World’s first marketing data blockchain – Part I
by Dakshen Ram
May 2, 2018
We live in the era of data-driven marketing where ironically, a 360° view of the customer still remains a dream. This is due, in large parts to the many data sets that remain isolated and uncorrelated, scattered across the many silos of data islands.
In an effort to add context to communications and consumer engagement, many brands are seeking solutions through homegrown systems or investments in modularized platforms followed by the integration of these with their internal data sources and partner networks. The result only adds to the problem with issues of data integrity, irrelevant or incomplete data and inaccessibility at the hour of need.
Is this a vicious cycle or could there be some light at the end of the tunnel?
The solution as proposed by disruptors in the field, is to leave those decentralized blocks of data as is, but chain them through permissions with the authorized systems/platforms. These permissioned blockchains can then continuously synchronize data with these systems and give them up-to-date information on demand.
Interestingly, Resulticks is the first marketing automation platform to build its own marketing data blockchain for identity management and profiling of individual audience members that brands are trying to connect within both the digital and real world.
It enables the stitching together of first-party data (such as brand interactions, customer product purchase history, transactions, service support data), second party data (from partners and affiliates) as well as third-party data (such as Ad tech, DMP, Ad exchanges) along with the campaign outcomes and derived data (such as propensity and personality scores) in a set of data blocks, chained to define a profile without compromising personal information.
How is this done? The recipe aka secret sauce:
Built on hyperledger fabric framework and hosted on the Cloud across distributed data centers, the datasets are constantly enriched/augmented as audiences (consumers) interact with the brands.
Every time a brand imports first party data into the Resulticks platform (stored with 256-bit encryption) the platform auto-generates a profile id or token as part of the metadata for each profile, which represents a data block chain. Whenever these audiences engage/interact with the brand and its communications, the augmented and derived data sets, such as channel, time, content, offer propensities and personality scores (for example, luxury brand lover, frequent online shopper, flag-ship product owner) are associated with this data block. Tagged with the industry vertical, this blockchain then forms the backbone of powerful segmentation along with hyper-targeted communications and deep personalization.
Brands opting to benefit from this blockchain can look forward to discovering new micro-target segments for portfolio expansion as well as macro segments for acquisition – all backed by the reliability of a ‘trustless’, decentralized network providing access to burgeoning data refreshed in real-time by a directory of marketing agencies, service providers and Ad exchanges.
Stay tuned for Part II of this series for more insights on the Marketing Data Blockchain.
Request a personal demonstration to learn how to leverage Resulticks marketing data blockchain for your business.