Identity resolution drives return on investment in this data-driven industry where technical buzzwords dominate, according to a panel of data experts.
Brands have poured significant amounts into data technology and arguably they’ve wasted much of the investment. However, the burgeoning area of identity resolution – the stitching together of disparate data points to create a consistent ID for a user – could provide a resolution.
"Once you have identity resolution built into your architecture you can do better targeting," said Graham Tricker, sales director at LiveRamp. "There has been a lot of talk about bombarding consumers with too many ads: if people stitch the data together we can start to orchestrate how we can communicate with customers across channels."
Paul Hickey, a consultant at data company TwentyCi, believes there is currently a great deal of "buzzword bingo" flying around the industry because of all the talk of systems such as DMPs (data management platforms), CDPs (customer data platforms) and DSPs (demand-side platforms).
Speaking at the panel session at Media360 in Brighton, he said: "Ultimately it is all about managing data. Data is an asset, the biggest a lot of companies have. If it is not used that asset becomes a liability, a cost."
Blinded by choice
Neil Joyce, chief executive and co-founder of data consultancy CLV Group, believes some brands have misdirected investment due to the different tech options available.
Joyce said: "There are brands that have over-invested in technology, there is a huge overlap in what technology platforms do. I’m not here to be unkind to tech businesses but brands need to think: what data is available across my organisation and how do I bring it together?"
Joyce said one sector that has effectively joined the data points is the online gambling industry. Sky Bet has an identity-resolution system designed to reactivate once-engaged customers who have lapsed. Joyce said Sky Bet was able to reactivate 1% of its customer base using this technique.
And the panel advised that identity resolution did offer customer benefits as well as boosting the returns. Tricker said: "It works for marketers, there is better ROI on spend, but ultimately it also works better for consumers. They win because they get the right content and the right experience at the right time."
Hickey said it was important that customers see that there is a "transfer of value" involved.
He explained: "People are giving up their information and ID to get value back from the advertiser. It is about understanding individuals’ perspective and what is important to them at a particular moment."
Joyce added the value exchange can be "empowering for the customer" and believes GDPR has helped advertisers reassess how they can use data for the customer’s benefit.
He said: "GDPR was a huge opportunity to reset what data you have around your consumers and what you want to use that data for. You have to make sure you are doing something really good with that, not just from a regulation standpoint, but giving value back to the customer."
Neil Joyce, CEO of CLV group, Paul Hickey, consultant at TwentyCi and Graham Tricker, sales director at LiveRamp were speaking on a panel session during Media360 in Brighton in May called Identity resolution – the pivot point of a data-driven marketing strategy. For more information on identity-resolution specialists LiveRamp, see here.