In this article…
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.
Latest posts
Mother’s Day may not exactly be right around the corner, but the time to send your Mother’s Day emails sure is! Based on our analysis of 186 brands that sent Mother’s Day mailings in 2013, 75 percent of email volume and 80 percent of email-generated revenue occurred between May 1st and Mother’s Day (May 12, 2013). The highest revenue-producing days were five days before the holiday (Wednesday, May 8, 2013) and Mother’s Day itself. This year, the sentimental holiday falls one day sooner than last year (May 11), but you still have more than enough time consider these quick tips for easy wins while planning and executing your campaigns. Tip 1: Give them what they’re searching for Last year, online searches five weeks before Mother’s Day were dominated by searches for the date of the holiday. As such, we recommend including the date of Mother’s Day in your email subject lines, particularly those early in the season, when customers are searching online for, and opening emails with, that information. Tip 2: Set the tone early with your subject lines A sample of early season subject lines that outperformed the overall unique open rate included: Remember Mom on Mother’s Day, May 12 Get a head start on Mother’s Day (plus a gift for you) Just arrived: Mother’s Day Gift Sets To Mother, With Love Tip 3: When it comes to timing, it’s the thought that counts Think through the timing of your emails depending on order delivery deadlines. On May 8th of last year, the largest revenue producers for email were orders for flowers and gifts placed in time to be delivered by Mother’s Day. Email subject lines on May 8th included reminders of the delivery deadlines: Last Chance: Free Shipping/No Service Charge for Mother’s Day! ENDS TODAY: Enjoy Complimentary Second Day Delivery in Time for Mother’s Day Tip 4: Let them treat themselves On Mother’s Day, the top email revenue generators were “self-gifting” (treat yourself on Mother’s Day only), Mother’s Day online sales and free shipping, as well as e-gift cards: Free Shipping Today Only! Happy Mother’s Day You deserve a treat yourself! HAPPY MOTHER’S DAY! Treat yourself to 30% off today only Last Chance: eGift Cards in Time for Mother’s Day Other email performance highlights: Note: All email performance highlights are based on comparisons to Mother’s Day mailings without the highlighted feature from matched brands. To all those in the midst of Mother’s Day campaign planning, good luck and happy sending!
Whether it’s a result of the sky rocketing costs of razor blades, the increasing popularity of Movember or a general trend among Hollywood’s leading men to sport some scruff, it seems that facial hair hasn’t been this en vogue since the mid-70s. Whether you love it or hate it, shaving is big business and any rise in beardedness can shave significant revenue from the bottom lines of companies catering to men’s grooming products. As proof, CPG giant Proctor & Gamble recently announced that its second-quarter earnings were negatively impacted due to the growing preference among men for mustaches and beards. For years, Experian Marketing Services has been measuring the grooming habits of men for marketers via our trusted Simmons National Consumer Study and a recent analysis of the data shows a slight, yet clear, decline in the use of shaving products and an increase in the percent of men sporting facial hair in recent years, especially among the younger demographic. According to our estimates, 17 percent of all men and 35 percent of young men ages 18 to 24 have facial hair today, up from 14 percent and 31 percent, respectively, since 2009. That said, most men with facial hair at least occasionally use shaving products, like shaving cream, disposable razors, razor blades or electric shavers. In fact, the vast majority of all guys (94 percent) still use at least some shaving products, and that number has remained virtually unchanged in recent years. There is, however, a sizable and growing share of young men who are going all wooly mammoth and steering clear of shaving products all together. Specifically, 15 percent of men ages 18 to 24 today say they don’t use any shaving products up from 13 percent in 2009. As younger men’s beards fill in and they move into more professional occupations, most are likely to throw in the (hot) towel and pick up a razor, as evidenced by the fact that only 5 percent of men in the next-oldest age bracket (25 to 34) don’t shave. But the growing bearded trend among young men is hair raising nonetheless. Another trend worth monitoring is the declining frequency of use of shaving products overall, which clearly reflects the increasing popularity of the two-, three- or five-day beard. Among the 67 percent of all men who use shaving cream, for instance, less than a third (29 percent) say they use it seven times a week or more often (the equivalent of a daily shave). On average, men today use shaving cream only 4.3 times per week down from 4.5 times per week in 2009. Young men use shaving cream only 3.3 times a week on average, down from 3.6 times in 2009. Frequency of use is also down among the 36 percent of men who use an electric razor, a popular grooming tool for bearded men who wish to keep things a bit more tame. In fact, just 27 percent of men in the electric razor set say they use it seven or more times a week. On average men use an electric razor 3.7 times per week, down from 4.0 times per week in 2009. On the bright side, Proctor & Gamble, in their latest earnings report, said that despite bad news for their facial hair business, they see potential to offset losses with the increasing popularity of body-shaving by men. And they may have a point. Based on 52-week trend data from our Hitwise online search intelligence tool, searches for “manscaping,” a modern term used to refer to the shaving or trimming of excess body hair, are up a relative 14 percent in the past year.
Once upon a time, the Chief Marketing Officer (CMO) was primarily focused on their company’s branding efforts. They spent a lot of time thinking about things like look and feel, messaging, ad buys and what their competitors were up to. Of course, those are all still important components of a CMO’s job description, but the role has changed – expanded, really – over the last five or so years. The ongoing proliferation of devices in the hands of empowered consumers requires that CMOs understand things like consumer behavior, channel and device preference, triggered messaging and much more. They must have expertise in various technologies, real-time analytics and, oftentimes, be change agents who move their organizations toward a more customer-centric business model. Today’s CMO must know how their customers want to interact with their brand, then build messaging and execute campaigns that create engagement and ensure ongoing brand advocacy. In a newly published predictions piece: “#7for14: Seven ways digital marketing will change in 2014” several of Experian Marketing Services’ leaders weigh in on the changing role of today’s marketing heads. Check out prediction #1 – Challenges of the CMO and prediction #6 – The CMO as technologist to see more.