The platitude “you can’t build a great building on a weak foundation” seems obvious – but it’s also true for a media network. To build a strong media network that’s set up for long-term success and fast evolution, you need to start by reinforcing your brand’s data strategies with enterprise identity.
What is enterprise identity?
Imagine if you could see your customers from all angles – fully dimensionalized, with every piece of the puzzle in place – so you understand their needs, preferences, and what drives every step of their decision-making. What could you do with that kind of customer view?
Every company needs to own its enterprise identity strategy and determine its own identity rules, including how to map different data points back to an individual or a household and how customer data matches are defined across different touchpoints (like email addresses, devices, and website activity).
“Without a robust enterprise identity strategy, you’ll never have a complete customer picture or be able to measure accurately across the increasingly complex customer journey.” – Jessica Shapiro, LiveRamp’s CMO
Many businesses are underutilizing the data they have or are relying on small first-party data sets, cookie-based platforms, and manual processes to stitch it all together – missing new opportunities for growth.
How enterprise identity powers Tripadvisor’s media network
When it comes to the success of your media network, an interoperable and scalable enterprise identity solution is essential. Your data should unlock a deeper understanding of customers across their purchase history, preferences, and behaviors.
Tripadvisor knew the value of its incredibly rich first-party data, putting the company in the right position to launch its media network. But a ton of that data was locked in silos across multiple properties and business units. With an enterprise identity strategy, they were able to break down those silos and connect their first-party data, which enabled them to effectively collaborate with restaurants and hotels.
The new partnerships meant Tripadvisor could target high-intent customers and provide in-depth measurement for re-targeting, helping their data partners bring greater personalization to consumers across industries.
By upscaling its troves of first-party data, Tripadvisor’s media network is creating new opportunities to drive creativity and innovation with partners.
“How do you think about some of the hairiest problems you have and leveraging data collaboration and your first-party data strategy to solve those problems and drive long-term growth? An interoperable platform is the best way to join data, think about ways to drive the right outcomes for partners, and do it in a privacy-centric way.” – Christine Maguire, Global Media Business for Tripadvisor
So how do you get started with an enterprise identity strategy?
- Prioritize leveraging first-party data for customer insights and personalization.
- Develop an internal data collaboration strategy to break down data silos and create a holistic view of your customers.
- Ensure high privacy standards and establish a privacy-centric data strategy.
- Double check steps 1-3. This phase is critical.
Make your data your differentiator
I know launching or advancing your media network can be tough. In a crowded market where every brand is looking to differentiate and attract the advertisers needed to grow revenue and scale, you have the tools to build a robust media network that earns advertiser trust and provides solid ground for innovation – and it all begins with the strength and scalability of your first-party data.
For more details about Building a Successful Media Network, check out this EMARKETER report that covers how top-performing media networks can drive growth in a competitive market!
This blog was originally published on Jessica’s Shapiro’s LinkedIn. Follow her for more CMO insights.
