It’s no secret that data is playing a key role in the way in which brands interact and build relationships with their consumers. As search engines are social media platforms gauge a broad understanding of their user bases with the data they have; what if business don’t have this sort of data? It’s perhaps time to explore data partnerships.
By opting for data partnerships, this enables brands to reach outside of their environment to see how consumers that share common brand interest, interact with their brands. A look at the type of content that drives consumer loyalty and interest, brands will learn how to improve offers, personalise content and be more effective with engagement.
Obtaining data partnerships, although not a new concept, proves highly effective. Working alongside data provides businesses a pathway to a deeper understanding of consumer intents and interests, guiding continued business success through heightened customer understanding.
In order for the data partnership to work, and work effectively, it’s vital that brands understand their customers. An example would be Uber and Spotify partnering. Although they both have different products, they share the same goal of attracting more consumers. Uber riders can pick a Spotify track to listen to during their ride, resulting in a better customer experience. If the two brands partner effectively, the data they retrieve can produce a more accurate view of the consumer.
If riders were to request a ride and be provided with tracks which are not their preference, at a high cost, this could slow consumer trust.
Uber could benefit from this, as data could reveal the popular tracks that riders request, which could result in personalised playlists during their next ride, leading to a better customer experience. This increases the likelihood of consumers opting for Uber when travelling, more work and sales as a whole.
Data partnerships can play a key role in marketing and advertising practices; also bringing advantages to the customer. With the introduction of GDPR and various data protection practices, consumers are likely to exchange data with a brand, when they are assured it will only be used in a helpful and safe manner.
As consumers become increasingly concerned about how their data is being handled, businesses will need to ensure that their first priority should be making sure they are working in a privacy-first manner. Also, regular reviews of policies and updating when necessary when keeping data secure. The partnership is key because when collaborating with, are also secure from external threats. Developing a trusted relationships with consumers is only possible if brands do their part by protecting their consumers’ data first.