The ‘safe haven’ – how brands can benefit from using each other’s data
Marketers use a wide variety of data to inform their marketing strategies. Some of the data contains great value but it can also be unreliable. Now brands can use each other’s data to deliver better marketing campaigns. But how can this be done safely?
In the third episode of Everything You Need to Know (EYNTK) about data and customer experience, Jed Mole, VP of Marketing at Acxiom explains the differences between different types of data and how brands can benefit from each other’s data resources in privacy-compliant ways.
Traditionally marketers have relied on first-party data to inform their marketing campaigns and marketers still see it as useful insight into their customers’ lives. Research by Econsultancy last year shows that marketers felt first-party data drove the highest increase in customer value. But first-party data while valuable, has its limitations.
In the video, Jed Mole argues that not all data is equal and there is a better way for brands to monetize on their data in secure ways. He introduces ‘safe haven’ technology where brands can put their de-identified data through a trusted third-party’s ‘black box’ for a mutually beneficial data-sharing relationship.
Catch up on episode two which examined the customer recognition gap.
Episode four will tackle the new customer view, check it out.