Different types of data have different value, and how you provide that data influences advertisers. Learn how there is explicit data that you provide, and implicit data that is based on websites you browse and content you consume.
- Marketers use a variety of methods to determine your interest level and intent to purchase. They do it by gathering as much information as they can in the shortest amount of time. Think of it like dating. When I met my wife, I operated in the same mindset as marketing technology. I was interested in her and my goal was to gather as much data as I could. Now, there are two types of data, implicit and explicit.
Implicit data is communicated indirectly. In dating, think of it as the nonverbal communication. When I first met my wife, I looked at what she was wearing, how she acted, her voice inflections, and how she responded in conversation. Explicit data is what is directly communicated. It's information that's given directly, verbally or in writing. So when she told me her name, her name was explicit data.
Her telling me about herself, what music she liked, and what food she liked was all explicit information. Although the day I met her, she didn't give me her phone number which was the explicit information that I wanted. Browsing web pages is implicit data and marketers assign value to the number of pages you see. If you fill out a contact form, that's an action that has more value. The data you give. Name, address, email address, phone number, and any other response is explicit data which means that you're very interested.
That data has a higher value because it came straight from you. A great example of this is Facebook. Facebook gathers data from you in a variety of ways, but the best source of their data is you. You provide your name, job, employer, home town, current location, links to relatives and friends. You also share your work history, associated social networks, religious and political views, year of birth and gender.
Then by following brands, groups, and interests, you complete a very accurate picture of yourself as a consumer. You're a brand marketers dream. They no longer have to guess which consumer segment you're in. You've told them! One analytics firm claims that after you like 20 items in your newsfeed, they know more about you than your friends do. Choosing to like something is an explicit action that reflects on your values, behavior, and judgements.
Advertisers love that and will target you based on that data. So the next time you start to get angry about your data being used, check to see who has your data and how it got there. What did you give up willingly as explicit data by answering surveys, completing forms and online questionnaires, or through Facebook? Oh, and I did get the explicit data of my future wife's phone number a few days later. And like a good marketer, I used that data to ask her out again.
- Define a digital handshake.
- Differentiate between implicit data and explicit data.
- Describe the process of retargeting.
- Summarize the purpose of a data management platform.
- Explain how to see how Google and advertisers classify you.
- Identify ways to limit exposure and protect your data.