Episode 9 - Why has enterprise data collection and analysis become tricky?

[1:00] Why is data becoming so tricky? 

[2:22] Businesses need to adjust

With all the data collection shrinking, companies really need to begin to think about how do they best use their own data.

Lots of organizations are starting to develop customer data platforms (CDP).

There are all sorts of stipulations:

• What is declared data?
• What is not declared data?
• Considerations for the EU law: Right to be Forgotten.

When you get declared data, that’s the good data you get.

• 1st party data: Pixel tagging and 1st party cookie collection.
• 2nd party data: Partnerships with organizations. How can it be melded into this platform?
• 3rd party data: From aggregators or modeling.

At the end of the day, you have all of this data. How are you going to effectively clean it, merge it, and use it to surface insights with business intelligence?

It’s critical now to hire data scientists to understand your data. People who understand modeling. Regression modeling. As you understand targeting, segmentation, and personas, you can map the buyer’s journey more effectively.

[6:27] ALL DATA IS NOT CREATED EQUAL

That’s where your organizational modeling and your organizational expertise really come into play. 

You need to really be able to create hierarchical needs and have systems that allow you to pivot in ways and give information that benefits you as the company doing the ad buying.

[7:38] Evaluate where you stand

You need to audit your data hygiene, your data collection, so that going forward, it’s actually gonna be useful so you can make decisions that aren’t going to financially crush your business.

And also, to not make a decision because your data isn’t telling you what to do and you get sideswiped and pushed right off the road.

[8:56] Storytelling with Data

The data and inference of the data is really where you’re gonna go because the width of that data ban is very different due to the absence of a volume  of data being collected due to country laws, state laws, technology rules, etc.

[14:45] Own your Data

Ultimately what it comes down to, you can’t trust third party data to the extent that you were able to 10, 20 years ago.

You need to own your data and have a plan and really focus on collecting as much information as you can about your own audience and their buyer’s journey to ultimately inform, because that’s your best chance of having data that’s usable.