“Data-Driven Thinking" is written by members of the media community and contains fresh ideas on the digital revolution in media.
Today’s column is written by Pete Kim, CEO of MightyHive.
The first- party data/big data revolution is in full swing.
Virtually everyone now agrees that activating first-party data is strategically important. The simple truth is that it’s difficult to make third-party data profitable over the long run — eventually your competitors will use the same tactics with the same data. More than ever, first-party data represents a critical foundation for future marketing plans because it’s the only data that your competition will never have. And congratulations, you are now the person who has been put in charge of this effort — tasked with devising a plan to achieve data and marketing glory!
And then reality sets in. Moving past the hype, how can you create a sane and sensible path forward? Here are five thoughts to consider.