Season 2 Episode 6
Best Of: Data Trends & Challenges with Tim Finnigan, Director of Product Marketing at Verisk Marketing Solutions

RESOURCES   ❯   The Marketing Rapport Podcast 4-22-24

Episode Summary

In this “Best Off” episode of The Marketing Rapport, host Tim Finnigan dives into our treasure trove of past episodes to bring listeners highlights and key insights from marketing experts on the trends and challenges surrounding consumer data.

Guests like Nola Solomon, Thom Gruhler, Ethan Jones, Andrew Criezis, and Kelly Barrett share their wisdom on leveraging data to enhance consumer insights, navigate privacy concerns, and drive marketing strategies forward.

The core themes revolve around the importance of first-party data, data modeling, and the impact of evolving technology on marketing. Each expert contributes to a rich discussion on personalization, consumer privacy, and the integration of AI in data-driven marketing strategies.

This compilation episode not only revisits valuable lessons but also sets the stage for future discussions on how data continues to shape the marketing landscape.

Guests-at-a-Glance

Key Insights

• The Critical Role of First-Party Data in Consumer Experience Nola Solomon, SVP of Go-to-Market at Criteo, emphasizes the paramount importance of first-party data in driving consumer insights and improving the consumer experience. She articulates how this type of data allows brands, publishers, and advertisers to deeply understand their consumers’ preferences and activities both online and in physical stores. This comprehensive understanding leads to powerful advertising and marketing strategies that significantly enhance consumer experiences and provide better value.
• Data Utilization and Cross-Organizational Collaboration Ethan Jones, SVP of Insurance at Kissterra, highlights the evolving trend towards increased data utilization and the necessity for cross-organizational data integration. He predicts that 2024 will see a heightened focus on leveraging data more effectively and fostering collaboration across different organizational divisions. This approach aims to reconstruct how marketers view consumers and how industries, such as insurance, adapt to the new norms in customer expectations and market dynamics.
• The Balance Between Personalization and Privacy Kelly Barrett, SVP of product management at Comscore, discusses the burgeoning trend of navigating consumer privacy alongside the pursuit of personalization. She stresses the importance of ensuring consent throughout the data collection and processing phases, especially for global companies that must adhere to various international regulations like GDPR. Kelly underscores the challenges and the constant evolution of privacy standards, advocating for a balanced approach that respects consumer privacy while still enabling effective measurement and personalization strategies.

Episode Highlights

The Evolution of First-Party Data
Timestamp: [00:03:44]

Nola Solomon discussed the critical role of first-party data in enhancing consumer insights and improving the overall consumer experience. She highlighted how first-party data enables brands to deeply understand their consumers’ behaviors and preferences across various platforms and physical environments. This comprehensive insight allows for more effective and value-driven marketing strategies.

“First-party data allows you to better understand the brand […] It’s really incredible to have all of those touchpoints come together to create insights that you can then use to improve that consumer experience across your sites or your stores or your other channels.”

Data Modeling and Augmentation Insights
Timestamp: [00:07:16]

Thom Gruhler shared his expertise on data modeling and augmentation, emphasizing the significance of organizing and enhancing data to predict outcomes effectively. He discussed the innovation in data management tools that facilitate low-code/no-code solutions for better data governance and utilization.

“The overwhelming majority of smart work is in organizing the data, modeling the data, and augmenting the data to drive some of these predictive outcomes.”

Privacy and Data Management in the Digital Age
Timestamp: [00:11:12]

Andrew Criezis spoke about the changing landscape of data privacy and how NielsenIQ addresses these challenges through anonymized panels. He emphasized the balance between personalization and privacy, highlighting the importance of maintaining consumer trust while leveraging data insights.

“We have household panels in the US, a hundred thousand households that are […] fully codified, no personal information given up. But we’re able to pull up unique attributes and extend it extrapolated against the population of the US in a way that doesn’t identify the individual.”

Preparing for a Cookie-Less Future
Timestamp: [00:13:58]

Kelly Barrett discussed the industry’s shift towards privacy-focused data collection and processing in anticipation of a cookie-less future. She stressed the importance of consent throughout the data collection process and the impact of regulations like GDPR on global companies.

“Privacy is one of the biggest ones […] making sure that consent is going all the way through the process. And then, if you are a global company, you are looking at things like the GDPR over in Europe.”

Top Quotes

[00:03:44] Nola Solomon: “First-party data allows you to better understand you, the brand. Whether you are a publisher, retailer, or advertiser, to understand who your consumers are and what they’re about, what they like to do, what they shop for, and what they’re doing across the Internet and in-store, as much as that data is available.”

[00:07:12] Thom Gruhler: “When it comes to the use of data to accelerate growth, the overwhelming majority of smart work is in the space of organizing the data, modeling the data, and augmenting the data to drive some of these predictive outcomes.”

[00:11:12] Andrew Criezis: “We have household panels in the US, a hundred thousand households that are fully codified, you know, no personal information’s given up. But we’re able to pull up unique attributes and extrapolated against the population of the US in a way that doesn’t identify the individual.”

[00:14:00] Kelly Barrett: “Privacy is one of the biggest trends. It’s all-encompassing whether we’re talking to data leaders, people who are not even at the forefront of using data but they have use cases that rely on that data being collected or processed, and making sure that consent is going all the way through the process.”

[00:21:24] Ethan Jones: “There’s going to be a lot more utilization of data and there’s going to be a lot more cross-organizational data that needs to come together to kind of rebuild how marketers look at consumers and how carriers as a whole figure out where the new normal is in terms of customers in the market.”