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We live in a data-driven world, and businesses need effective data collaboration strategies to remain successful. Before you determine your 2023 and 2024 data collaboration options, it’s essential to understand what data collaboration is. In short, it involves sharing and combining data from multiple sources to better understand a customer base and make informed marketing decisions.
Read on to learn more about our three-step plan to create new data collaboration strategies, how it’s evolving, and what we do to ensure our solutions help maintain your company’s data privacy.
How data collaboration is evolving from 2023 to 2024
Data collaboration strategies continually evolve thanks to changing industry dynamics and new technologies. As we move from 2023 to 2024, we’ll likely see collaboration extending outside businesses, meaning data can be shared with external partnerships in the form of a data ecosystem. A data ecosystem is a platform that combines numerous information points, including packages, algorithms, and cloud-computing services, to allow businesses to store, analyze, and use the data they’ve collected.
To ensure you’re ready for 2024 data collaboration, you’ll need to take a forward-thinking approach toward new data strategies.
How to create efficient data collaboration strategies
Here are our three steps for efficient collaboration to make the most of 2023 data collaboration and prepare for 2024.
Identify your collaboration goal
What are you hoping to gain from data collaboration? Do you understand the audience you’re trying to target and what you want regarding outcomes? To measure your success, you should set short- and long-term goals surrounding data collaboration in 2023 and 2024.
Maximize the value of your data
One of the most important reasons to gather data is to discover in-depth insights into your audience and the effectiveness of your marketing efforts. You’ll be able to identify hidden patterns and pinpoint trends you may not have noticed before. With this information, you can make more strategic marketing decisions to stay competitive in your industry.
Resolve digital identities
Collaborating on data with trusted partners can help you gain a more complete view of your customers by building comprehensive digital profiles. Resolving digital identities can provide greater insight into online and offline behavior of individual consumers, allowing you to better connect with your target audience and boost brand loyalty.
Find an alternative to third-party cookies
Digital privacy regulations are getting more strict, which is why it’s so important to find more secure alternatives to third-party cookies. By collaborating on data, you can gather essential insights without relying on cookies. This means you’ll still get the information you want while complying with privacy regulations.
Choose the right collaboration partner
Before you choose a data collaboration partner, it’s essential to ensure their privacy standards align with yours. How do they collect data and use it ethically and responsibly?
At Experian, we are dedicated to protecting consumers and delivering responsible and transparent data practices. We focus on five Global Data Principles — security, accuracy, fairness, transparency, and inclusion — to ensure we treat data carefully and respectfully while boosting economic growth and resilience in the marketing environment.
When you partner with us for data collaboration, you can trust that your data is protected in a system built for 2023 data collaboration needs — both known and unknown — while still evolving for 2024 and beyond.
Choose a secure environment for collaboration
Data collaboration security is vital to safeguard your business and consumers’ information. You can make sure your new data collaboration options are protected in several ways. We’ve outlined three options below.
Collaboration in clean rooms
Clean rooms are secure, private environments where data is shared and analyzed without exposing the underlying raw data. This ensures that sensitive information remains protected and insights are discovered securely. Experian has vetted clean room partners if this is an option you prefer while still getting industry-leading identity resolution.
Collaboration directly
Collaborating directly with your partner can be a good option if you have robust security measures. Encryption, access controls, and regular audits are essential to maintain data security in direct collaborations.
Collaboration with Experian
We excel at meeting our clients where they are and accommodating their technical capabilities and how they manage their data. We offer a secure and compliant environment for data collaboration. Our data collaboration solutions are designed to protect your data while enabling deeper insights. At Experian, we understand the importance of data privacy, and our platform reflects our commitment to safeguarding your information.
Enable deeper insights and activation with Experian’s data collaboration solution
Data collaboration is crucial in today’s business world, and Experian’s solutions are designed to help you bring together your 2023 and 2024 data collaboration strategies securely and efficiently. With Experian, you can unlock deeper insights, resolve digital identities, and confidently navigate the evolving data privacy landscape.
If you’re looking for the right partner to enhance data collaboration to drive growth and innovation in your business, you’ll find a secure environment and the right partner with Experian. Contact us today to get started.
