June 24, 2019
Owning your marketing data (transaction data + audience data) seems simple at first look. But data ownership and data hygiene are more strategic and complex for agencies, marketers, and 3rd parties than anticipated. As new channels, platforms, devices, and combinations are derived, the ability to own, capture, and clean data become a bigger problem.
Data Ownership is crucial to the success of today’s marketers.
Consumers continue to expand the customer journey as a mix of interrelated touch points. Marketers require a strict approach to data ownership to deliver high-quality intelligence for marketing and advertising initiatives. First-party audience data drives customer acquisition and revenue, but transaction data (media spend) drives intelligence and visibility to optimize actions and defend budgets.
Harnessing the power of technology for increased scale and control, real-time personalization with data, the discovery of new opportunities (audience and contextual) and lower costs are all top of mind. Due do the down-sides of the murky supply chain and media buying practices, marketers know they need to take a proactive approach. Bringing data retention in-house holds the promise of solving for the lack of visibility and control that have become a significant problem area – globally.
All in all, how do you keep track of data through the various buying and measurement platforms: Facebook Insights, Facebook Ads, Google Analytics, Google Ads, DSPs, Site-buys, Pinterest, LinkedIn, E-Mail Marketing, Traditional TV, Programmatic TV, OOH, etc.?
The answer: A data strategy created using internal teams, and 3rd parties that can delivery contractual rights, and data-warehousing/insights delivery technology for the scale of big data.
Marketers should work with the right partners to build strong agency relationships that allow retention of data to protect long-term futures. Just because it was not done through previous decades in marketing does not mean you should not do it now.
Note: There could be a culture clash internally in marketing organizations due to resistance to change by some, and forward-thinking initiatives by others. By owning your data, working with your agency partners and asking data-driven questions will bring accountability to your marketing programs.
But what happens after I have my contractual rights to my data? To be addressed in the next post on data capture and data hygiene.
-Ravi Patel, COO AD/FIN
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