Data partnerships should be transformative for brands in this new world order, it requires a shift in approach to unearth the richness of available data. For many brands it may mean ripping up what they have had previously which was flaky at best and starting again. In this new world order with regulation changes around GDPR and Apple’s ITP the focus is all on first party data and second party data.
The opportunities for brands are boundless with the right data, tech, and partnerships it can be a game changer. The core to success in driving growth through data is by building partnerships internally and externally. This requires a core team of (but not limited to): Data (Kevin Nash), Commercial (Hulk Hogan) and Legal (Scott Hall) specialists it’s imperative to get them aligned to the data journey.
One of the most important steps is being able to build out data use cases which will help answer WHY the data is needed and HOW it will be used.
I have created a canvas to better understand the data use cases.
Download Data Partnership Canvas
Business Question: What is the business question that is looking to be answered with the use of data. The question will have to be grouped in the following one or more of the 4 buckets: Insights, Planning, Activation and Measurement
i.e., Admissions into cinema have dropped by 20% in 2022 compared to 2019, the changes in consumer behaviour with the growth of streaming services has been a big factor. For the customers who visit Vue cinema since start of 2022 can we understand how many of those customers have a streaming package and which ones. Then work with i.e., Netflix to find a solution that helps Vue drive more admissions but also advantageous to Netflix as well.
The business impact: Being able to get hold of the required data what is the impact on the business. Preferably the impact will be referencing the KPI’s in the measurement framework.
Current state of play: How is this business question being delivered today.
Data requirements: What data is required to answer the business question and how is it possible to get access to the data.
Data collected: What data is currently available and easily accessible.
Developing the data use cases is the initial step then it’s all about building the right martech stack and making sure you are getting value from it. A martech ecosystem should be plug and play providing the ability to work with any tech partners at any given time and easily fit into the core ecosystem which is built around:
- Tag Manager (TMS) – this could be client + server side TMS or just client side TMS
- Data Warehouse
- CRM
- Customer Data Platform (CDP)
In addition to the core martech ecosystem it should be complimented by:
- Data Clean Room – could work with multiple data clean rooms i.e., Google Ads Data Hub, Amazon Marketing Cloud, or independent ones such as Habu and Info Sum. All depends on the requirements
Working with the right data clean room partner creates partnerships through collaboration with partners in a secure and privacy way. This is critical when working with first or second party data. This is how Vue, and Netflix can work together in partnership.
When it comes to building out the martech ecosystem one of the core requirements is to have a platform that stores customer data that can be easily accessed.
Success for brands in this new world order is centred around data partnerships creating vast amount of data opportunities could be a game changer. Data is the new oil…
