93% of senior leaders agreed: improved data collaboration is essential to driving revenue growth.
Today, customers want consistent, personalized, data-powered experiences, yet internal silos can make accessing, connecting, and acting on data difficult. Thankfully, data collaboration offers a path forward and a way for marketers to unlock better outcomes.
In a recent webinar, our CMO Jessica Shapiro and guest speaker, Forrester Analyst Zeid Khater, explored findings from Data Collaboration Fuels Revenue Growth. They also discussed how forward-thinking brands are using data collaboration to unlock more value from their data – responsibly and at scale.
Here are four takeaways from that conversation you can use to unlock growth, improve customer loyalty, and gain a competitive edge.
1. Data collaboration builds trust, delivers results, and powers long-term growth
Data collaboration can elevate many parts of your business, including customer retention and loyalty, customer insights, and operational efficiency.
However, when data is siloed, teams operate on incomplete views of their customers. The result? Disjointed experiences, missed opportunities, and reactive marketing.
When brands collaborate. both internally and with partners, platforms, or retailers, they gain a better understanding of how customers move through their journey holistically. This allows them to elevate their advertising efforts and make the right offers at the right place and time.
“The better the data, the better the insights and the more informed your actions are – the better the outcomes.” – Zeid Khater, Forrester Analyst
Whether you’re running multi-channel campaigns or setting out to improve customer lifetime value, data collaboration can be a powerful way to deepen engagement across the entire customer lifecycle. And while many brands recognize this potential, few are fully realizing it.
In recent Forrester research, 54% of companies said that delivering personalized experiences is a top priority, but only 12% could actually deliver cross-channel personalization. That’s a big gap between what brands want to do and what they’re able to execute.
So, what’s getting in the way?
2. Silos, technology gaps, and regulatory complexity are common barriers
Many organizations have the data needed to get started, but struggle to connect it in a way that’s actionable. Several other recurring challenges emerged from the conversation:
- Siloed data and teams: Different departments or partners collect different data that’s often in incompatible formats or systems.
- Outdated technology stacks: Legacy infrastructure makes it difficult to activate insights across modern channels.
- Privacy and compliance: With regulations tightening, many marketers are unsure how to collaborate while protecting customer data.
To succeed, brands need both the technical abilities and the strategic alignment to collaborate across teams and partners responsibly.
“Data collaboration platforms help brands and retailers move fast, collaborate safely, and turn data into outcomes while the window is still open.”- Zeid Khater, Forrester Analyst
3. The winners are building ecosystems and operational excellence
Top-performing companies see data collaboration as a long-term capability, not a one-time project. As they invest in data collaboration, they’re adopting an ecosystem mindset.
That includes:
- Clear governance models to define ownership and accountability
- Cross-functional workflows that support rapid testing and learning
- Strategic partnerships that extend access to valuable data and audiences
“No matter how much data you have as a company, you’ll never have enough on your own to see the full picture of your customer. To deliver that truly connected next level experience and perform well across all your channels, you need to collaborate.” – Jessica Shapiro, CMO at LiveRamp
These organizations also understand the importance of acting on insights when the time is right. Whether it’s surfacing high-value audiences or optimizing in-flight campaigns, speed is critical. And speed comes from having the right processes paired with the right data.
4. The best time to get started is now
You don’t need to overhaul everything overnight. In fact, the most successful brands take an incremental approach. A crucial first step is understanding your team’s data collaboration maturity.
Start by asking the right questions:
- How connected is your data today?
- Are you able to activate it across key channels?
- Do your partners support collaboration through responsible data use?
From there, the key is to:
- Establish strong governance: Respect compliance and build internal trust
- Upgrade your tech stack: Invest in solutions that support interoperability
- Choose the right partners: Look for those who understand your goals and can grow with you.
In fact, 93% of leaders surveyed agreed that the right partner/technology is critical to improving their data collaboration efforts. Learn how Pinterest unlocked the power of data collaboration with its partners Albertsons and Mondelez International.
The answers to these questions will point you toward a data collaboration use case that you can start with. Even incremental progress can unlock significant benefits like faster campaign optimization, a more precise understanding of your audience, and a more consistent experience for your customers.
“The opportunity is now. The technology is here, the partnerships are available, and you can’t afford to wait any longer.” – Jessica Shapiro, CMO at LiveRamp
Thriving in the customer-centric era
As cookies deprecate, privacy expectations grow, and performance pressures mount, brand marketers have to do more with less.
Data collaboration offers a path forward, but only if it’s approached with the right mix of strategy, technology, and operational focus. In short, the brands that’ll win in this era are those that start collaborating intentionally inside their organizations, across partners, and providing meaningful experiences for their customers.
Ready to take the next step in your data collaboration journey?
- Watch the full webinar to hear directly from industry experts.
- Learn more about what data collaboration is and why it’s important.
- Explore LiveRamp’s platform to see how we help brands collaborate at scale.
