Mid-Term Exam - Week 5: Customer Analytics Lecture 2 Flashcards
What do small data and big data look like?
Small Data:
-User Profile
-Is available immediately
-Easy to act on and integrate with in real time
Big Data
-Enterprise data store
-Is behind IT firewall
-Hard to build, maintain, and extract value
What is McKinsey Consumer Journey Model and how does it relate to relevancy, utility, and personalization?
The most influential touch points by stage of consumer decision journey, for competitors and new customers, % of effectiveness
Relevancy:
Utility:
Personalization:
What are some ways businesses can offer one-on-one personalization using the data they already have?
Understand your customer better with cross-selling and upselling opportunities. Offering better customer support. Improving products and services
Keep track of what customers are doing to trigger actions
Monitor customer journey. Target email campaigns
What are some sources of third party data?
Third-party data is collected by a vendor on
web properties they don’t own. For example, a
vendor may strike a deal with a sports website to
cookie users who reach that site and then turn
around and sell that data to a consumer goods
brand for its own use.
What are some examples of third party data can provide to businesses?
Third Party data – e.g., Acxiom,
LiveRamp, Experian, Equifax, Oracle,
CoreLogic, Lifelock, H.I.G., Capital,
TowerData, Alibaba, Google (indirectly,
also Facebook, Apple, Amazon)
What are the roles of second and third party data as relate to marketer’s ability to offer personalization, utility, and relevance?
Enhances what we know about the customer and give more insights into what they are doing and thinkin
How do Custom Audience and LookAlike Audience on Facebook work?
Custom Audience: a
targeting option that matches people who visit
your website (or app, or in-store) with people on
Facebook, using the Facebook pixel. You can then
create an ad to show to that audience who already
knows your business
Lookalike Audience: Tell Facebook to find people I know who are similar.
What is Interest-Based Advertising?
Interest-based advertising (IBA) – which is also sometimes called “online behavioral advertising” – uses information gathered about your visits over time and across different websites or applications in order to help predict your preferences and show you ads that are more likely to be of interest to you. For example, a sporting goods manufacturer might work with an advertising network that collects and uses interest-based advertising information to deliver ads to the browsers of users that have recently visited sports-related sites, or an airline might direct ads to users that recently visited mobile travel apps.
With 3 data points (gender, date of birth, and zip), what are the odds of re-identifying the exact individual on average? What about 15 data points?
3 data points, 83% chance of being re-identified
In an article published in Nature Communications, the team
developed a statistical model that could correctly identify
99.98% of Americans using 15 characteristics from an
anonymized dataset, including age, gender, and marital status
What are some examples of Information Injury?
The harms consumers may suffer from privacy and data
security incident
* Resulting in discrimination (e.g., denied for a loan),
damage to reputation, loss of control of personal data,
unwanted disclosure of private information (e.g., health,
ethnic background, political opinions, religious beliefs,
gender identification), and other unwanted profiling of
individuals that can later cause damages or even delayed
or unobserved by the consumer
What are some ways by which consumers can protect their data and privacy?
Ask App not to track
Delete cookies
Clear cashe
Manage cookies
What is the purpose of GDPR?
Gives consumers the power to say NO to data
tracking, relevant to DMP’s data.
* focuses on ensuring users know,
understand, and abide to their data
being collected online
* Compliance checklist and privacy notice
(purposes for data collection, how it’s
stored, who it may be shared with) –
Progressive example Geico example
What are main areas of consumer protection?
Government oversite
Consumers taking charge of their data
Ethical practices
GDPR requirement applies to 28 EU nations. What about CCPA?
The CCPA applies to for-profit businesses that do business
in California and meet any of the following:
* Have a gross annual revenue of over $25 million;
* Buy, receive, or sell the personal information of
100,000 or more California residents, households, or
devices; or
* Derive 50% or more of their annual revenue from
selling California residents’ personal information.
What is so-called Surveillance capitalism?
The concept of surveillance capitalism (Zuboff 2019)
effectively summarizes today’s new kind of
capitalism, where consumers, willingly or
unknowingly provide much granular personal
information which subsequently can be capitalized
upon at massive scale.
