Data, data everywhere…delivering a transformation in data management
dmexco, one of the world’s largest digital marketing exhibitions, is big to say the least.
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Some 40,000 delegates come to visit existing and future suppliers and to hear from industry leaders during the extensive conference programme.Naturally it’s a draw for clients, and WFA held a CDOFORUM the day before to enable members the opportunity to hear from one another and acquire rich insight and best practice, before exploring the broader digital themes in the conference.
Digital transformation has become a core focus for the CDOFORUM, (read more on the topic here, here and here) and in this session we expounded on a particularly complex and critical challenge: data-driven marketing and the data governance, capabilities and technology that underpins this. The following are a few of the take-outs from a fascinating session:
- The key foundation for success is a data strategy. Identify the role for data and the data types required. Prepare existing data inventory and plan how additional data will be collected (across first, second and third party).
- Identify how data will be used and, critically, ensure that these use cases are within full legal compliance. “Get your legal team involved in your data framework from day one”, commented a member.
- Create a culture of first-party data collection. As critically important as the big digital media companies are, “we don’t want to be at the mercy of the ‘walled gardens’”, said a member - “everything we do is geared towards data collection”. Members spoke about ‘Trojan horse’ projects to build-up a bedrock of first-party data.
- Be selective about the third-party data you use. If first-party data assets are weak then do consider using third-party sources, but be selective as the quality and value varies considerably. Aim to use the ‘best of the best’ of third-party data.
- Not all brands will need a data management platform (DMP). If you’re more focused on media (and efficiencies), then DMPs and data lakes may be very costly, and highly underutilised projects. Consider your use cases for data (again, as part of your data strategy) and question what technology you need to support this.
- Consider testing your DMP in a couple of representative markets. For a member this meant testing in the US, where “data laws are relatively relaxed, and also in Germany, which is at the other end of the spectrum”.
- Ad server agreements should be put in place before appointing a DMP, ideally. Get the ‘pipes’ and infrastructure in place first.
- Media agencies don’t necessarily have the skills required to deliver against data driven ambitions. For a member it was necessary to reappraise agency ways of working and balance this against an increase in capability on the client-side.
The CDOFORUM meets next on 25 November in Amsterdam and 1 December in Hong Kong. For more information about the activities of the group contact Matt at email@example.com