Marketers need to think more about second-party data
It’s that time for resolutions, and marketers should make theirs all about data.
That’s according to CMO. A new piece argues that marketing departments need to think more intensely about the value they can get from other companies’ information – and then share their own in return.
Immediate strategic benefits aside, the piece points to the NSW Government as a leader in this, but also cites examples from Oracle and Salesforce.
“One project completed for the Transport for NSW looked at delay propagation across the state’s freight and passenger rail services, drawing in data from a variety of agencies,” the piece cites.
The moral is pretty clear: more marketers are using data sharing in 2018, so don’t be left behind.
THE TAKEAWAY:
“We are able to explain a lot more about who those customers are, and where they might be. It allows advertisers to understand that customer, with a whole 360 view.”
The UK banking sector is about to explode
Not literally. Think more about explosions with data.
New laws came into effect on January 13 that make UK banks share information with third-party providers. The result is more competition for consumers and, effectively, an open banking system.
“Open banking will enable financial institutions to launch easy, fast and innovative global payment methods,” it says. That means more fintechs and hopefully, more innovation.
If you want a first look at what may still be yet to come in Australia, these new laws are a good start.
THE TAKEAWAY:
“Open banking will digitise UK banking and strengthen UK fintech.”
Data can defeat Amazon – if retailers work together
Well, maybe not defeat it. But it can help businesses compete. That’s the take Geomarketing has in a new piece exploring how SMEs can go eye-to-eye with Jeff Bezos.
Seems like an impossible bet. All that data from ecommerce, Whole Foods, etc. Prime Memberships are a massive advantage for Amazon.
So what’s the answer? Data sharing. Geomarketing points to the fact Adobe introduced a new data sharing platform last year for devices. Why shouldn’t retailers do the same?
“The right co-op structure will yield better personalisation based on actual customer needs and intent,” it says.
THE TAKEAWAY:
“In the end, if retailers continue their vain attempts to replicate Amazon’s perfect data formula, they most assuredly will fail. But if they form a David — a like-minded collective that’s committed to pooling their data for the greater benefit of all — they can wound and perhaps even win against retail’s ultimate Goliath.”
Public and private sectors want to play nice
At least they want to share. Private and public sectors are asking the Federal Government to broker some data-sharing initiatives between each other.
The Lake Macquarie Council tells ZDNet that even access to information like telco data would be a big step forward, and insurer IAG says public data would help its business as well.
The government has made good progress with projects like data.gov.au, it says, but others including Suncorp want more.
“Greater access to public sector data would enable the private sector to drive innovative product development, more accurately implement risk-based pricing, and help educate customers about risk,” says Suncorp.
Sounds good – but the challenge for governments will be understanding what benefits consumers will get from releasing this data to any company, not just insurance agents.
THE TAKEAWAY:
“[The government] should consider significant focus on opening up its data where possible in a format that is easy to find and use.”
That’s our wrap for this week. Thanks for reading – we hope you found it entertaining and informational. We’d love to hear your thoughts on these articles and anything else data related! Email us anytime at enquiries@datarepublic.com!
Until next week,
Team Data Republic