third-party cookie demise Archives - Datahash https://www.datahash.com No-Code First Party Data Management Thu, 03 Aug 2023 11:44:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.2 https://www.datahash.com/wp-content/uploads/2022/03/datahash-favicon-100x100.png third-party cookie demise Archives - Datahash https://www.datahash.com 32 32 Marketers Measure Success Differently Owing to Data Privacy Updates https://www.datahash.com/marketers-measure-success-differently-owing-to-data-privacy-updates/ https://www.datahash.com/marketers-measure-success-differently-owing-to-data-privacy-updates/#respond Thu, 13 Jul 2023 09:20:09 +0000 https://www.datahash.com/?p=22124 There could not be a better time to be an online marketer. The world of marketing is evolving at a fast pace. As per reports, 80% of marketers lead their customer experience initiatives across the business, while 94% of marketers […]

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There could not be a better time to be an online marketer. The world of marketing is evolving at a fast pace. As per reports, 80% of marketers lead their customer experience initiatives across the business, while 94% of marketers globally view the marketing function as critical to drive growth.  

A recent report by Salesforce studied over 2,500 global marketing professionals along with their businesses. The report revealed that marketers today are under pressure to optimize and prove their marketing ROI in a tough environment of digital privacy policy. All this while also keeping with the constant operating challenge of organizing and accessing quality data.

Today, marketers aspire to build a cross-channel view that provides a holistic view while enabling speed to insight and rapid decisions at the pace of their business. Reports show that marketers rely on data to inform and create personalized, trusted customer experience – all of which is directed to maximize ROI.  

Privacy Changes Have Led to A Significant Shift in Marketing Strategies & Investments

In the last couple of years, data privacy regulations – GDPR, Apple Mail Privacy Protection, and the deprecation of third-party cookies by Google have pushed marketers to adopt a consent-based route to collecting data. 90% of marketers agree that recent data privacy changes have fundamentally changed how they measure marketing performance.

Focus on Data Quality

Marketers need to know that they can rely on the data being collected to drive outcomes. Four In five marketers indicate that data quality is crucial to driving marketing-led growth and customer experiences.  

But not everyone has access to a reliable data foundation nor the ability to unlock it. Marketers say employee resources and manual data integration are top challenges in efficiently evaluating performance. Though marketers are investing in analytics technology, only 51% of marketing teams currently have employees dedicated to analytics, according to the marketing report.

A Centralized View of Data

Reports suggest that 98% of marketers emphasize the importance of having a complete, centralized view across all cross-channel marketing. Marketers are required to integrate data across business units and sources while also being able to generate and deliver value. A unified data view allows marketers to lead growth in their organizations while engaging with customers.

  1. 90% of marketers plan to either increase or maintain investments in marketing analytics
  2. 88% of marketers plan to either increase or maintain investments in customer data platforms
  3. 87% of marketers plan to either increase or maintain investments in real-time interaction and personalization  

Source Credit: Salesforce

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Navigating First Party Data – For Publishers https://www.datahash.com/navigating-first-party-data-for-publishers/ https://www.datahash.com/navigating-first-party-data-for-publishers/#respond Wed, 28 Jun 2023 12:54:51 +0000 https://www.datahash.com/?p=22085 The new privacy legislation, the elimination of third-party cookies, and the development of tracking protection are moving publishers to reconsider data collection strategies. While first-party data collection is the most straightforward strategy that publishers can employ to keep up with […]

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The new privacy legislation, the elimination of third-party cookies, and the development of tracking protection are moving publishers to reconsider data collection strategies. While first-party data collection is the most straightforward strategy that publishers can employ to keep up with changes – it is crucial to understand first-party data as an alternative.

The biggest challenge for media houses will be to execute a first-party data strategy that integrates with data-driven subscription, registration and  operations. All this while adhering to privacy regulations to retain the customer’s trust.  

The Crucial Role of First-Party Data

Early adoption of first party data can help publishers be independent while building deeper relationships with customers and contribute to sustainable growth through multiple revenue streams.

Publishers reside in two groups: Those that have been collecting first-party data for years, and those that are scrambling to catch up. Billions of dollars are at risk for those publishers without the targeting data to power programmatic campaigns, which represent upward of three-quarters of all digital campaigns globally.

  • Publishers that proactively address the challenges of identity resolution, are much better positioned to protect relevance and growth in the long term.
  • Future models and innovations in Ad tracking must provide better detail on the consumer’s journey, with consumer needs and expectations kept front and center.
  • Publishers that demonstrate the ability to reach consumers at the point of purchase with relevant opportunities and recommendations will benefit from new consumer purchase norms. Adopting best-practice alternative solutions for ad targeting is driving the publisher’s pivot to first-party data collection through direct-to-consumer relationships.

