This year many brands may be thinking about hiring more data experts. But before spending some serious cash to grow internal data teams, brands should consider how to harness the data capabilities of their media partners.
Improved Internal Data Resources
In 2018, Salesforce and Deloitte produced the Consumer Experience in the Retail Renaissance report. According to the study, more than 550 traditional retail, pure play, consumer goods, and branded manufacturing leaders plan to employ nearly 50% more data scientists over the next three years1. Anticipating increased data regulation, brands want to use experts to ensure that they are using their data wisely.
Actionable consumer data insights are no doubt powerful. They enable companies to provide highly relevant messages to shoppers, thereby lessening ad clutter. However, many organizations are underperforming when it comes to managing their data. According to the Salesforce/Deloitte report, 63% of respondents felt they could be doing a better job of responding to consumer demands and insights in an agile manner2. While expanding data teams will help, brands must also focus on how to engage their outside resources. They must be highly selective and only work with media partners who have a strong grasp of data access and actionability.
Improved Data Partners
The task of refining data points into meaningful findings can be overwhelming. By solely relying on internal teams, advertisers may find themselves stretched too thin. This lends to data oversight, where unique data points are often overlooked.
We recently spoke with Parker Burgess, eBay’s Client Insights Manager. Solutions architects at eBay are there to help brands optimize their campaigns. With added technology, eBay is improving how client data and eBay customer data can join forces.
For instance, if the client has CRM data, we have the ability to create shop-alike audiences using eBay 1st party data. Using their target audience as a base, eBay can create scoring using various data attributes generating look alike modeling for reaching additional users with high probability to behave like the clients target user group. – Parker Burgess, Client Insights Manager
Another advantage of partnering with eBay is the ability to use customer tools to build target personas. With a DMP that is real-time, signals can be collected through shopper tools like eBay Garage. Tools like eBay Garage collect powerful 1st party data like make, model, and year of a shopper’s vehicle. Automotive and insurance brands can employ this data through highly targeted campaigns. “For example, our unique data collected on eBay Garage allows insurance advertisers to target high value users with more specific messaging geared towards the specific vehicle make, model and year of their vehicles,” says Parker.
Data on eCommerce Platforms
As we enter a new era of government intervention in how personal data is managed, advertisers must align with media partners who will meet evolving government requirements. E-commerce platforms often follow a safety-first approach.
Expectations are high that retailers share conversion and sales data with brands, but retailers have found it prudent to protect their shoppers’ data and not fall into the same discussions around privacy violations that Facebook or other third-party retargeters have. – Sucharita Kodali, VP Principal Forrester Analyst 3
Data alone is worthless unless given the ability to make it actionable and solve business problems. While brands will continue building their internal resources, they must also look outward to their partners.
Want to learn more about eBay’s advanced data tools? Contact our ads sales team.