In today's data-driven business landscape, organizations collect a vast amount of data from various sources. This data plays a crucial role in making decisions, engaging customers, and predicting trends. However, managing and utilizing this vast amount of data effectively can be challenging. That's where Experian and InfoSum's cutting-edge solution comes in - the InfoSum Data Clean Room Powered by Experian Identity & Consumer Intelligence.
With this innovative tool, businesses can securely collaborate and analyze their customer data without compromising privacy or performance. By harnessing the power of Experian's Identity and Consumer Intelligence within this data clean room, businesses can unlock the full potential of their first-party data. This collaboration provides valuable insights into consumer behaviors, expands market reach, and strengthens competitiveness.
Enhanced Secure Data Collaboration
Before we dive into the mechanics of secure data collaboration, it's crucial to understand the nature of the data we're discussing - first-party data.
What is first-party data?
First-party data is information collected directly from a business's customers. It encompasses a range of data points, from transaction details and user feedback to user interactions on a company's digital platforms. This data holds immense value due to its direct source - the customers. It is highly accurate, reliable, and gathered with the customer's consent. As a result, it provides businesses with the most insightful view into their customers' preferences, behaviors, and expectations. In essence, it's a goldmine of insights for businesses to use.
However, utilizing first-party data is challenging, especially considering today's regulatory landscape.
Compliance with GDPR & CCPA
In the era of data breaches and privacy scandals, regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have emerged. These regulations mandate businesses to ensure the protection of consumer data and privacy. Any violation can result in substantial fines and irreparable damage to a company's reputation. This is where InfoSum’s data clean room provides a solution - ensuring that data collaboration respects these regulations and safeguards the business and its customers from potential risks.
How It Works
The process within the InfoSum Secure Data Clean Room is designed for simplicity and effectiveness. The journey begins by securely matching first-party data with Experian’s Graph. This matching process amplifies the match rate scale and accuracy, giving businesses a richer, more detailed perspective on their audience. Businesses can use this newly enriched first-party data to activate and optimize audience-based campaigns, all while guaranteeing the utmost in data protection and performance.
These insights allow businesses to better understand their customers, providing personalized experiences and setting the stage for long-term customer loyalty.
One of the standout features of the InfoSum Secure Data Clean Room is the Identity Bridge. InfoSum's Identity Bridge is created by connecting a business's first-party data with Experian's vast consumer data (spanning 270+ million U.S. consumers and 126+ million households).
This bridge is not just a conduit for data connectivity but also a tool for businesses to generate instant match rates when a common key is not present, as well as extend their overall reach and match accuracy. It also enriches consumer and audience profiles, gleaning insights from Experian's data sets. This detailed understanding of consumers can be instrumental in crafting highly targeted and effective marketing campaigns without reliance on cookies or other perishable identifiers.
Industries Benefiting from Data Clean Rooms
Though relatively new in the tech space, data clean rooms are already demonstrating their vast potential across a diverse range of industries. Key sectors reaping the benefits of secure, insightful, and efficient data collaboration through data clean rooms include retail, automotive, and healthcare.
Retail Media Networks
In the fast-paced world of retail, media networks have become crucial tools for businesses to connect with their customers. By using these networks along with large amounts of consumer data, companies can achieve great success.
Data clean rooms are incredibly useful for retail media networks as they provide safe, secure, and direct access to valuable consumer insights such as demographics, purchase behavior patterns, transactions, and life event triggers. This information is critical to enable CPG organizations to execute advertising strategies with more visibility and insight, as well as for retailers to create new revenue streams by partnering with media owners to diversify and maximize media performance. The ability to connect retail insights with omnichannel media inventory provides a net new opportunity for all businesses to better understand the customer journey and create personalized marketing experiences, leading to higher conversion rates and greater customer loyalty.
In the competitive automotive industry, it's essential to understand and connect with customers meaningfully. Data clean rooms can be a valuable tool in achieving this goal, providing secure access to a wealth of customer information from OEMs, publishers, data providers, and even tier 2 and 3 auto retailers.