The Value of Direct Relationships

As third-party cookies disappear, advertisers will need privacy-compliant first-party data to understand their audiences’ interests online. And its publishers who understand the behavior of individuals on their websites — they know what the interests of their users are, how long they spend on-site, how many times they visit, and whether their browsing habits have changed. Working with publishers provides a privacy-safe environment for advertisers to buy in, built on top of consented first-party data and without the need for third-party cookies.

How Can Publishers Use First Party Data to Improve Revenue?

First party data offers valuable insights into real-time user interaction and preferences, which enables publishers to sell their ad space for higher rates. The data allows advertisers to relate and respond to customers in highly personalized and more immersive ways. Hence, they are willing to pay higher CPM rates for reliable, first-hand user data.

Personalized experience

Visitors enjoy a personalized experience, and a first party data strategy enables both publishers and advertisers to provide that. Audience engagement, time-on-site, and ad conversion rates increase when publishers and advertisers offer the right content that appeals to the website visitors.

Visitor Segmentation

Targeting a specific product to certain customers is crucial to increasing an advertiser’s return on investment. First party data enables publishers to group their users based on demographics, interests, and much more, making the data more attractive to advertisers. Having access to specific groups allows advertisers to deploy a highly efficient marketing strategy for each customer segment.

Mapping the customer’s journey

Marketers can map the customer’s journey by accessing first party data. Knowing customers’ different steps to convert is crucial for successful goal conversion. By using first party data, advertisers use the relevant message at the correct place and time to navigate a customer’s journey to conversion.

The First-Party Data Tech Stack

The first-party data tech stack serves as the engine for the first-party data strategy. Publishers can opt for first party data enablement solutions that are quick and easy to run with zero downtime. All of this must be achieved while keeping compliance and data privacy in sight. Another way to augment first-party data is through partnership with clean rooms, or tech companies which connect multiple, disparate first-party data sets with no data intermingling, in accordance with data regulations. 

In order to grow first-party data and create value for consumers and advertisers, media companies must make fundamental structural and technological changes. Most media companies are structured with separate subscriptions and advertising operations. However, the future model will be a unified commercial strategy with consumer’s detailed, first party data at the centre.

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First Party Data Powers Digital Customer Engagement https://www.datahash.com/first-party-data-powers-digital-customer-engagement/ https://www.datahash.com/first-party-data-powers-digital-customer-engagement/#respond Tue, 27 Jun 2023 08:02:01 +0000 https://www.datahash.com/?p=22059 Digital Customer Engagement can be described as proactive interactions conducted by a brand via digital channels to boost engagement and build relationships through the buyer’s journey. Being in touch with the customer has never held more importance than in today’s […]

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Digital Customer Engagement can be described as proactive interactions conducted by a brand via digital channels to boost engagement and build relationships through the buyer’s journey. Being in touch with the customer has never held more importance than in today’s digital age, and businesses are on the lookout for innovative ways to connect with customers. Hence, this lays immense focus on the ability to conduct multi-channel marketing, to connect user experience while offline and online.  

The past year has mandated a new approach to business. Facing economic uncertainties and a contraction of marketing budgets, brands know they need to do more with less. They need to continue to acquire new customers while also increasing customer loyalty to generate repeat business. And they need to do all that with fewer resources.  

According to the State of Customer Engagement Report – “Those who embrace digital customer engagement are seeing results, despite the challenging economy. Data shows that investment in digital customer engagement increased revenue by 90% on average, up from 70% last year.”  

Let’s Talk Third-Party Cookie Demise

We have already heard about the phase-out of third-party cookies and the grave implications it holds for digital marketers who care about campaign performance and Return on Ad Spends (ROAS).

The loss of third-party data will leave marketers, Ad agencies, and the publishing and media vehicles where advertising appears with little or no first-party data (data directly from consumers who consent to share it) in the dark about behavioural and demographic insights that currently help them create target audiences and segments.  

After the loss of third-party cookies and identifiers, advertisers and publishers will find that the value of direct engagement with consumers will further increase. To create consumer connections, advertisers and publishers should create experiences that consumers consider worthwhile. Advertisers and publishers will also need to identify the investments and operating approaches that will help them stay connected with as many consumers as possible.

Creating consumer trust with compelling consumer experiences

The most prepared advertisers we studied are designing consumer experiences in which consumers actively consent to share data (for instance, transparency on data collected, visibility into value exchange, and data collection seamlessly embedded into user experience). Indeed, experiences that are valuable to consumers tend to generate data as a byproduct.

The right experience varies widely by industry, but the need for it is motivating many advertisers we studied to innovate. For instance, the most advanced companies have discrete consumer experience functions that work with the support of media, IT, and legal to responsibly capture and manage consumer data.

The implicit role of first-party data in this scenario

First-party data is still a subject that raises questions in the mind of a marketer. Is first-party data the ultimate solution to safeguarding signal resilience? How much time does it take to activate first-party data?  Is there any downtime involved? How much of IT support will be required? So on and so forth.

