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Three Ways to Prepare for the Shifting Nature of Digital Strategy

by: Avanti Gade
Blog Shifting Nature of Digital Strategy

After a trying time with the Covid-19 pandemic, the next few months and years will not hold steady for digital media and technology. Here are three areas to help you prepare for this change.

Digital media and technology has had transformational impacts on industry, commerce, and consumer relationships in recent years. The continuous evolution is what makes this space exciting, challenging, and worthy of the dialog it creates.

Which changes will happen next and what do you need to do to prepare for them? The signs are all there. The question is: Is your digital strategy ready for the next set of challenges?

You are ready if you have a plan in place for these three areas of change: 1) the commodity of data, 2) the currency of digital media, and 3) your connections with consumers.

1. Changes in the commodity that drives digital media

Data is the commodity that powers digital media. We may sell products or services, but data is the commodity that is coveted and exchanged for the business to operate and succeed.

Data-driven marketing and decision making remains at the core of every business's arsenal. Many external companies are involved in the journey that a product or service takes from inception to purchase and beyond. This creates the commodity of data.

This commodity is getting held back or harder to access as boundaries are being drawn and restrictions are being laid. Do these problems apply to your business? Ask yourself these three questions:

  • Which datasets are at a risk of being unavailable in the near future?
  • Am I losing scale or efficiency with media due to changes in data policies?
  • Am I satisfied with the attribution and cross-platform measurement that is available to me?

It's crucial to get ahead of how your access to data is changing before the changing ecosystem enforces it.

2. Changes in the currency of digital media

The most common currency to transact with the data commodity has been the third party cookie, and it is on shaky and slowly sinking ground.

Along with the demise of third party cookies comes a change in how connections are made between systems, how digital technology inter-operates, and how marketing is measured for success.

You can substitute third party cookies with other identities but not without a concentrated effort to change how you buy and measure your marketing activities.

Here are a few more questions to consider:

  • Do I have a scalable way to buy and measure my media beyond the third party cookie?
  • How does my relationship with buying platforms and media companies change and what should the new rules of engagement be?
  • How do I boost my first party data and forge second party, mutually beneficial relationships?
  • Do I have a universal ID that I can access to build a bridge with other platforms?

Ensuring that the currency with which you exchange data is reliable, long-lasting, and beneficial is necessary for any player in this space.

3. Changes in the way you connect with consumers

We have heard the saying "the customer is always right." Now, in the digital world we also have to fully appreciate that "the customer has rights."

Consumers have rights to their privacy, how they get targeted, and the intelligence companies collect on them. Practices that exploit and endanger customer data are being cracked down upon by new legislation which will continue to expand.

You must consider the data practices of every vendor you have a relationship with. Every hop your customer’s data takes and the data you access from elsewhere must adhere to a set of standards you enforce.

Your considerations for collection, management, and use of data should be:

  • Does the data I collect and the data I use have the necessary consent and permissions in place?
  • Do my customers have a way of understanding, changing, and deleting their information from systems that I control?
  • Do my business practices ensure that I do not misuse or overuse the data I have access to?

Businesses stand to lose a great deal of trust if they have a data scandal or misuse their data assets.

Habu can help you navigate these complicated digital and technology shifts

At Habu, we are preparing for these changes that are drawing closer and closer. Here's how:

  • Habu Data Clean Rooms allow the safe, and in some cases, mandated ways in which you access data, which is the crucial commodity that powers your digital presence. We offer Media and Partner Clean Rooms. Beyond the infrastructure, Habu provides the intelligence layer that businesses need to extract value from this commodity.
  • The demise of the third party cookie is going to bring challenges to how organizations buy and measure media. Habu’s systems are able to work with native, built-in and custom identity graphs. Our integrations are based on identity systems that will outlast the third party cookie. We operate across multiple cloud platforms with the ease and flexibility you need to operate in the new normal.
  • Habu understands that different types of controls are required for dealing with different types of data. We can help you access, normalize, and extract value from that data using the strictest privacy controls, either in our systems or data clean rooms, which were built specifically with privacy and security in mind.

The challenges ahead will make digital media and technology safer, stronger, and more reliable.

To navigate these challenges, choose a partner that does not lock you into using a specific identity, cloud platform, or toolset, not one that is exclusive and restricted. Your chosen software solution should allow you to flex, to expand your capabilities, and to face these challenges for the best chance for success.

Habu is here to be that partner. Contact us to see the possibilities.