This has significant impact for media owners, as they stand to lose valuable
monetisation opportunities with their audiences across both Apple devices and
Google platforms.
Yet as one door closes, another opens for media owners, who must now focus on
developing a first-party data strategy that brings true value for brands.
What is first-party data? It’s simply information that a company owns and
collects from their customers and/or own sources.
However, media owners have various considerations to look at before they can use
their first-party customer data, let alone monetise it. Here’s a quick look at
three of these key areas to consider.
1. Expand their volume of first-party customer data
The value of media owner’s first-party data for brands comes from its depth and
richness. In pursuing a first-party data strategy, media owners will first have
to expand the volume of their first-party customer data.
One way is to increase traffic to their platform. Driving greater traffic would
require the media owner to build greater awareness around their platform,
possibly with brand or marketing campaigns.
Yet increased usage of their platform does not guarantee more customer data.
Media owners would still need to provide their customers with some form of value
or benefit to incentivize customers to consent to collection of their data,
whether it might be a small discount or an improved user experience in the near
future.
Further, not only should data collection requests be visible, for example on
website banners, media owners need to be upfront and transparent on the intended
use of their customers’ data, the types of data they need from their customers,
and the reasons for collecting this data.
Media owners can also improve their data collection capabilities through other
mediums such as their own mobile applications, campaign-specific landing pages,
or via email marketing campaigns. This increases the number of touchpoints that
media owners can have with their customers in order to collect their data,
beyond their native platform.
2. Matching data from different sources
After improving their data collection capabilities, media owners could be left
with large volumes of first-party customer data from different sources, such as
from their website and mobile application. This data has to be cleaned and
matched before any analysis can be done.
Externally, data from media owners and brands are likely to have customer data
that contains different Personally Identifiable Information (PII), such as
customers’ names, email addresses, Identifier for Advertisers (IDFA), etc. Media
owners will have to find a way to match the PII of their first-party customer
data with that of brands so as to calculate customer overlaps that can generate
useful analysis and insights for brands.
3. Leveraging this first-party customer data in a secure and compliant manner
Today’s consumers are increasingly aware of data breaches, while only 1 in 5
consumers
[https://www.securitymagazine.com/articles/94486-only-21-of-people-trust-global-brands-to-keep-their-data-safe-and-secure]
trust organizations to keep their data secure. Organizations simply cannot
afford to further erode this already low level of trust, as it can negatively
impact their brand reputation and subsequently, their bottom-line.
Organizations can be fined up to €20 million or 4% of annual global turnover,
whichever is greater, for breaching GDPR. Simply put, it is an absolute must for
media owners act responsibly and ensure the privacy of their customers’ data.
Given these potential costs and risks, it is no surprise that many organizations
including media owners do not collaborate with external parties on sensitive
data, often because these organizations do not know how to do this compliantly
and securely. Media owners stand to lose valuable opportunities to monetize
their data and provide their advertisers with greater value.
Fortunately, with the emergence of new technologies, it is now possible to
collaborate with external parties on sensitive first-party customer data in a
secure and compliant manner. One way is to leverage data clean rooms
[/what-are-data-clean-rooms-and-how-to-pick-the-right-one-for-you/?utm_source=blog&utm_medium=website&utm_campaign=mediaownersconsideration]
.
How media owners can collaborate on data compliantly in data clean rooms
For media owners to remain compliant while collaborating on data, they must
never disclose their customers’ data to the other party. This can be guaranteed
in Decentriq’s data clean rooms, with its use of confidential computing. Any
results generated from such data collaboration must never contain any granular
data that can be traced back to an individual customer.
Hence, media owners and brands must remain in full control of their first-party
data to preserve its privacy and confidentiality.
How does Decentriq guarantee such data privacy for its users?
1. Data is encrypted before it is uploaded into the data clean room.
2. Data remains encrypted during computation and analysis.
3. Only aggregated results are generated based on predefined analysis agreed
upon by the collaborating media owner and brand.
These steps guarantee that raw data is never exposed to the other party,
Decentriq nor the cloud provider, protecting the confidentiality of both
parties’ first-party customer data.
An added benefit of using Decentriq’s data clean rooms is the ease it brings to
the process.
* Setting up a data clean room only takes minutes, instead of weeks and months.
* Datasets with different data attributes can also be easily brought together
with fuzzy matching, a feature that is capable of matching data even when
their attributes are not an exact match.
Support brands with your first-party data in a cookie-less world
Media owners might be facing several challenges in adjusting to the upcoming
phasing out of third-party cookies and third-party data, but there are still
boundless opportunities on the horizon.
Media owners will first need to understand how to compliantly work with
first-party customer data before they can support brands and their advertising
with data-driven insights, even in today’s cookie-less world.
Read the second article of this series as we explore how media owners can enable
brands thrive in a cookie-less world, or visit our Media & Advertising page
[https://www.decentriq.com/solutions/media-advertising?utm_source=blog&utm_medium=website&utm_campaign=mediaownersconsideration]
for more information.
