IP+ Targeting and Lookalike Audiences. Answering 10 Common Questions

IP+ Targeting is one of many powerful products that El Toro offers based on our patented IP Targeting technology. In this blog, we will cover IP+ Targeting, lookalike audiences, and some common questions and use cases for these potent advertising tools.

What is IP+ Targeting?

IP+ Targeting is a combination of El Toro's patented IP Targeting and segmentation data from one of the world's richest 3rd party data providers. Data segmentation is dividing a larger dataset into smaller, more manageable, and homogeneous subsets based on specific criteria. The goal of data segmentation is to organize and analyze data in a way that allows for more targeted and effective decision-making.

The result of this combination is hyper-granular targeting based on real demographic data. This data is key to learning more about your customers and gives businesses the tools to send the right message to the right person at the right time.

IP+ Targeting goes even further than just sending the right message. With IP+, you can filter and target based on specific demographics. These demographics include things like gender, age, education, income, occupation, and more.

You can also use IP+ Targeting to generate a lookalike audience. For example, suppose you already have your own customer information data or you have purchased data from a third party. In that case, you can generate a lookalike audience that consists of people who match the same demographics as people in your existing data. You can then use this to target more people who have a higher likelihood of resonating with your message.

Where did IP+ Come From?

IP+ Targeting launched in early 2021. It was a natural evolution of what we already did well, integrating CRM lists. Our end goal was to get our clients better access to data so they could make more informed business decisions. This included giving clients a better understanding of their own CRM lists. It also included giving clients a better understanding of foot traffic at their brick-and-mortar locations and their competitors' locations thanks to Venue Replay as well as giving clients a better understanding of what type of customer was visiting their website.

A common pain point that we noticed was a lack of data. With IP+, if a client didn’t have existing CRM data, but knew who they wanted to target, we could help them generate an audience. More importantly, if a client didn’t have a CRM or an idea of who they wanted to target, we could help them there too. 

The result of all of this was giving our clients the tools that they needed to develop strategies for their businesses. Even more hyper-targeted ads. Less ad dollar waste by knowing who their customers are. And an understanding of their customer's lifestyle choices and the media formats they best respond to based on psychographic data.

What are the Capabilities of IP+ Targeting?

The main capability of IP+ Targeting is lookalike audience generation. With IP+ and lookalike audiences, you can build an audience based on geographic, demographic, and behavioral characteristics. These characteristics are tailored specifically to your business and can be used to find new customers.

Because the lookalike audience is built by finding people who match the characteristics of your existing customers, the people in your lookalike audience will have a much higher chance of converting.

IP+ and Bullseye Reports

An integral part of understanding the benefits of IP+ Targeting and lookalike audiences is our Bullseye Reports. Bullseye Reports turn raw data into digestible, real-time intelligence. Thanks to our work with industry-leading B2B and B2C companies, Bullseye Reports are tailored to answer the kinds of questions that need to be answered before important decisions are made. For more information on Bullseye Reports and how they integrate and enhance IP+ Targeting, check out this page.

What are Lookalike Audiences?

A lookalike audience is a group of people who share similar characteristics, behaviors, and demographics with your existing audience or customer base. Lookalike audiences can be generated to identify and engage individuals who resemble your business's current customers or audience.

By providing a source audience, usually your existing customers or a specific group of users who have already interacted with your content. IP+ can identify patterns and similarities among the individuals in your existing audience. It then creates a new audience, known as the "lookalike audience," composed of people who share similar traits but may not have had any direct interaction with your business.

You can then target your advertising campaigns to this lookalike audience with IP+ Targeting, confident that these individuals are more likely to be interested in your products or services.

How Large can my Lookalike Audience be?

Realistically, there isn't a limit to how large a lookalike audience can be. But the magic of El Toro and IP+ Targeting is centered around being able to create granular audiences — audiences you can be confident have some interest or need for your product or service, allowing you to generate leads and connections with confidence. IP+ is meant to operate in a focused market on a smaller scale and is not the best tool for mass marketing.

What are your Demographic Filters?

We have several demographic and lifestyle filters: age, home status (own vs. rent), education, gender, marital status, dwelling type (single or multi-family), household income, and many more. For a full list of our demographic filters, please contact an El Toro Account Executive.

How Can I Break Down My Lookalike Audiences? What are the Profile Types?

The most common way to break down your audiences is by using demographic filters. Of these, profile groups are the most used demographic filters. Profile groups are an accumulation of multiple demographics that pertain to a common group of people. For example, one of these profile groups may include people between the ages of 25-35 who have a household income of $150k or greater and have more than 2 children in the household.

What Industries Use/Benefit from IP+ Targeting the Most?

Any industry can benefit from IP+. Using demographic and geographic data to create a hyper-targeted audience is very valuable and applicable for anyone looking to advertise and grow their audience. Our teams have seen IP+ help a wide variety of companies in a wide variety of industries including education, recruiting, finance, non-profits, fundraising, entertainment, and much more. For more detailed breakdowns and success stories across a wide array of industries, check out our case studies.

Does my Company Need IP+ Targeting?

Hopefully, the information we have covered so far has helped you understand what IP+ can do for your business. IP+ Targeting is a very powerful tool, with the potential to grow your customer base and align your messages with the right people that make up your existing customer base, but it isn't for everyone.

Small and new businesses might not see the same return on investment as a larger, more established business. This all comes down to what your business is doing already, and whether it's working. If your small business is seeing continual growth from traditional platforms, then IP+ might not be for you right now. But if your growth is stagnating and you are looking for more growth and a larger audience, IP+ might just be for you.

Another thing that might influence your decision on IP+ Targeting is niche, specifically, your company's niche. If you are going for broad market appeal and looking for a tool that can bring your product to a massive market, IP+ might not be an ideal solution for your needs. However, if you are in a niche industry and you are looking for real engagement and real growth for your brand in a focused market, IP+ is a great solution to your problem.

Still trying to figure out if IP+ is the right solution? Read some of our case studies. Or, if you think IP+ Targeting is for you, contact us.