The value of first-party data increases when it is informed by other data. Uncovering the intersections (or even the lack of intersections) between two data sets informs both sides and carries new insights for marketers. But the devil is in the details; selecting the right strategic partners, publishers and data suppliers is very important, logistical challenges arise because all companies don’t organize their data the same way, and privacy laws and regulations now govern how data is used and shared.
Live with MightyHive invited Auren Hoffman, CEO of Safegraph, the leading provider of data about physical spaces, and Chris Martin COO of MightyHive to address the ways data sets can be connected and discuss the benefits of doing it responsibly.
"'Join keys' allow us to have common language. So when you look at your data sets, you want to layer in as many join keys as possible so it becomes very easy to merge that with other data."
– Auren Hoffman, CEO Safegraph
The first step to connecting data is establishing data standards and Hoffman outlined some of the available “join keys” that leading companies are using to connect outside data sets. Next, Martin cited examples of how smart partnerships solved some of MightyHive clients’ biggest marketing challenges.
"It is so important to build enterprise architecture or enterprise capabilities within the brand (in order to) connect all these data points within your company's supply chain. We are seeing a lot of investments in and around this concept of integrating marketing with the rest of the supply chain, but nobody is thinking about it holistically."
– Chris Martin, COO MightyHive
Guest host Victoria Milo — MightyHive Go-to-Market Lead, Social — asked all the right questions as she led the panel discussion with Hoffman and Martin on positioning your company’s data to yield new insights, how to choose the best partners, and tips for buying data.
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