Fueling Innovation with 1st Party and Collaborative Data Strategies
The importance of collecting and investing in 1st party data has never been more critical. In this episode of Game Changers, explore how companies like Hershey and Albertsons are leveraging 1st party data to safeguard against future search engine updates, fuel innovation, and build strong foundations for growth.
In the recent Game Changers session, Oana Manolache engaged in a spirited conversation with LiveRamp’s CMO, Jessica Shapiro. Central to the discussion was the role of first-party data in igniting innovation and the imperative nature of data collaboration strategies.
Oana and Jessica’s conversation underscored the significance of businesses possessing a first-party data strategy. This data not only aids in understanding their customers better but also empowers companies to make informed strategic decisions. They highlighted real-world examples of renowned companies such as Hershey and Albertsons that employ these data strategies to ensure business growth.
Moreover, various industries, right from financial services to healthcare, are reportedly flourishing through data collaboration. Jessica extrapolated that these industries employ the amassed first-party data to target their precise audience and convey the right messages, thus underscoring the evolution of data collaborations.
The session shed light on the future of customer insights prominently leaning towards the usage of consented first-party data as regulations and algorithms undergo perpetual change. Companies can glean valuable insights from these data collaborations and formulate strategies that strike a chord with their customer base. Notably, companies boasting loyalty programs stand a solid chance to gain rich insights about their clientele with their first-party data.
Across the conversation, a recurring theme was the importance of maintaining a secure and trusted relationship with customers. Brands now, more than ever, need to cater to their customers’ needs based on their provided data while prioritizing security and customer privacy.
In closing, the engaging discussion between Oana and Jessica reflects the current shift towards data-driven marketing strategies. As more companies understand the power of first-party data and collaboration, the future of business growth looks promisingly innovative. Security, privacy, and consent remain paramount as brands turn to this method for an enhanced understanding of their customers and a more personalized approach in engaging them.
