World’s First Marketing Data Blockchain – Part I
by Dakshen Ram
July 14, 2017
We live in the era of data driven marketing where ironically, a 360° view of the customer still remains a dream. This, in large parts is due 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 home grown systems or investment 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 block chains 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 block chain for identity management and profiling of individual audience members that brands are trying to connect with in 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 datacenters, the datasets are constantly enriched/augmented as audiences (consumers) interact with the brands.
Every time a brand imports first party data into the Resutlicks platform (stored with 256-bit encryption) the platform auto-generates a profile id or token as part of the meta data 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 block chain 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.
Read Part II of this series for more insights on the Marketing Data Blockchain.
For an industry perspective, you can request our white paper on the Marketing Data Blockchain with use cases specific to your verticals.