Digital marketing’s four engines for data collaboration

Data collaboration in digital marketing will be driven by four engines, according to LiveRamp. These factors will favor brands that are most adaptive and responsive, those that create strategies and build databases that help deliver better experiences to customers, no matter where they are. Here are the things the company says you should focus on:

Keep it private

Long term, privacy policies aren’t set in stone: legal frameworks, consumer habits, and providers’ solutions are constantly changing. A company that proactively manages this changing context with transparency and responsibility, and takes part in regulatory debates, will win the future.

Innovations in data management will facilitate secure collaboration and enhance privacy, experts say. Companies should be able to modify the different levels based on new regulatory frameworks and individual employee demands. Across the advertising ecosystem, there’s a growing willingness to collaborate with regulators to make an environment that works.

Market conditions change

For a while now, brands have traded data with walled gardens, whose name comes from the protection of first-party data and the knowledge they have about users. Now brands are realizing they can also be media platforms. Target’s advertising business, Roundel, is a good example. Both brands and publishers are going to build their own databases, generating new media exchanges.

Consumers face new challenges and opportunities

Staying up-to-date with consumers today requires more data than any company can access. The companies that prevail will be those that can move from information to action quickly, while keeping consumer data transparent. As a result, the customer will trust you more.

Analyzing data from an organizational perspective

In today’s world, CMOs, CFOs, CIOs, and CISOs are more aware than ever: On the one hand, you need a database that makes it easy to access data and make decisions, and on the other, you have to support multiple verticals of business simultaneously with a consistent understanding of the consumer. As more companies realize the value of leveraging cross-functional and cross-business data to increase revenue, for example by aligning marketing strategy with supply chain optimization, silos are falling.

Connecting data will drive the development of solutions that support internal and external data collaboration. It’ll be all about confidence. Hence, LiveRamp anticipates technologies that improve privacy and let collaborators control access to data.

There’s a lot of room for reinvention and renewal for brands with these four engines. Getting the most out of them requires companies to build their own databases, strengthen existing partnerships, and negotiate new ones. There’s already technology for large-scale data collaboration, says the company. Technical data environments are collaboration tools by neutral third parties that make it easy for different companies to collaborate safely.