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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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Experian Marketing Services Consumer Expectation Index shows positive outlook for 2012 holiday season Today we released the newest Experian Marketing Services’ Consumer Expectation Index (CEI) analysis of the first half of 2012. As noted in the release, during the first six months of 2012 we reported that consumer optimism has reached an all-time high over the last four years, beating 2008 by 8 index points. The CEI provides us with unprecedented insight into our economic outlook by who we are; men versus woman, age, household income and employment status, to name a few of the 60,000 variables that we have access to. What’s most striking about today’s release is that optimism is up across the board among men and woman and all age groups; even the unemployed increased their economic outlook from an index of 87.6 to 88.0 from the first half of 2011 to the same period this year. As we approach the holiday season, the latest CEI figures indicate a strong seasonal performance for retailers. The CEI figure for the week of Sept. 3, 2012, (the most recent single week for which data is available) was 7.4 points higher than it was at the same point last year and higher than it has been heading into the holiday season since 2008. This holiday season also could be very good for brands and retailers with big-ticket items to sell Further, key consumer groups are even more optimistic. On Sept. 3, the CEI of those adults who made an online purchase in the past year was 2 percent higher than the national average and 8.1 points higher than the CEI recorded for online shoppers at this time during 2011. This holiday season also could be very good for brands and retailers with big-ticket items to sell, since the CEI among adults planning to make a big-ticket purchase hit 117.9 the week of Sept. 3, 2012, compared with 103.5 the same week in 2011 and 100.5 in 2010. In fact, a CEI above 100 indicates that consumers are more confident than they were during the base line period, which was the first half of 2004, years before the recession began. Perhaps it’s all the talk of the looming fiscal cliff that makes today’s release appear to be counter-intuitive. In fact searches for “fiscal cliff” increased over ten-fold comparing last week to the week ending November 3rd. However, if we look for what people were searching for using search term variations, the top searches were “what is the fiscal cliff” and “fiscal cliff definition,” showing that consumers are still learning what the fiscal cliff is and what it means for them. Hitwise "Fiscal Cliff" Search Term Variations Rank Search Term Percent Volume 1 fiscal cliff 48.07% 2 what is the fiscal cliff 6.74% 3 fiscal cliff definition 6.58% 4 fiscal cliff 2013 6.28% 5 obama fiscal cliff 2.83% 6 what is a fiscal cliff 2.40% 7 the fiscal cliff 1.13% 8 what is fiscal cliff 1.06% 9 fiscal cliff looms 1.03% 10 fiscal cliff defined 0.77% Note – data is for the 4 Weeks Ending November 10, 2012 Source: Experian Marketing Services As the population becomes more educated on the looming crisis, we’ll keep tabs on any resulting changes to consumer optimism, specifically which demographics are most concerned. Learn more about the CEI here.
It is time for us to polish off our crystal ball and give our predictions straight from consumers’ fingertips for the hot products of the 2012 holiday season. Gadgets will reign across many ages Tablets including LeapPads, Tabeos, iPads, Kindles and others will continue to be a popular gift this year, with more choices than ever. On the list of top product-related search terms driving traffic to the Retail 500 category of sites, Kindle Fire HD and Windows 8 top the list as new products. Additionally, Meep!, a child friendly tablet appeared in the top fifteen. Accessories for both phones and tablets will also be popular, especially as the variety grows for iPhone 5 and iPad Mini. A reoccurring favorite gift for the holidays is UGGs which shows a decrease year over year. However, another brand with a similar product is Bearpaw, which is in the top ten searches and has seen big growth year over year. Source: Experian Hitwise Dolls, video games and Furbys, oh my! To identify the popular toys for gifts this year, we researched product-related search terms driving traffic to ToysRUs.com compared to last year’s holiday season. We uncovered trends in the doll category, Doc McStuffins as number one on the list, along with the classic Barbie, which saw a growth in searches year over year. The Furby is making a strong comeback at the number two spot with a reboot and new features. Another trend here is tablets, from branded searches like LeapPad and Kurio there is also the generic term ‘tablets for kids’. In the video game category, the new Wii U that is debuting just in time for Black Friday and should be a big gift this year, along with searches for PS3 games and the Nintendo 3ds xl are all in the top 20 searches. Source: Experian Hitwise Keywords of the consumer to identify demand Beyond product names, it is important to understand the actual way people search, using key phrases and questions. Last year, for example, there was a lot of activity around ‘in-stock’ products, such as the LeapPad explorer, which was hugely popular and quickly sold out in many stores. Retailers and marketers should monitor this throughout the season and make sure to optimize for in stock if there is a popular product that they have available. Source: Experian Hitwise Consumers also focus on what is the ‘best’ – so we see search activity around ‘best place to buy’, particularly around electronics. Questions such as ‘where to buy a’ specific product are also common, such as ‘where to buy a kindle’. These phrases offer opportunities to boost search campaigns by considering how consumers phrase their questions to ensure to capture these searches. Source: Experian Hitwise Quick tip: In the retail category there will tend to be a lot of retail branded store terms but to keep up with holiday search behavior and help make analysis quick, create portfolios of branded terms to easily exclude those from a certain category. When you strip out all the variations of that term you are able to gain insight into product searches that are most popular to a certain site or category. For more insight on the hot product trends for this year from our Hitwise trend-spotters, watch our webcast.
The holiday season – a most wonderful time of the year for retailers – is underway and marketers are tweaking their campaigns for better customer engagement and enchantment. There are many channels in which to reach top customers and prospective customers, and the new holiday season is a great time to refine strategies and tactics to ensure success. To help marketers in their quest, Experian Marketing Services recently conducted a market research study and learned that email marketing trumped all other tactics as the most successful initiative during the 2011 holiday season. Of the 84.2 percent who used email marketing, 95.8 percent reported that their campaigns were successful. Ninety-three percent said they planned to increase or maintain the same level of investment for the 2012 season. In addition to email, the study showed that paid search and online display advertising were the next most successful marketing tactics of the 2011 holiday season, with 48.9 percent naming search and 34.8 naming online display advertising as extremely or very successful campaign tactics. Our internal experts are currently looking at real-time data around these and other marketing channels and will present what they’ve learned during a live webinar on Thursday, October 25th at 1:00 p.m. EST. This information should prove very helpful to marketers who want to improve their campaigns based on current trends and results. Register for the holiday webinar and you’ll receive all of the survey data in the form of a 2012 holiday marketing white paper. Here’s to a joyous and profitable holiday season!