Data-driven marketing investments are growing rapidly. In the US, data spend grew almost $3 billion in the last year. Not surprisingly, the number of data-related challenges has increased as well. 2019 saw privacy regulations usher in broad changes across the ecosystem, causing widespread concerns around the future of data-driven targeting.
Ahead of the new year, we identified three key trends to look out for. These trends — as well as some proactive steps companies can take today — will set up data partners for success in 2020 and beyond.
Privacy and Identity Walk Into a Bar
Respecting consumer consent will continue to be the third rail for brands and publishers through 2020. What to watch out for, however, is how these conversations begin to fuse with those around identity.
As technologists know, for consumers to “own” control over how their data is used, a mechanism must be implemented so that their preferences are consistently respected across every instance of their digital identity. That means the connective tissue that ID mapping provides is critical to any conversation about privacy.
As more states follow California’s example with CCPA, brands and publishers will need to find, develop, and partner with others to put in place those mechanisms to address both privacy and identity.
No Publisher (Or Marketer) Is an Island
The most used word in 2020 will be “partnership.” Brands and publishers are starting to come around to the notion that no one can afford to be an island and expect to compete.
Publishers will begin to see each other as collaborators whose connected and combined datasets can generate a greater return for their clients and themselves. The same will be true of brands, which will show a growing openness to not just one partner but a range of partners who can collaborate and connect easily.
One real example of this partnership palooza will center on the notion of a 360-degree view of the consumer. In order to achieve that holistic view, you need to work with others who can round out what you know about your customers and fill in the gaps in your own relationships.
Bespoke Data Solutions Yield Competitive Advantage
After not getting what they want from the duopoly, brands and publishers are going to seek more hospitable partners for their data needs. If everyone relies on the same prepackaged data and the same modeling, then presumably no one has a competitive advantage.
This is where tailor-made data solutions will be a trend to watch. Unique datasets combined in specific ways based on business needs will yield not only a market advantage but also smarter data-driven decision making, planning, activation, and analysis.
Forging strong relationships with trusted partners will be critical to success and competitive advantage. The new year is always a good time to reassess who truly adds value, understands your business needs, and goes above and beyond to exceed your expectations. Take the time to have those conversations and reset where you need to.
The article 3 Data Trends to Watch in 2020 by Adam Solomon first appeared on Street Fight.