As many as 93% of the surveyed leaders acknowledge the essential role of enhanced data collaboration in boosting customer loyalty, data quality, regulatory compliance, and other areas, according to a study by LiveRamp. The study aims to evaluate the impact of data collaboration among business leaders within sectors such as retail, consumer packaged goods, financial services, and travel and hospitality.
“Businesses are quickly realizing the power of data collaboration to transform everything from closed-loop measurement to delivering highly personalized customer experiences that engender brand loyalty. Signal loss is disintermediating brands from the vital consumer lifeline of first-party data, pushing enterprises to embrace new technologies to generate the greatest brand and business impact. With data collaboration, businesses can prove what's working today while powering the breakthrough insights that will drive growth tomorrow,” said Jessica Shapiro, Chief Marketing Officer at LiveRamp.
The research underscores the importance of data collaboration—defined as the secure, privacy-focused combination and analysis of data sets—for navigating obstacles like third-party cookie phase-out, scattered data sources, and stringent privacy laws. Key findings from the study emphasize the significant role of data collaboration in achieving personalization, a major objective for businesses aiming to provide highly tailored customer experiences that foster brand loyalty.
Focusing on more extensive first-party data
According to the study, 59% of participants already engage with external partners with more extensive first-party data. In addition, as many as 43% are collaborating with partners to access varied types of first-party data.
Despite the emphasis on delivering personalized, privacy-conscious experiences across multiple platforms being a top priority, only 12% of respondents feel they have the resources to achieve this effectively.
Moreover, 49% of the leaders find it crucial to offer advertisers greater transparency into performance data, such as insights from closed platforms, yet only 9% are currently able to do so.
The importance of selecting the right partners
The survey also points out that the right partners or technology is vital for effective data collaboration, with 93% of respondents agreeing on this necessity. The challenge lies in integrating isolated data while preserving privacy and data quality, which hampers many organizations from independently advancing their collaboration capabilities.
When selecting partners, businesses prioritize:
- Advanced technology and the capability to link data without relying on outdated methods like third-party cookies, with 81% of respondents highlighting this need.
- Expertise in data ethics and consumer privacy, along with cutting-edge privacy-enhancing technologies like data clean rooms, is desired by 77% of respondents.
- 81% of those surveyed indicated comprehensive support for a wide array of data collaboration use cases, both internally and externally.
Speaking of data importance, LiveRamp has introduced the next generation of the /LiveRamp Data Collaboration Platform, consolidating solutions for the entire marketing lifecycle onto a single platform.
