Understanding the size of your target audience is essential for effective decision-making within customer data platforms (CDPs). The ability to create highly customized and actionable audiences right from the start, enhancing speed to market for capturing demand and fostering customer loyalty, serves as a key differentiator for marketers. However, as audience specificity increases, accurately estimating and fine-tuning the size of the audience segment becomes more challenging. Whether dealing with low-cardinality or high-cardinality fields, marketers face distinct challenges. The critical aspect lies in identifying the appropriate customer attributes to effectively build audiences at scale.
With Zeotap CDP’s Segment Size Estimator, marketers gain the necessary capabilities to make prompt decisions during segment creation, editing or viewing, eliminating the need to wait until the process is complete.
Real-time Audience Estimation with Zeotap CDP’s Segment Size Estimator
With Zeotap CDP’s Segment Size Estimator feature, marketers can easily access estimated segment sizes through an intuitive panel on the platform. By selecting the appropriate Input Identifiers for their segments, marketers can see the estimated audience size in almost real-time. The accuracy of these estimations can be as high as 95%.
A screenshot of Segment Size Estimator in action:
This real-time audience estimation empowers marketers to make quicker decisions during the segment creation, editing and viewing process. It eliminates the need to wait until the segments are fully processed to see their estimated size. With this capability, marketers can tweak and adjust their segment logic on the fly while creating segments, enabling them to optimise their targeting strategies and campaigns in real-time. This allows for more agility and flexibility in segment management, ultimately leading to more efficient and effective marketing efforts. By comparing the estimated size with the actual number, marketers can determine if any adjustments or extensions are needed. Thus enabling marketers to take decisive actions and optimise their campaigns for improved results.
Imagine a Telco company facing a challenge with the inventory of a specific smartphone model that puts them at risk of significant markdowns. With Zeotap CDP’s Segment Size Estimator, they can swiftly build a precise audience of customers who show a strong preference for that brand, regularly purchase at full price and match the target phone’s specifications. This enables maximizing full-price sales and minimizing markdowns.
Optimizing Audience Segmentation: Understanding Cardinality for Effective Data Analysis
Understanding the cardinality of fields is crucial in data analysis as it impacts query performance, storage requirements and indexing strategies. Low cardinality fields have limited variation in unique values compared to the total dataset, such as fields like “Gender” or “Product Category” with a few options. Conversely, high cardinality fields like “Page View” or “Check Out” have a large number of unique values.
Marketers aiming to segment their audience effectively often need to consider both low and high cardinality values. Zeotap’s Segment Size Estimator takes into account both types of fields when estimating segment sizes. Traditionally, estimating segment sizes for high cardinality values has been time-consuming and resource-intensive. However, with Zeotap’s Segment Size Estimator, marketers can estimate audience sizes in almost real time and with an accuracy of up to 95% in just a few clicks.
Why is it important?
As a marketer, you can now make real-time data-driven decisions, optimise campaigns and create effective audience segments with personalised marketing strategies. Most CDPs provide size information only after a segment is created and its data processed. If the segment sizes are not relevant and quantifiable, the target audiences list has to be recreated impacting speed to market and capturing customer demand. Estimating the segment size and tuning the size of the audience segment is often referred to as the segment size estimation problem. The segment size needs to be estimated and segments should be available for exploration and processing with a sub-second latency to provide a near real-time user experience.
Zeotap CDP addresses the challenges of size estimation for both low and high-cardinality fields using Google BigQuery’s “Approx Distinct Count” capability. Here is how the Segment Size Estimator feature revolutionizes your marketing efforts.
- Faster segment estimation reduces the time and resources required for analysis. It provides near-instantaneous results, typically within seconds.
- Google BigQuery’s distributed architecture allows for processing large volumes of data efficiently at scale. The “Approx distinct count” feature can handle datasets with millions or even billions of distinct values, providing scalability when working with extensive customer or audience datasets.
- Enhanced segmentation capabilities allows you to create more granular and targeted audience segments based on estimates. This leads to improved personalisation and tailored messaging for different customer segments, increasing the effectiveness of your marketing campaigns.
With the ability to understand the cardinality of fields and leveraging Google BigQuery’s capabilities, Zeotap CDP ensures scalability, faster analysis and enhanced segmentation capabilities. Stay ahead in the competitive marketing landscape with Zeotap CDP’s powerful Segment Size Estimator and unlock the potential of your data-driven campaigns. You can request a demo here.