As more privacy regulations fall into place, valuable data will become increasingly scarce, predicts Tapad CEO Sigvart Voss Eriksen.
“Companies that made investments will find the value of the data will increase,” he said.
Tapad, which began by connecting digital devices, transitioned from a media and data company to a pure data company through acquisitions and divesting its demand-side platform (DSP) early last year. Then in early 2018, the company entered into a partnership with Brand Networks, which now runs its media business. Now the company focuses on building its data graph.
“The data poor must find creative ways to accumulate the information they need to compete,” wrote Shelly Palmer, an advertising, marketing and technology consultant, in a blog post.
There are two types of data -- self-reported versus observed behavioral data, Eriksen said. Both provide different insights.
Eriksen agrees there are hundreds of data points, but when asked to cite business challenges that keep him up at night, he pointed to "privacy regulations and other changes in the industry," both of which are tied into data. The company prepared well in advance of GDPR and, now, CCPA.
Some of the major challenges brands face today include identifying resolution across platforms, such as frequency and attribution, as well as privacy regulations.
Data-savvy brands want to understand more fully how to resolve identify resolution-related challenges like frequency targeting and capping. The key is to connect devices to household and individuals within the household.
Privacy regulations in Europe are something that Tapad has invested in heavily. "The
standard is set on how to manage data, sensitive data on behalf of consumers,” he said. “We need to make sure we understand and follow the guidelines."
This is important not only in Europe but in the U.S., with the California Consumer Privacy Act taking effect in January 2020.