Despite the rise of internet-enabled technology, most organizations still only have a ‘single pane view’ of their audience. In other words, your organization may be collecting and analyzing data (with informed consent) from individuals, but this data-led view is limited to the collection of behavior when interacting with your organization's own channels, whether that be via your website, email, app, social media, in-person activities or whatever. However, there’s much more to a person or segment than the 1% of the time they spend with a brand or organization.
Authorized data exchange between consenting organizations enables:
- an enriched understanding of target audiences and customers by unlocking insights from previously unknown data points
- increased accuracy and ROI of marketing and communications activities to particular audiences
- better services and resources based on real data
- more accurate reporting on the delivery of media, marketing and other services by closing the data loop
- you to monetize or unlock the latent value of data collected but not analyzed, used, or applied in any way.
As a society, we collectively create 2.5 quintillion bytes of data every day. As Peter Levine of Andreessen Horowitz says, it is equivalent to a “new Google every four days.” Astonishingly, it’s estimated that fewer than 0.5% of all data created is analyzed and used.