In our latest edition of The Credera Brief video series, Credera Partner Ryan Gross shares how brands can leverage custom, cloud-based customer analytics platforms to unlock the value of their customer data.
Capturing and Leveraging First-Party Data
In tomorrow’s advertising world, the ability to capture and leverage unique first-party data will be essential to differentiating with precision marketing. With digital privacy sentiment on the rise, third-party data has become increasingly sparse. Having a rich, accessible set of first-party data will reduce dependency on third-party data and allow organizations to segment customers based on relevant information.
Because current customer data platforms (CDPs) were not designed to handle these new types of data, many marketing teams fear they will lose the rich, customer-360 models their CDPs have always provided. This is no longer the case, however, as data platform providers have recognized a transformational opportunity to unbundle the CDP stitching and work on their own customer data models. Additionally, leveraging first-party marketing analytics platforms unlocks the ability to utilize proprietary algorithms to optimize for metrics other than click-through or conversion, like customer lifetime value.
Once segmenting, targeting, and next best action predictions are made, the omnichannel activation capabilities of these insights are no different than what marketing teams do today via integration into AdTech platforms.
In summary, brands that are truly differentiating based on their precision marketing capabilities are doing so using custom, cloud-based customer analytics platforms. They use these platforms to harness first-party data and proprietary algorithms, while also learning from second-party data to segment and target customers based on relevant business metrics.
Interested in learning more? Explore how we provide solutions for brands looking to leverage their customer data.
The Credera Brief
At Credera, we believe the toughest business challenges are best solved by a team—a team who works together to share knowledge to accomplish their goals.
We created The Credera Brief series to distill trends and ideas from Credera leaders and experts. These short-form videos share different insights and perspectives across the topic spectrum from MarTech and innovation to strategy and technology.