosystems?
Versium is a data technology company that operates an industry-leading identity resolution and insights engine which powers a suite of data technology solutions that help B2B and B2C marketers greatly improve their reach by as much as 5X. Versium’s proprietary data assets include over 2 billion contact points across 30 million North American companies, 60+ million business professionals, and 270 million consumer households. The company’s insight solution incorporates over 2 trillion insights attributes. The result is the industry’s richest B2B2C identity graph and data technology platform that automates data enrichment, hygiene, ETL standardization, and transformation. Versium enables B2B and B2C marketers to better identify, understand, and reach their most ideal prospects across multiple digital touchpoints and marketing channels.
Treasure Data recently interviewed Chris Matty, co-founder and CRO at Versium, to get his thoughts on some of the biggest pain points in marketing and sales, the critical role of CDPs, and Versium’s partnership with Treasure Data.
Treasure Data: What are some of the challenges you’re helping your clients with today?
Chris Matty: Marketers often struggle with getting the most value from their data. And a huge challenge for marketing and sales is to understand exactly who the interested, engaged customers are. In other words, how do you reach the right people, with the right content? We help our clients understand that the first-party data that they have is valuable, can be more effective, and can be utilized in numerous targeted ways. We do this by delivering rich insights, and leveraging our proprietary data, demographics, and firmographics—all of which we can associate to first-party data. Another challenge we take on is helping our customers effectively understand who their customers are in greater detail. We do that through our insights data that we’re able to append to their first-party data. All this allows our customers to solve that challenge of understanding, in a much deeper way, who their customers and prospects are. It helps them construct better, creative messages for their communication, and it allows them to segment based upon that data.
Another massive challenge we’ve seen our technology solve for our clients is the increased ability to reach their desired target audiences and actually improve their marketing metrics around impressions, clicks, and conversions. Without data enhancement, most of our clients are only able to achieve online match rates around 30% or lower. This means when running paid advertising to these audiences, only 30% of their desired audience is being reached, which in turn means low impressions and low engagement. With data enhanced by the Versium REACH online audience tool, match rates increase by up to 5x and campaigns can actually run to their fullest potential. With a larger percentage of the target audience available to be marketed to, the budget that has been attributed to that campaign will now have the potential to be spent, so impressions increase and engagements (clicks) have been seen to increase by 10x. These are not small shifts – these are massive improvements in marketing campaign metrics.
Treasure Data: How do you see CDPs playing a critical role in helping companies grow in the future?
Chris Matty: Whether it is the third-party cookie going away, or it’s larger privacy trends—or whether it’s simply having more data-driven marketing—there is tremendous emphasis and additional focus being put on first-party data and maximizing the value. The CDP plays a critical role in centralizing all of the different data assets that an enterprise has relative to the customer journey and the different touchpoints that that person or customer has during that journey.
With data centralization, the CDP allows you to do things such as data enrichment and activation once that data is there. It can be anything from dynamic website creation to digital activation, but centralizing that data in a single location allows the data to be most effectively used. A CDP allows the creation of audiences so that it eliminates the reliance on third-party cookies for digital audiences. And it provides a means for rich insight for segmenting. Furthermore, it ensures there’s a central location for managing privacy and first-party data management from the standpoint of opting out or anything of that nature.
So ultimately, customer data platforms are going to be crucial in getting data centralized, normalized, and standardized, in order to maximize marketing usefulness.
Treasure Data: Explain your ID graph and how it’s different from competitors.
Chris Matty: The Versium ID graph is proprietary. We’ve been building it for nearly a decade, leveraging our experience that dates back well before we started Versium. Our ID graph sits on top of a very substantial set of proprietary data, both insights data and identity data that we source from many sources. The data we work with is large scale – in the five or six billion identity elements, contact points, and trillions of insights data that we can associate to those identity points. We do all of our identity mapping in run time at real time, which means when we deliver our data enrichment, leveraging the identity resolution engine, we’re able to use the freshest, most recent, most accurate data. This is important because data’s dynamic and changes all the time. And we take advantage of the dynamism of data to make us flexible to tune based upon different levels of granularity and accuracy for different use cases.
Another unique proposition to our identity graph, and the resulting identity graph from our identity engine, is that we have the ability to map both business identity data and consumer personal identity data to each other. What does this mean? We have an immense amount of business contact data on a business person, i.e. who are they from nine to five? What’s their business email domain? What’s their firmographics of the company they work for? Who are they as a consumer, as an individual? And that is hugely powerful when you want to activate B2B digital audiences because the entire ad tech system has been designed to market to consumers.
Treasure Data: How does the Treasure Data CDP fit alongside your company’s offerings?
Chris Matty: The Treasure Data CDP has become a key location for centralized storage and management of customer data as well as activation. It’s a natural platform for us to hook our rich APIs into to deliver data enrichment for the purpose of insights, data, and identity data—all of which provides additional contact points.