As marketers forge ahead in the uncertain economic climate of 2023, many are doing so under the pressure of budget cuts and overall resource constrictions as companies prepare for the worst and hope for the best. Within marketing departments, the need to make the most of every dollar spent weighs heavily.
In an economic downturn, strong third-party data represents the surest win for organizations that want to ensure their marketing investments are delivering the highest return. That’s because quality, trusted third-party data provides the needed fuel for both effective personalization as well as prospecting.
By turning attention to deeper data investments right now, companies can drive benefits across the full organization now and into the future. Let’s take a look at three key areas where quality, trusted data can help organizations become more resilient during this time of economic uncertainty and position them to leap-frog the competition on the other side.
Data Onboarding
Data onboarding has historically been thought of as the process of transferring offline data to the digital ecosystem for marketing purposes. But these days, it’s more than just uniting offline and online data. It’s about transforming those assets into addressable digital audiences in order to reach existing customers and top prospects. By transforming previously siloed first-party data into digital audiences, brands can then tap into quality third-party data to target new customers that exhibit the same attributes as an existing customer base. And, working with a partner like Eyeota, companies can do so in a way that is both precise and privacy compliant.
Data Enrichment
Beyond onboarding, marketers should prioritize data enrichment as a means of doing more with their data investments. Data enrichment starts with a company’s first-party customer data and then augments it with qualified consumer traits and personas available through trusted third-party data and insights. Done right via a partner like Eyeota, data enrichment can enable marketers to reach existing and prospective customers in omnichannel environments by activating the resulting audiences on digital display, video, mobile and social channels. The concept of enrichment isn’t a new one, but it’s more essential than ever in an uncertain economy when marketers need to keep in touch with their existing customers more than ever to ensure retention, while still connecting with new potential customers who can fuel future growth.
Post-Cookie Identity
Finally, despite the current economic environment, marketers must not lose sight of the need to be pivoting their strategies away from reliance on third-party cookies, which will be deprecated by Google in Chrome by 2024. Exploration of ID-agnostic identity approaches is absolutely vital to ensuring brand dollars are being spent on sustainable data-driven marketing efforts right now. In this regard, marketers need to be working with third-party data providers like Eyeota to implement solutions that enable them to ingest any offline key or online ID (whether first-party, mobile, deterministic, contextual or a universal ID) at a global scale, and then to onboard, enrich and activate data in their platform of choice.
In the face of economic uncertainty marketers need to ensure they’re making efficient and effective use of every dollar they have. In that regard, they need to be focusing on the surest win out there: high-quality, trusted, interoperable third-party data.
Eyeota is pioneering the future of trusted, quality third-party data. Want to learn more? Contact our audience specialists at datadesk@eyeota.com for more information.