There has been a lot of talk about data collaboration over the past few years. And rightly so. Collaborating with quality data partners is a vital strategy for growth-oriented marketers and fundraisers. Data partnerships built on trust are indispensable for marketers seeking to optimize their multichannel campaign results.
So in the spirit of collaboration, we brought together some of our experts on the Wiland leadership team to tell us what they think marketers and fundraisers should be asking their data partners. The questions suggest a path forward for any organization seeking to maximize the value of its own data, improve campaign performance, and lay the groundwork for a profitable 2023.
What is the most important question that brands and organizations should be asking their data partners heading into 2023?
Finding Ways Through the Privacy Maze
Question to Ask: “What actions have you taken to be prepared to support us with the requirements of the many new U.S. state privacy laws coming into effect throughout 2023 in California, Colorado, Connecticut, Utah, and Virginia?”
Why It Matters: As the consumer data privacy landscape continues to evolve, marketers need to ensure that their data partners are proactively approaching data privacy.
– Bryn Weaver, Chief Data Ethics Officer
Question to Ask: “How are you responding to existing and emerging privacy regulations and requirements through your technology, industry partnerships, and product development?”
Why It Matters: The best data partners are the ones that rigorously evaluate data privacy across their entire ecosystem, creating data-driven products that protect stakeholders, partners, clients, and consumers.
– Will Clayton, SVP of Digital Products
Question to Ask: “Can you provide me with data that will fill the gaps in our own data? Do you have unique, high-value signals that will produce better audiences?”
Why It Matters: Advertisers need data partners who provide them with truly differentiated insights to help them activate audiences that produce higher response rates, more conversions, and greater revenue.
– Michelle Harness, DVP, Digital Agency and Platform Sales
Question to Ask: “How deep and diverse is the pool of data that you are building your insights, products, and solutions on?”
Why It Matters: Having the most complete data set possible—ideally with a detailed, individual-level transaction view of consumer spending—is crucial for data partners to be able to create impactful solutions for their clients.
– Heidi Thibodeau, SVP of Client Success, Media and Entertainment
A Predilection for Prediction
Question to Ask: “Can you provide me with signals and data elements that not only describe consumer and donor behavior, but actually help predict it?”
Why It Matters: Growth and retention efforts require the most sophisticated AI-enabled analytics possible. A qualified data partner will constantly be improving its ability to deliver consumer signal data of all types that provide robust 360-degree views of the consumer to power their clients’ advanced analytics.
– Louis Rolleigh, SVP, Product Management
Question to Ask: “How are you leveraging the power of AI and machine learning to help us power our revenue growth?”
Why It Matters: Forbes recently published an article stating that making data-driven decisions “helps us to react with certainty in the face of uncertainty₁.” When data partners effectively use data and AI to create their marketing solutions, they help their clients achieve better marketing ROI.
– Jeff Liebrock, DVP, Direct-to-Consumer Retail
Discovering New Channels
Question to Ask: “How can you help my organization test and optimize new marketing channels that complement the ones we currently use?”
Why It Matters: While direct mail remains a hugely important fundraising channel, rising costs have fundraisers needing to both optimize their mail campaigns and explore new channels as well. The best data partners should be able to help them do both.
– Dan Wells, EVP, Nonprofit
The Business of Understanding the Client’s Business
Question to Ask: “Are you developing new solutions that will help our business grow and improve on our KPIs?”
Why It Matters: Good data partners are always innovating so they can help their clients achieve ever-better immediate results while also growing their businesses for the long-term.
– Dave Sharpe, DVP, Diversified Verticals
Question to Ask: “What, as a data provider, are you doing to create sustainable positive business impact for your clients?”
Why It Matters: Brands are looking for ways to improve business performance by any means possible during this challenging economic time—the likes of which we haven’t seen in over a decade. So data partners must show they understand their clients’ unique business objectives and are committed to customizing solutions enabling clients to achieve their goals.
– Drew May, Chief Client Officer
₁ “The Top Five Data Science and Analytics Trends In 2023.” Forbes, 2022.