Brand-Owned Data Loop
Brand-owned data loops refer to the customer data an organization collects firsthand, the connections between that data and the endpoints that use it for decisioning, and the processes and teams that deliver the customer experience based on the data. While the general public is increasingly knowledgeable and aware of the data passively collected by companies they patronize, they are still willing to share their information with brands they trust in exchange for a great user experience.
Why Is it Essential Now?
Customers expect seamless, personalized experiences across any number and combination of brand interactions. However, their expectations for privacy are just as strong, which has created a body of privacy regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA), which brands must comply with even as they seek to deliver personalized experiences.
The challenge and opportunity in both scenarios are remarkably similar. Keeping the customer experience relevant and seamless, while also delivering on privacy, demands that brands associate all data to an individual, not just a device. Further, it requires a technology stack that allows for the orchestration of that identified data across any end point in real time. In short, it requires a brand-owned data loop.
How Does It Work?
Great experiences depend on understanding customers’ needs. Each touchpoint with a brand is a piece of a puzzle. Putting the pieces together unlocks the insights needed to create an integrated and personalized experience. Brand-owned data loops make this possible by creating a strategic capability that includes:
- Customer data that is stored in a single source of truth
- A 360-degree customer view incorporating first-party data
- A data taxonomy that ties all customer data to an individual master record
- Real-time updates to the data set from any customer interactions
- The ability for business and marketing teams to easily operationalize the data