For years, Facebook and Google have been able to dominate the digital advertising market due to the sheer volume of data they have at their disposal.
It is unlikely that we will ever see an advertising business compete with these tech giants in terms of the amount of data they have available. However, there are now ways for companies to combine their data and develop richer insights for their marketing campaigns.
One such solution has come out of cloud computing and database company Snowflake, which last week announced it was bolstering its Data-Sharing Marketplace to make it easier for businesses to integrate third-party data into their analytics systems.
The Snowflake Data Marketplace allows businesses to easily share data from across different industries, while still protecting customer privacy. The company says available listings on the platform have increased by 76 per cent over the past six months, with 160 data providers now using the marketplace.
Snowflake recently partnered with data providers such as ZoomInfo and Foursquare to help businesses unlock data relevant to their operations.
Snowflake announced new features for the Marketplace, including a ‘try before you buy’ tool to test data and usage-based purchasing options.
“We’re always working to reduce friction and simplify the process by which our customers have access to the data they need, when they need it,” Snowflake SVP of Product, Christian Kleinerman said. “As the capabilities of Snowflake Data Marketplace expand, and the breadth of accessible data continues to grow, teams can spend their time deriving value from data and fully realising the powerful benefits of the Data Cloud.”
What it means for marketers
It is no coincidence that the increased popularity of Snowflake’s Data marketplace has coincided with the revelation of the deprecation of third-party cookies on Google Chrome.
A Snowflake spokesperson told B&T that these environments help marketers improve their campaigns without having to rely on cookies.
“Data clean rooms provide a highly secure environment for multiple companies, or even divisions of a single company, to collaborate across datasets for the purposes of identity, enrichment, joint analysis, targeting, and media measurement in a privacy-safe way (i.e. without exposing PII data),” the spokesperson said.
“Data clean rooms will provide a privacy-safe way to not only plan campaigns, but to also measure their impact, in a future without third-party cookies that the media ecosystem has typically relied upon for campaign performance and attribution modelling.”
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