As data privacy laws continue to tighten, companies are re-evaluting their processes surrounding data usage and compliance. We are in a unique position to help our advertising partners comfortably and compliantly continue to learn from their data without the worry of being outside of the law.
Most media advertising clients know valuable business-building information can be found from analysing their own customer data. This is an opportunity to review our process of business analysis and communicate with our advertising partners on how we all stay in the safe zone for use of information. Simply put, we don’t receive nor work with personally identifiable information (PII). So, no names, credit card numbers, social security numbers, or similar identifiable information.
But beyond a PRIZM consumer segment code, if a business wants to understand who the customer types are in their area that are more prone to specific products, data translation may be a useful technique for additional insights.
For example, a financial institution may need to better understand those seeking home equity or auto loans in their area. The institution doesn’t reveal the actual monetary value of a customer loan, but rather translates the loan values into ranges, or even very benign, yet insightful high, medium, or low ranges:
- US$XX,XXX - USD$XXX,XXX = a high amount loan.
- US$X,XXX - US$XX,XXX = a medium amount loan.
- US$XXX - US$X,XXX = a low amount loan.
Understanding this level of segmentation can enable a business to develop better strategies to serve the different needs of each group. Data translation can help yield valuable, strategic insights while keeping sensitive data compliant with data usage rules.