First-party customer information is more than indispensable for any business in this digital world to create more purposeful marketing in order to resonate with audiences. Given that the competition in the streaming space is increasing by the day, the collaboration of Roku and Best Buy is remarkable for helping marketers bring greater efficiency to their marketing efforts.
Personalized ad targeting:
The first-party data is unique, accurate, and authentic as it is collected directly from customers. It allows marketers to understand the customers’ needs and preferences in order to target audiences with personalized ads. As a result, the merged datasets of two companies ensure only relevant audience segments will receive brand ads. The possibility of those audiences showing interest in the brand's products will also become relatively higher. This, in turn, helps marketers drive conversions.
Optimize campaigns and improve ROI:
Ideally, the first-party data from Best Buy will help marketers ensure their advertising investment is on track and not wasted. Because it prevents marketers from spending on audience segments that are not valuable to brands and makes their investments more valuable.
Marketers with access to Best Buy's customer data can gain insights into their customers' pain points, trends in customer behavior, and interests, and thus optimize their campaigns accordingly.
For instance, earlier marketers might have prioritized the audience segments they deemed important. Now with the new data source, they get a chance to target new audience segments that are filled with high-value audiences and lessen their priorities for the others. This way, they can possibly maximize their campaign performance and improve ROI.
Compliant with privacy standards:
Data privacy standards and regulations have become far more stringent than before. It is well known that ad tech companies are facing privacy lawsuits one after the other. Even consumers are becoming increasingly concerned about how brands use their data.
93% of Americans believe it is important to have control over who has access to their personal data. In this regard, as first-party information is regulation-friendly, marketers get the possibility to sharpen their targeting and improve performance with Best Buy data access while respecting consumer privacy.
In short, Roku’s new collaboration with Best Buy gives marketers the capability to reach the exact audiences they want to reach in the streaming space. Thus, the ball is in marketers’ court to make the most of it.