Customer data has become the new currency for many businesses in today’s cookieless world—but not everyone has learned to monetize it to the fullest extent. Companies across industries from retail to travel to consumer goods are capturing first-party data on customers and prospects to improve marketing efforts, deliver personalized content, drive supply chain efficiency and accelerate business growth. But the potential for driving revenue doesn’t end there.
Business leaders are exploring the exponential potential of data monetization through a customer data platform (CDP). Companies that capture first-party data in a CDP can create robust and relevant data sets that they use for their own purposes, but they can also drive revenue by sharing these assets with others.
Sharing reliable and trusted first-party data to advertisers, publishers and partners can turn customer data into business opportunities. The more data a business has from point-of-sale transactions, internet traffic and media impressions, the greater chance it has to get closer to customers with targeted campaigns and better yet, new products and services.