Major trends, like the explosive growth in e-commerce, consumers’ heightened expectations, and partners’ need for better intelligence, have accelerated the need for more data collaboration.
Data collaboration has been around since at least the early ‘90s, as Bruce Biegel, Senior Managing Partner at The Winterberry Group, shared in our webinar, Jump-Start Your Data Collaboration Strategy. That was when the first data co-op was born. It was called Abacus, for those of you who remember, or just love adtech trivia.
Fast-forward to today: co-ops are still around, along with more modern solutions such as data exchanges and marketplaces for combining first-, second-, and third-party data, and more recently, technical data environments powering the highest level of privacy and security among companies wishing to collaborate with their data.
We heard a lot of interest and excitement in the webinar around the solutions data collaboration can potentially achieve, including getting ahead of the game when it comes to the impact of cookie deprecation and data regulations.
“Everybody wants to test”
“The degree of openness to collaboration exceeded our expectations,” Bruce shared, in reference to the results from the survey The Winterberry Group fielded for its recent report, Collaborative Data Solutions: The Evolution of Identity in a Privacy-First, Post-Cookie World. “We don’t know what the answer is, the next shoe to drop, or where U.S. privacy regulations are going, so we are going to test as much as we possibly can and partner with agencies and media owners.”
If you are wondering whether your partners are thinking about data collaboration, they likely are. Don’t be afraid to be the first, as others will want to follow your lead—a sentiment we also heard from Jeff Rasp, VP of Digital Platforms, Channels, & Capabilities, Bayer NA, at RampUp. “Being ahead of the curve gives you a bit of currency that your partners will lean into.”
While in the test-and-learn phase, it’s important to engage stakeholders across your organization. This is not only for transparency, which certainly your CDO and CISO will need in order to sign off on a data collaboration project, but also for socializing next steps and potentially accelerating beyond marketing use cases.
The opportunity for marketing to drive best practices
“What we’ve seen from working with CPGs in particular is that the appetite for data collaboration goes well beyond marketing. There’s an opportunity for marketing to drive best practices to other customer-centric areas of the organization,” Gareth Davies, VP of Product, LiveRamp Safe Haven, shared on the webinar.
If you know how your audience segments behave with a particular retail chain, for example, you can share this intelligence with your sales organization. They can use this information to offer more favorable pricing promotions at key times of the year, and also connect with your operations and supply chain teams, to plan ahead for production and delivery increases. What may start out as a marketing project can quickly become a force for changing the way your business uses data to become more customer centric.
To learn more about how you can leverage data collaboration solutions to build customer intelligence and deliver better experiences, watch the full webinar now.
No matter where you are on your data strategy journey, LiveRamp Safe Haven can provide the infrastructure and control to support your needs. For more on how LiveRamp Safe Haven works, reach out to us now.