Today's organizations are sitting on troves of marketing and CRM data. However, these data are often not effectively utilized due to the need to comply with ever-changing privacy regulations, such as GDPR, preventing brands from unlocking the full potential of data-driven marketing.
Due to privacy concerns and GDPR, brands are unable to port their customer database onto ad platforms, whether publishers like Facebook and Google or big retail partners like Amazon and Walmart. Some brands would then turn to browsing or usage patterns for their audience targeting, resulting in targeting that is neither precise nor effective. This severely limits their marketing analytics and targeting capabilities, reducing the effectiveness of their marketing and ad campaigns.
Even before brands carefully decide on the specific datasets to share with the ad platform, they would likely need to engage a third party to cleanse their data, adding an extra layer and more friction to this process.
Challenges of collaborating on first-party data through a third party
Further, these difficulties extend to brands wanting to share their first-party data with their brand partners. Such data collaboration could provide brands with a more holistic and deeper understanding of their customers and consumer behavior.
Currently, data sharing would most likely require brands to engage a trusted third party. Not only does this require more resources and onboarding time, but more crucially brands lose control over their valuable CRM data as they hand this sensitive data over to the third party for analysis.
Brands need to trust their third party not to expose their sensitive data, and this trust is largely dependent on legal agreements. Fortunately, trust can now be guaranteed with confidential computing technology.
How brands can improve their marketing analytics without losing data control
Decentriq’s data clean rooms can help brands better leverage their data to be more effective in their partnerships and marketing campaigns, while also providing retailers with a means of monetizing their data in a compliant manner.
Leveraging confidential computing, Decentriq’s data clean rooms make data sharing easy and secure for both brands and ad platforms, while providing the highest levels of privacy, control and trust:
By sharing and collaborating on marketing data in our data clean rooms, brands can remain GDPR compliant. This guaranteed privacy is possible due to confidential computing, which encrypts sensitive data at all times, even when data is in use.
Neither Decentriq, the cloud provider, nor the brand’s partner or the ad platform can see or access their sensitive data, thus preserving data privacy for a brand's customers.
In today's data-rich landscape, brands need to maintain strict confidentiality even between their partners over their sensitive customer and marketing data.
As data owners, brands and ad platforms can define the exact kind of analysis performed on their data as well as the granularity of results in our data clean rooms, retaining full control of their sensitive and valuable first-party data.
Brands can be absolutely certain of the types of data shared with their partner or ad platform in our data clean rooms.
No longer is trust dependent on legal agreements with a third party or the security of your or your third party's infrastructure. With guaranteed trust due to confidential computing, brands can better utilize their data to optimize their marketing efforts, while major retailers can further monetize customer data.
As trust is now a given within data clean rooms, brands can exchange valuable CRM or digital marketing data with other brands or big publishers in an easy-to-use and secure environment.
Brands can incorporate data that had previously been too sensitive to touch, expand their marketing analytics and gain deeper insights into their customers.
Brands and publishers can safely upload their first-party data into a data clean room and perform data matching and audience overlap, helping brands to improve their target market segmentation and overall campaign effectiveness.
II. Major retail partners
Major retailers with an established media business can also leverage data clean rooms to securely share their extensive customer data with their advertisers/brands.
As this data would help brands be more effective in their campaigns, it would be easier for brands to justify their investment in advertising with online retailers.
With brands potentially increasing their ad spend with retailers, major retailers can further monetize their data and drive growth for their media business.
How banks can maximize their CRM data and save millions every year
One industry that can already benefit from collaborating on CRM data is financial services. Banks face a long-standing issue of outdated postal addresses in their customer mailing list, leading to high volumes of undelivered mail, a huge waste of precious resources and loss of business due to missed opportunities for sales and marketing.
Banks need a secure and compliant way to regularly verify and update their customers’ addresses, without going through the tedious process of contacting each and every one of their customers. This is where the postal service and their CRM data can step in.
Postal service companies are known to maintain an up-to-date database of mailing addresses. Banks can collaborate with their local postal service company on their separate CRM data with guaranteed confidentiality, trust and privacy in Decentriq’s data clean room.
This ensures that banks adhere to bank secrecy, never disclosing any sensitive customer data to their local postal service, while allowing them to verify their customers’ addresses against the postal service’s CRM data.
This secure and compliant data collaboration ensures that banks’ mailing lists are kept as up-to-date as possible, leading to greater operational efficiency and millions in potential cost savings. The postal service benefits too with a new revenue stream from their partnering bank.
Leverage CRM and marketing data previously not possible with Decentriq's data clean rooms
What used to require a complex process and overcoming huge obstacles can now be replaced with a much simpler process that takes as little as a few minutes to get started:
Now’s the time to add data clean rooms to your organization's marketing tech stack.
Not only can you make better use of your CRM data, target the most profitable audiences and maximize your marketing effectiveness, you can do so on-demand and in a fully GDPR compliant and secure manner.
Find out how Decentriq's data clean rooms can drive more precise targeting and advertising here!
If you would like to discuss how data clean rooms can help you leverage your marketing data in a secure and compliant manner, reach out to us for a quick chat!