Purchase behavior targeting (PBT) does what it says on the tin. It allows marketers to target their advertising based on the purchase history of prospective customers. And because PBT brings more paying users from digital ad campaigns, marketers are re-thinking the way they set up their campaigns.
Historically, advertisers have used Google Search data to target – but I’m sure we would all agree that what we search for on Google doesn’t often reflect what we spend money on. In fact, research Bango conducted earlier this year shows that targeting online ads by search history means 65% of ads fail to reach the target audience. Throwing two thirds of your marketing budget down the toilet is not a very appealing prospect for marketers.
Facebook provides targeting data based on what people “like”. Social media marketing promotes the idea that what people like and talk about online is more revealing than what people search for. However, the fact someone has ‘liked’ something doesn’t necessarily translate to a willingness to spend money on that thing. I like Lamborghinis, but I’m not (yet) in the market for one.
Spending behavior is a much better indicator of future spending habits. Bango’s purchase behavior targeting delivers between 2-9x more paying customers that traditional targeting methods.
Bango Audiences analyze the billions of dollars of payment data processed by Bango Payments to create Audiences of paying users we know have a track record of buying similar apps, games, products etc. This cuts straight to the point and allows marketers to focus purely on those with a propensity to spend. Bango Audience customers generate a significantly higher return on advertising spend and provide them higher lifetime value customers. Case studies showing these great results can be found here: https://bango.ai/case-studies
Initially popular with mobile game developers, we have started to see increasing levels of demand from financial trading apps, cryptocurrency platforms and NFT trading, as highlighted in our recent trading update. Ad-platforms charge more for targeting these high value sectors meaning the return on ad spend can be very low without Bango Audiences.
Going forward, we expect to see continued customer diversity given the wide-reaching application of Bango Audiences. For example, we have even seen interest from physical goods retailers who see a connection between users with a music streaming subscription and an interest in buying headphones or those who play football games and an interest in buying certain apparel.
So, along with junk food and alcohol, outdated targeting methods are habits ready to be broken in 2022.