Meet Our Partners: Q&A with Equifax, Chief Insights Officer, IaN wright
BLOG POST 9/8/2022
TruAudience® solutions enable the marketing ecosystem to leverage data and identity with trust. In this series, we will introduce the partners who are critical to our success.
Can you tell me more about Equifax and what your role is there?
Most people identify Equifax as a consumer credit bureau but are less familiar with our marketing services capabilities. Through the IXI Network, Equifax tracks more than $28 trillion in anonymized consumer deposit and investment accounts. This is by far the most comprehensive database of consumer financial insights available in the market. We use this information, as well as other Equifax data like de-identified, anonymous aggregated credit data, to create highly-accurate, actionable insights on consumer economic and financial behavior.
As Chief Insights Officer for our Data-driven Marketing capability, I help clients attack their most pressing marketing challenges and opportunities. I also serve as our senior subject matter expert (SME), working with internal colleagues and external partners to deliver creative solutions and position us to help clients in the future based on market trends and regulatory activity.
What verticals do Equifax audiences specialize in? How are they leveraged via the TruAudience® Data Marketplace?
We help marketers who need to engage consumers across the economic spectrum from wealthy households to those that may be economically challenged. In fact, many clients use our audiences in combination with intent data to increase performance. While intent data can identify consumers who are interested in your offerings, our insights can identify who has the economic means to act on that interest — to convert them not only to customers but your best customers, with the ability to grow into a high lifetime value.
In the TruAudience Data Marketplace, marketers are using our audiences to find high-potential customers who can afford high-end, luxury and big-ticket offerings. They can also proactively engage consumers who may potentially be hit hard by inflation and need to shift toward more basic products and services, or who might need assistance with their current financial situations.
What trends are you seeing with first-party data usage in connected TV (CTV)?
Generally, we’re seeing more customers leverage their first-party data in CTV campaigns, but not everyone is at the same stage of maturity in doing so. Some customers are definitely at the top of the curve, combining their data with additional insights to eliminate blind spots and focus their audiences to drive ROI. However, others are still taking initial steps to leverage their data, investigating its quality, shoring up deficiencies and making it actionable. So overall, a lot of growth in first-party data usage but it’s uneven growth.
What do you think is most important when it comes to data targeting on CTV?
For CTV (and actually any channel) make sure you’re using the highest quality data to define your target audiences. If you use poor quality data, you’re placing an artificial ceiling on all of your downstream activities. No matter how compelling your messaging is, and how efficiently you execute your campaign, if your audience is based on faulty data, you’re going to limit your ROI.
Unfortunately, there’s both a plethora of options for selecting an audience partner and very little information on how different providers create their audiences. You can have a dozen options that sound like they target the same consumers, but 11 out of 12 of those options might use limited data to create their audiences. So do your research and ask your audience partners tough questions about their insights! If your partner has great underlying data, they should want to share sources and metrics.
The views and opinions expressed herein are those of the author(s) and do not necessarily reflect the policy or position of TransUnion. The information contained in this blog is for informational purposes only and does not constitute legal or financial advice. You should consult your own attorney or financial adviser regarding your particular situation. TransUnion does not guarantee the accuracy or completeness of the information provided. The appearance of external hyperlinks does not constitute an endorsement by TransUnion. Trans Union LLC and its affiliates (“TransUnion”) make no endorsement, recommendation, or representation with respect to the information provided herein. For complete details of TransUnion products, visit www.transunion.com.