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In our Ask the Expert Series, we interview leaders from our partner organizations who are helping lead their brands to new heights in adtech. Today’s interview is with Georgia Campbell, Head of Strategic Partnerships at Kontext. What types of audiences does Kontext provide, and what are some top use cases for these insights in marketing strategies? Kontext leverages its 1st-party, deterministic shopping data to generate real-time online audiences. What sets Kontext apart is our ability to see the entire consumer journey, from shopping interest to intent and purchases, at a SKU-level. This comprehensive visibility allows us to create purchase-based audiences across various consumer verticals, such as frequent online shoppers, consumers shopping for beauty, segments using Mastercard, or Black Friday enthusiasts. Our data engine, built on a foundation of approximately 100 million consumer profiles and over 10 billion full-funnel, real-time shopping events, enables the creation of precise audience segments. This real-time 1st-party shopper data is invaluable for partners aiming to understand and engage with consumers more effectively. Whether a brand wants to activate past shoppers in a specific category or reach new audiences with a propensity to buy, Kontext provides the insights needed to make informed decisions. Some examples of audience types include these (and hundreds more): In-Market Shoppers: Consumers showing high intent to purchase specific categories, like skincare or electronics, based on recent online behavior. Past Purchasers: Shoppers who have made verified purchases within specific time frames, such as beauty products in the last 18 months. Frequent Shoppers: High-frequency buyers identified through repeated purchasing behaviors. Seasonal Shoppers: Consumers active during key shopping seasons, like Black Friday, Mother’s Day, Valentine's Day, etc Premium Buyers: Shoppers who used a premium CC (eg. Amex) and a higher AOV (average order value) Beauty Buyers: an audience that has indicated intent to purchase beauty products (deterministic past purchasers also avail) By using Kontext data, brands can identify the right audiences across multiple verticals, such as retail, CPG, health & wellness, auto, business, energy & utility, financial, and travel. Additionally, our collaboration with Experian allows further refinement of these audiences through layered data from specialty categories like demographics, lifestyle & interests, mobile location, and TV viewing habits. How is Kontext’s data sourced, and what differentiates it from other data providers? Kontext’s data is unique because it is deterministic, 1st-party, and collected as transactions occur. We capture the entire path-to-purchase, down to the SKU-level product detail, across 100 million consumer profiles and more than 10 billion real-time shopping events. Our proprietary technology, embedded in widgets across our 5 million premium online destinations, tracks the full consumer journey—from reading an article of interest to clicking on our dynamic commerce modules, adding items to cart, and completing purchases. This real-time data collection ensures there is no lag between digital events and their connection to consumer profiles. Unlike other providers, we do not aggregate data from multiple platforms; instead, we focus on building our models and insights based on authentic online consumer behavior. Our data stands out due to its: Deterministic Nature: We capture 1st-party data as transactions occur (all in real time) Full-Funnel Coverage: We capture consumer journeys from awareness to purchase, providing a complete view of consumer behavior. Real-Time Insights: Our data engine processes events in real-time, enabling timely and relevant marketing actions. How does Kontext ensure the accuracy and reliability of its audience data? Kontext ensures accuracy and reliability through our unique technology and direct data sourcing. By not aggregating data from other platforms, we maintain control over the quality and integrity of our insights. Our continuous investment in refining our models around online consumer behavior further enhances the precision of our audience data. What types of brands or verticals might resonate the most with Kontext audiences for activation? Any brand looking to understand and activate online shopping behavior – informed by 1st-party transaction data – will resonate with Kontext audiences. Essentially, any vertical that benefits from understanding real-time shopping behaviors, such as retail, health & wellness, auto, and financial services, will find our data invaluable. We have particularly strong insights in beauty, hair care, health & wellness, and values-based online shopping habits, as well as the food & beverage space. Retail & Consumer Goods: Leveraging shopping behavior data for targeted campaigns. Health & Wellness: Identifying consumers with specific health and wellness interests. Automotive: Targeting potential buyers of electric vehicles or eco-friendly products. Financial Services: Engaging high-value shoppers with premium credit card usage. And many more How does Kontext’s data help advertisers navigate the challenges posed by the deprecation of third-party cookies? As third-party cookies become less reliable, Kontext’s 1st-party data becomes invaluable. Our deterministic data engine, which does not rely on cookies, offers: Direct Consumer Insights: Accurate and consented data directly from consumer interactions. Privacy Compliance: Our data collection methods are fully compliant with privacy regulations, ensuring secure usage. Cross-Device Coverage: We use verified digital identifiers, allowing seamless unification and targeting across multiple devices. What measures does Kontext take to maintain data privacy and compliance, and how does this benefit advertisers? Data privacy and compliance are fundamental to Kontext. We meet or exceed all privacy compliance and security standards, ensuring that our data sourcing and usage are transparent and comply with regulations (CCPA, CPRA, VCDPA, etc). Kontext prioritizes data privacy and compliance through: Consented Data Collection: All data is collected with explicit consumer consent. Robust Security Protocols: Data is encrypted and secured with industry-leading practices. Compliance with Regulations: We adhere to global privacy laws, including GDPR and CCPA. User Control: Consumers have the ability to opt-out and manage their data preferences. Can you share success stories / use-cases where advertisers significantly improved their campaigns using Kontext’s data? To give you a sense of how Kontext data can be applied, here are two use-cases: Beauty Brand Campaign: An agency hoping to activate an audience of beauty purchasers for a Major Beauty Brand could utilize Kontext's custom audience of high-value beauty product purchasers. By targeting those consumers who had bought similar products in the last 12 months and had an average cart size of over $50, the campaign would significantly increase performance and ROAS. Electric Vehicle Launch: For a major auto manufacturer’s EV launch, Kontext could be used to identify eco-friendly consumers who had not yet purchased an EV but had shown interest in sustainable products. This precise targeting could lead to higher engagement and conversion rates for the campaign. Thanks for the interview. Any recommendations for our readers if they want to learn more? For those interested in learning more about Kontext, reach out for a personalized consultation. Contact us About our expert Georgia Campbell, Head of Strategic Partnerships, Kontext In her current role as Head of Strategic Partnerships at Kontext, Georgia plays a pivotal role in shaping the company's strategic direction within the data space. With a deep-seated expertise in leveraging data to drive impact for companies, Georgia has been forging key partnerships that enhance the effectiveness and reach of Kontext's offerings. Georgia comes from a background in emerging technology, where she has been focused on cultivating partnerships and employing data-driven approaches to spearhead market expansion efforts. She started her career in finance, managing investments across equity, debt, and alternative assets at Brown Advisory. In this Q&A, Georgia shares her insights on Kontext's Onboarding partnership with Experian, offering perspective on how Kontext's unique insights can unlock new opportunities for advertisers and brands alike. Latest posts
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