By utilizing clean rooms, automotive companies can tap into a vast pool of data on potential car buyers, including their preferences, purchase intentions, and the likelihood of making a purchase in the near future. By collaborating with Experian's extensive automotive data set, companies can access information on over 800 million vehicles in the U.S. and Canada, and over 600 syndicated auto audiences, including Drivers Privacy Protection Act (DPPA)-compliant vehicle purchase data. This information allows businesses to create highly targeted campaigns that resonate with their customers.
Within the InfoSum Secure Data Clean Room, businesses have the freedom to connect multiple data sets to build powerful marketing strategies using rich intelligence. Businesses can understand their customers' needs at a detailed level, including their preferred make, model, year, price, body style, and purchasing habits. With this knowledge, businesses can tailor their marketing and sales strategies to better meet their customers' needs, leading to improved customer satisfaction and loyalty. For example, knowing a customer's preference for sedans over SUVs can enable a business to tailor their communications and offers to that specific customer, further enhancing their overall experience.
Businesses can also create collaborative marketing strategies that connect, for example, OEM buyer data with auto insurance purchasers who are shopping for baby car seats on a specific retailer’s website. This connected intelligence unlocks new opportunities to deliver more personalized customer experiences fueled by first-party data using clean rooms. By enabling data providers, brands, and publishers to connect their data, clean rooms, help establish data relationships that can create powerful campaigns.
Data is crucial in healthcare, impacting operational efficiency, service delivery, patient experiences, and outcomes. However, privacy standards must be stringent due to the sensitive nature of health data. Fortunately, data clean rooms are revolutionizing the industry.
By utilizing the secure environment of InfoSum's Secure Data Clean Room, healthcare providers can safely and effectively access Experian's unique health intelligence insights. This information offers healthcare providers a more comprehensive understanding of patient profiles, including demographic, household, lifestyle, and interest data, with additional privacy protocols.
With this enriched view, healthcare professionals can identify high-propensity patients, which includes those who actively manage their health, trust their doctors, maintain healthy eating habits, and more. This holistic approach enables healthcare providers to offer more personalized care and communication. Pharmacy retailers can now safely collaborate with pharmaceutical manufacturers and/or insurance providers to create a bespoke consumer experience that drives awareness and demand through relevant connections.
Data Clean Room Use Cases Across Other Industries
Beyond retail, automotive, and healthcare, the InfoSum Secure Data Clean Room is versatile, with successful use cases across various sectors. Financial institutions, educational organizations, technology firms, and even governmental bodies can utilize secure data collaboration to uncover new customer insights, enhance service delivery, and optimize operational strategies, all while maintaining stringent data privacy standards.
Benefits of the InfoSum Secure Data Clean Room
The InfoSum Secure Data Clean Room is not just a tool for first-party data collaboration. It is a transformative solution that offers a multitude of benefits to businesses.
Augment scale and accuracy of first-party data
First and foremost, it augments the scale and accuracy of first-party data with direct connectivity to a network of media, agency, and data partnerships all who bring their own first-party data to the clean room environment. All data contributors have complete control and ownership of their data assets at all times, with the flexibility and transparency to dictate who has access to what data points, for what purpose, and for what period of time, providing the most secure way to collaborate using sensitive customer data.
Facilitates access to Experian’s audience insights and identity data
Additionally, the platform facilitates access to Experian's best-in-class audience insights and identity data. This access gives businesses a broader understanding of their market and the tools to craft highly targeted and personalized marketing campaigns.
What sets InfoSum's platform apart is its user-friendly design. With intuitive drag-and-drop functionality and error-proof software, users of all skill levels can execute powerful data-driven strategies quickly and efficiently. This democratization of data usage ensures that all facets of a business can use data to inform decision-making and strategic planning, fostering a truly data-driven culture.
Data is incredibly valuable in today's digital age. Being able to effectively use this data can significantly shape the future of businesses. With the help of the InfoSum Secure Data Clean Room and Experian's comprehensive consumer data, you can unlock the full potential of your own data in a safe and effective way.
This powerful tool allows you to make data-driven decisions with confidence, knowing that you are getting the most out of your data while also keeping it secure. By enabling secure data collaboration, the InfoSum Secure Data Clean Room sets the stage for businesses to excel in the era of Big Data.
Are you ready to harness the power of your data and take your business to new heights? Schedule a demo of Experian data at work within the InfoSum Data Clean Room today.