How brands can connect the dots to thrive as data dwindles
Finding ways to increase customer connection and build a durable measurement program as the challenges of data deprecation continue is top-of-mind for many brands
How to react to a future of less, not more
Not so long ago, it was assumed that the world of data and measurement would simply continue to grow in size. In the reality of a world with less, not more, the focus should be on leveraging the data available to the best of a brand’s ability.
For Cox, that meant setting up two pillars of addressing data deprecation: first, a focus on advancing its digital marketing strategy through simplification of execution, inventory assessment to identify the most durable channels, and exploring and testing different identity solutions. Second, future-proofing its measurement strategy through less dependence on user-level data, stronger granularity regarding the effectiveness of individual partners and creative messaging, and expanding the view of the funnel to focus on both short-term conversions and long-term brand building.
Best practices for success
Test, Test, Test: The willingness to test and iterate is a critical part of Cox’s strategy, with a focus on testing big bets first. While it may seem easier to start small, brands stand to benefit when they prioritize areas where they will gain or lose the most.
Make a Plan: By not only testing, but also scenario planning against multiple potential outcomes, brands will be better prepared to implement new strategies with confidence. Working with existing partner to put plans in place based on anticipated outcomes allows for greater support in a test and learn environment.
Think Holistically: Succeeding in the new world of data means balancing both short-term wins and long-term growth, alongside strategic and tactical questions. Siloed or limited measurement won’t deliver the information brands need to know what’s really working. Now is the time to focus on a holistic program.
Finding a measurement solution
The solution Cox leveraged to solve these kinds of challenges is Commercial Mix Analytics (CMA), an adaptable, granular decisioning system that provides brands with access to a holistic, multi-dimensional, multi-layered view. CMA plays a vital role in future-proofing measurement strategy, allowing brands to be less dependent on user-level data for insights while still being able to assess the effectiveness of channels and partners on a detailed level. With CMA, it’s still possible to get a clear view of what drives high-value customer behavior – without knowing who each individual customer may be.
Ultimately, the key to thriving in the new data landscape lies in the ability to adapt, collaborate and build sustainable, durable programs and actions with the right partners. For more on how Cox worked to achieve this with Analytic Partners, watch the full video.