CANNES – Privacy laws in many parts of the world have limited how brands can use people’s personally identifiable information for advertising and marketing. Amid these restrictions on the data they collect, brands must find ways to collaborate with other data sources to improve the effectiveness of their ad campaigns.
Data collaboration is “how you can leverage your data, partner data and third-party data in a way that you can action off of it, drive insights off of it,” Daniella Harkins, senior vice president of go-to-market at LiveRamp, said in this interview with Lisa Granatstein, editorial director of Beet.TV, at the Cannes Lions International Festival of Creativity.
Data clean rooms allow marketers to match their consumer-data records with other sources of information without commingling them. The aim is to preserve data privacy.
“When it’s oftentimes correlated with a clean room, and then the other piece of it is: it’s really around partner data,” Harkins said, “being able to take your first-party data and potentially a partner’s first-party data, and being able to share data in a privacy-centric and compliant way.”
Maximizing Retail Media
Retailers that sell advertising typically have significant amounts of information about their customers, either through shopper loyalty programs, online registrations or other methods of tracking purchase histories. These data resources are valuable to advertisers that seek to pinpoint current or prospective customers.
“You need access to other partners and you need access to the data, because as a brand, you’re never going to know everything that you can about me as a consumer,” Harkins said. “It’s a match made in heaven, being able to bring these capabilities together.”
You’re watching coverage of Beet.TV’s Global Leadership Summit: Retail & Commerce Media, a Beet.TV Leadership Series at Cannes Lions 2024 presented by LiveRamp. For more videos from this series, please visit this page.
