First-party data can certainly help brands understand the healthcare providers (HCPs) they are marketing to, yet it can only do so much to help them grow in the long run. Yes, having access to third-party data beyond their own can enhance HCP digital identity reach. Most companies, however, find it difficult to acquire third-party data to enhance their medical marketing lists, especially with third-party cookies going away.
Innovation is key when trying to keep up with, anticipate, and reach audiences digitally. The good news here is that there is an innovative way to connect with HCPs. Marketplaces focused on audience data have emerged as the need for third-party information continues to grow. Recognizing the significance of data marketplaces, we have launched Redi-Data Digital to help you find the right HCP audiences for your campaigns with our rich data elements for automated and customized digital identity segments. In this blog, you will learn about what data marketplaces are, how data from them can be used, and get an idea of the advantages of activating HCP digital segments from marketplaces.
What is a Data Marketplace?
Data marketplaces are digital platforms where users can buy and sell audience information. Data suppliers use these marketplaces to monetize their anatomized PII, being a driving force in the success of digital marketing ecosystems in the healthcare industry. Meanwhile, brands use marketplaces to buy the suppliers’ data to help improve their business efforts.
While there are different kinds of data marketplaces, many brands lean on marketplaces that provide curated digital identity segments to reach in their campaigns. Redi-Data Digital hosts HCP segments on the most requested turnkey digital advertising platforms like LiveRamp, an industry-leading data connectivity platform, for healthcare and pharmaceutical marketers to use.
Why Would You Use a Data Marketplace?
To answer why a healthcare brand would buy data from a marketplace, we can just refer to what they need, which is third-party audience data – something that is becoming harder to come by without acquiring it from a marketplace.
By acquiring data from a marketplace, marketers can segment their groups into different target groups for particular members of their audience and gain more accurate insights on each segment. Beyond additional insights, third-party data on HCPs enables marketers to serve ads to target audiences through a variety of digital channels.
What exactly makes this audience data helpful? Data suppliers oftentimes provide buyers deterministic audience data. This data includes insightful identifiers like an individual’s name, their phone number, and their email address. Marketers can accurately determine who they are reaching in their campaigns when this information is put together, since there is an increased granular depth of aggregated healthcare data when each profile is brought together to enhance audience segments.
The Ease of Purchasing Data in a Marketplace
Security is key when using any online service. With that in mind, data marketplaces are safe environments for buyers and sellers to use in their business efforts. Not only are the exchanges private, but the transactions are done on secure systems, putting brands at ease with who they are doing business with. LiveRamp informs all customers about how information is used and provides them with easy opt-out choices.
When it comes to utilizing data marketplaces, brands can be confident that the data they have access to will help their efforts in the long run. By working with the right data provider, brands can successfully market to different audience segments with third-party data that enhances their own first-party data. Since HCPs have more of an online presence than ever before, it is vital for marketers to have the right data to target them effectively and efficiently. Collaboration in this space is necessary for success, so advertisers must find trusted partners to help build their brands and fuel their growth.
We at Redi-Data have always provided trusted, accurate information to our clients, which is why we have chosen to partner with LiveRamp to help boost your healthcare marketing efforts. With Redi-Data Digital, you can reach a wide array of highly specific HCP audiences online, whether it is through programmatic, social media, mobile, search, video, television, and more. You can also segment your audience based on your needs to enhance relationship, satisfaction, retention, and ROI with our custom segments.
Want to learn more about how you can access Redi-Data’s HCP data on these marketplaces? Contact our Data Specialists and take the first steps of boosting your healthcare marketing campaigns today.