The following is part of a series from our recent roundtable discussion, Finding Success in our New Data Reality, in collaboration with other leaders in the data and privacy space. Keep an eye on our blog in the coming weeks for additional learnings from this event.
The days of brands simply buying audiences of unknown users wholesale are quickly going away. In our new privacy-conscious data reality, first-party assets are king, with an even greater emphasis on connecting this data back to attribution. The big question—how—is still being ironed out.
Attribution lets clients see their money at work: it’s a front-row seat to the customer journey. However, thanks to new restrictions and the end of third-party cookies, this front-row seat now has an obstructed view. Data can no longer be examined at the individual level and is more often clustered and aggregated. This makes crafting a compelling customer journey narrative that much more challenging.
To compensate for these roadblocks, companies must turn to a tech stack that allows for both real-time data collection and real-time action. Additionally, alternative conversion channels should be explored, such as influencer marketing, which evidence suggests could drive conversions faster than their traditional counterparts. Having these data science skills, tools, and alternative avenues in place now will give these brands a distinct advantage over those who do not, and ultimately help them forge more genuine connections with their customers.
Special thanks to our collaborators LiveRamp, Neustar, MediaMath, UserZoom, ImpactProduct, Flashtalking, MediaMonks, Microsoft, the 4A’s, Wunderman Thompson, 3Radical, and SAS.