A secure and automated way to share and enrich your data
The news: We’re excited to announce that Data Axle data sets and hygiene services are now available on Snowflake Data Marketplace. Snowflake customers will have access to our complete consumer demographics on 310 million individuals and 117 million households and business profiles with over 350 attributes on 60 million businesses in the U.S. and Canada.
How this helps you meet your business goals: We’re in the business of solving customers’ challenges through accurate, comprehensive data. Snowflake Data Marketplace provides a single, integrated platform where users gain access to an entire network of data in the Data Cloud, to achieve deeper insights and gain a competitive advantage.
Let’s delve into 4 use cases to illustrate how to get the most out of your data:
The amount of data corporations have on hand is growing by an estimated 40% a year. However, 20% of that data is estimated to be polluted, which costs companies millions. In fact, research firm Gartner estimates that the cost of this polluted data is over 14 million dollars annually. The benefits of having standardized, updated and complete data cannot be over-stated. Increased productivity, accurate reporting, informed decision-making and scalability are just a few of the reasons companies are allocating more of their budgets to data and analytics than ever before. However, if you don’t address the quality of your data, you won’t be able to realize these types of benefits.
Real-time data enrichment can fix the adverse effects of polluted data. Today’s global economy means businesses are constantly growing, merging, changing and moving. Traditional static databases aren’t aligned with today’s business models. Many businesses are investing in real-time data hygiene services and data management solutions. Data Axle integrates seamlessly into existing CRMs, including Salesforce, in order to enrich existing data in real-time.
As we mentioned above, building popular products and running successful sales and marketing campaigns begin with the mindful process of selecting the appropriate data to create the correct target audience. However, not all companies have the in-depth contact, demographic or psychographic data (such as interests and beliefs) needed for gaining deep insights into customers, locations and leads or for building advanced segmentation and audience models.
Good data hygiene isn’t a “one and done” type of job, it’s an ongoing process. After all, your database is constantly changing. Having clean data that increases ROI is a process, and this process should be one of your top priorities. Good data hygiene has two steps. First, you should identify incomplete, duplicate, incorrect, inaccurate or irrelevant parts of the data. Next, you would complete, correct, dedupe, delete, or modify the dirty data. Using Data Axle through Snowflake ensures that your data is always clean, standardized, updated and complete. Clean data updated in real time is often essential to making good business decisions.
Use case: Financial services companies use clean, real-time data to predict risk in a changing marketplace
Financial services companies use predictive models that rely on historical data to predict the future, for example assessing credit risk and stock price forecasting. The COVID-19 pandemic has resulted in massive market and economic fluctuations and reduced stability in certain industries. Financial clients need a large quantity of very specific data from their data providers – such as real-time transactional data and movements in current-account balance. Layering this data with firmographics that indicate which types of businesses are opening/closing, how many employees they have and where they are located helps finance companies identify economic trends. This data is especially important when looking at industries affected by this crisis, such as hospitality and travel, as it can help predict which businesses will stay afloat through the crisis and which will need to default.
Our partnership with Snowflake gives you the ability to query information on all people and businesses in North America, to understand demographic and firmographic trends within different regions, socio-economic groups, industries, business sizes, etc. Companies can use this enriched data to make better business decisions. Many use these advanced analytics for customer profiling and segmentation, insights into store/regional performance, territory alignment, building a better understanding of the competitive landscape, making important pricing and packaging/bundling decisions, penetration analysis, and identifying expansion opportunities.
When it comes to marketing, this information is crucial to formulating relevant and compelling marketing messaging that’s personalized to the needs of your prospects. When looking to serve personalized ads to high-value prospects, marketers can tap into unique industry datasets to enrich their knowledge of a given prospect at the personal level.
Use case: A local analytics company delivers enhanced building insights using Data Axle business data
A local analytics company provides its customers with access to a platform that they can use to gain more insight into businesses and/or consumers in their area. Their customers use the platform for a variety of purposes, including market segmentation in a specific geographical area, prospecting to reach new customers, site selection to decide where to put a business, or even indexing for building out a new neighborhood.
Leveraging Data Axle’s data, the local analytics company improved the insights their customers could access by adding comprehensive business and consumer information such as which businesses are inside a specific building, the square footage of each office, how many employees are employed by each business, which buildings have high leasee turnover and which industries cluster in which buildings or locations.
An accurate, well-targeted list is the bedrock of all marketing efforts. Data Axle makes it possible to obtain a live, ready-to-query list of consumers or businesses based on demographics, firmographics or geography directly in Snowflake. When list building, keep in mind that your high-value prospects will “look” like your highest-value customers. That is to say, they will have similar attributes (e.g., job titles, industries, company size, business models, etc.). Keep in mind when list building that modeling will greatly increase campaign success. For example, look-alike modeling takes customer data and maps it against a broad prospect audience to identify which prospects most closely resemble your “best” customers. Once they are identified, marketers can reach these “best” prospects through a cross-channel lead generation/acquisition strategy designed to engage and convert.
Use case: Spartan
The most important factor powering the obstacle racing industry is its tight-knit, passionate and socially connected community. These athletes inspire one another and new recruits by sharing pride in their accomplishments with photos and race results they post on social media.
The savvy Spartan marketing team saw an opportunity to embrace the social advocacy of their customers to help boost Spartan’s email subscriber base and bring in new customers. Spartan was able to use Data Axle’s proprietary customer acquisition solution to build a list that targeted consumers that are likely to be socially-minded. [Learn more about how Spartan and Data Axle worked together]
There’s no doubt about it – COVID-19 has blurred the lines between work and home forever. As executives move from board rooms to home offices, the divide between work life and home life is being erased. Traditionally, the lines between a consumer’s work and home life were more difficult for companies to understand. There was no way to combine the business and consumer profiles of a single individual into a cohesive view. Now, there are tools, like B2C Link, that marketers can use to gain these kinds of insights and approach each prospect in a holistic way, informed by who they are as an individual at their work place and outside of it. This unique ability to view both personal and business insights in one profile redefines the way customers can target audiences and identify existing customers as commercial prospects.
Use case: Pacific Life targets business owners on Facebook
It’s easy to ignore the home life of your business prospects. But Pacific Life decided to try to capture the attention of small business owners outside working hours – on Facebook. Facebook started as a way for people to manage their personal lives, but for many small business owners, work is on their minds 24/7. Facebook is a powerful way to capture your audiences’ attention outside of cold calls and email campaigns.
Snowflake Data Marketplace provides a single, integrated platform where users gain access to an entire network of data in the Data Cloud across cloud and across region. Using Data Axle’s data sets through Snowflake allows you to achieve deeper insights and make the best business decisions possible.
Want to learn more? Take a peek at our data sets on Snowflake Data Marketplace.
As Content Marketing Manager, Natasia is responsible for helping strategize, produce and execute Data Axle's content. With a passion for writing and an enthusiasm for data management and technology, Natasia creates content that is designed to deliver nuggets of wisdom to help brands and individuals elevate their data governance policies. A native New Yorker, when Natasia is not at work she can be found enjoying New York’s food scene, at one of NYC’s many museums, or at one of the city’s many parks with her two teacup yorkies.