In today’s warp-speed tech landscape, brands are on an endless quest for new ways to utilize data while keeping consumers’ interests front and center. From creating hyper-personalized marketing campaigns to gaining consumer insights that better predict customer needs, data-driven strategies are a cornerstone of today’s modern business model.
Amidst this dynamic environment, it’s important to pause and reflect on one of the advertising industry’s most important goals: building connections through personalized experiences. To create those connections today, brands must prioritize a trusted value exchange to strengthen their bond with consumers. Today, savvy consumers expect more from brands when they choose to share their information. They want personalized experiences, loyalty discounts, and unique offers. And they demand assurance that their data is in safe hands.
Media Networks – A Winning Strategy For All
As we enter a new golden age of marketing, fueled by the expansion of technology, brands must pivot toward a more consumer-centric approach to data—one that uncovers real-time insights leveraging consented data. As such, media networks have emerged as an ideal solution.
A media network is a way for companies, like retailers, to publish advertisements from brands they sell on a website, mobile app, social media platforms, and other channels. The retailer sells ad space and, if they choose, can securely share customer insights with the brand which can better inform the brand’s marketing campaigns.
For example, consumers are always looking for the latest trends in beauty and fashion. To meet this opportunity, a department store could utilize a media network and partner with a beauty brand, in a privacy-focused way, so that everybody wins. The beauty brand gains access to a valuable audience because they can pick a segment that frequently makes beauty purchases. The consumers receive personalized content and offers that introduce them to new products for their beauty routine. And the retailer establishes stronger connections with their customers while generating new revenue by monetizing their 1st party data.
Innovating and Growing Consumer Value with Data Collaboration
Beyond reaching targeted customers more effectively, data collaboration is a powerful tool for growing consumer value through innovation.
No one company has enough first-party data to be as effective as they need to deliver personalized experiences that build brand and business values. Airlines and banking institutions both have a lot of first-party data and for years have partnered to gain insights into customer demographics, purchasing behaviors and interests. But Delta Airlines is pushing beyond traditional data collaboration use cases.
More than one million passengers recently linked their Delta and Starbucks rewards accounts through a partnership that offers one mile for every dollar spent with the coffee giant. Connecting Delta and Starbucks customer information bolsters the first party data of both and enables more personalized customer experiences and effective ad targeting.
In the coming months, Delta will lean into new partnerships by displaying ads on seatback screens from American Express, T-Mobile, the New York Times, and others. Potential data collaboration agreements with these partners could help Delta better understand and categorize their passengers into more advanced audience segments based on activities and lifestyle, such as newlyweds, skiers, or foodies. That intelligence could then be used for more personalized customer experiences.
Another great example of innovation through data collaboration comes from Microsoft and Maybelline, who recently partnered to launch a new feature in Microsoft Teams that some have called a “virtual makeup bag.” With their computer camera, users can try a dozen different digital makeup looks to compliment their personal style and “effortlessly feel their best” on their next Teams call.
It’s another win-win-win. Microsoft Teams users get a fresh look (and maybe shave some time off their morning routines). Maybelline gets in front of new potential customers, and Microsoft Teams strengthens its loyalty with users by offering a new, thoughtful product feature.
Data collaboration allows brands to unlock a new world of possibilities that drive business value, while enabling more personalized customer experiences based on connection, discovery, and innovation.
Fostering Loyalty Through Privacy-Centric Practices
Brands have an incredible opportunity to ignite excitement and foster consumer loyalty through the power of data collaboration. However, while innovation in the data collaboration space is exciting, companies must maintain privacy-centric data practices for these initiatives to work for consumers.
People need to feel in control of their data and understand how collaboration between companies will bring them better experiences. Brands must ensure their own privacy protections are in place. Companies should have clear policies, obtain explicit consent, and adopt accountability measures that safeguard consumer data. Once brands are ready to collaborate, they should evaluate their partners’ policies to ensure alignment with privacy-conscious practices.
Brands can delight consumers while ensuring their data is kept safe and secure. Each interaction is an opportunity to discover more about the customer. Make the most out of every touchpoint by leveraging the power of data collaboration.
