The age of relying on third-party data for media buying may be coming to a close, but don’t count out the power of collaboration just yet. Data clean rooms (DCRs) have emerged as a popular avenue for brands to uncover valuable insights, but they’re not the end-all-be-all solution to marketing strategies in the face of a looming recession.
While a DCR can help match audiences and allow brands to find the segments they want to target, it’s only useful if the data it’s fed is reliable and unified. That’s where customer data platforms (CDPs) come into play. By collaborating on parts of first-party data, brands can fill gaps where they lack the necessary information to thrive.
Take the example of a clothing manufacturer wanting to reach audiences about to embark on a sunny holiday. By collaborating with a travel agency and utilizing their first-party data, the clothing manufacturer can display complementary offers for its signature clothing to those who are about to take a relaxing vacation.
Second-party data collaboration is the key to maximizing the potential of DCRs, and brands must rethink how first-party data is integrated in a privacy-first data world. By building a flexible foundation to unify, activate, and acquire new and existing customers based on a consistent view of their first-party data, navigating the complex MarTech landscape is simpler than one may think.
As the advertising technology ecosystem continues to evolve, it’s time for brands to run, not walk, towards first- and second-party data strategies. By doing so, they can uncover valuable insights and stay ahead of the curve in a privacy-first world.