The key benefits of adopting first-party data are as follows:

Data Control: Since the data being collected originates from your domain, it offers better control and ownership.

Reduces Cost: First-party data collection is the least expensive yet most accurate option. While it may require more time and involvement, it is worth the trouble.

Accurate, reliable, and relevant: With first-party data, you can be assured that you have accurate, reliable, and relevant information. It allows enhanced tracking of consumer behavior across your website that helps you gather key insights.

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Value of First-Party Data Activation for ECommerce Businesses https://www.datahash.com/value-of-first-party-data-activation-for-ecommerce-businesses/ https://www.datahash.com/value-of-first-party-data-activation-for-ecommerce-businesses/#respond Wed, 14 Jun 2023 12:35:38 +0000 https://www.datahash.com/?p=22011 The third-party cookie demise resulted in the loss of identifiers and identity resolution. However, businesses across the board, especially e-commerce, are self-correcting by re-directing investments from third-party data platforms to first-party initiatives.    The Ability to Collect Data Within Compliance Norms   […]

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The third-party cookie demise resulted in the loss of identifiers and identity resolution. However, businesses across the board, especially e-commerce, are self-correcting by re-directing investments from third-party data platforms to first-party initiatives.   

The Ability to Collect Data Within Compliance Norms  

The first dilemma for marketers is the ability to collect data ethically in keeping with compliance mandates set forth by the regulations such as the GDPR and CCPA. A good first-party data collection solution is expected to take care of this process along with compliance requirements.

The benefit of focusing on first-party data is that it enables businesses to create personalized experiences for their user base and get direct insights into the customer’s product interest while creating personalized experiences for them. Because first-party data is owned by the business itself, it will have control over the data being collected.

While many understand that first-party data can inform advertising, there are other ways to use this data to power an e-commerce business. As information that is unique to the business itself, first-party data can inform everything from products and pricing to branding. For example, e-commerce marketers will know exactly how a customer interacts with a brand and its products and this allows for dynamic pricing catered to a specific consumer.

Effectively Target & Personalize with First-Party Data

First-party data allows e-commerce businesses to carry out in-depth targeting based on customer demography, preferences, payment methods, discounts, behavioral characteristics, Add to Carts, SKUs, purchasing frequency, and so on and so forth. This allows the marketer to identify, create specific target groups and personalize advertisements directed to the user.

With first-party data, you will be able to identify customers based on their transaction history. This is in addition to identification based on the type of vendor they prefer – credit, debit, UP etc.  

Let’s break this down further as we go over a few Use Cases

Ability to Target & Help Cart Abandons

There are instances where customers add products to their cart but don’t check out. Access to first-party data helps you identify these customers and connect with them via e-mails, calls, Ads.

Positively Reinforce ‘Friendly Payers’

Certain customers who are regulars prefer a particular mode of payment. You can group these customers with their transaction mode – Credit, Debit, UP, or Net Banking. You can then send them a regular appreciation email or even targeted ads with relevant offers with their preferred mode of payment.  

Segregate users based on buyer demographics 

E-commerce marketers usually study buyer demographics – where users in a certain demographic tend to buy a particular product more often. This is usually influenced by buying trends and more.

Access to first-party data allows you to identify the most bought items for a particular region in the last 30 days. Send targeted Ads to let customers know when a product is back in stock and even re-target customers who like to purchase a certain item.

Lead with Loyalty Programs 

Brands implementing a loyalty program on their e-commerce website or mobile app can reap benefits in collecting first-party data. In such cases, customers are extremely motivated to engage with the brand to provide additional personal information that they would have otherwise avoided giving. Earning rewards and benefits can also appeal to passive audiences also to shop repeatedly on the website. Incentives for website specific events like subscribing to the newsletter, completing a quiz, or their personal profile are becoming increasingly popular for brands running a loyalty program.

 

Why Ecommerce Marketers Love First-Party Data

Using first-party data you can personalize an eCommerce experience for customers far more easily. With second or third-party data you risk bumping your head against the constraints of how that data was collected. It comes from another organization whose goals will never align 100% with your own. If you want a job done right, do it yourself.

When brands show they are responsible for data collection and are using it to provide better shopping experiences, customers are inclined to assist with sharing more about themselves. With stricter government laws and data privacy regulations in place. Brands should prioritize the implementation of consent mechanisms that allow customers to opt into experiences of their choice.

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How First-Party Data Has a Crucial Role to Play in Digital Commerce https://www.datahash.com/how-first-party-data-has-a-crucial-role-to-play-in-digital-commerce/ https://www.datahash.com/how-first-party-data-has-a-crucial-role-to-play-in-digital-commerce/#respond Sun, 07 May 2023 18:45:18 +0000 https://www.datahash.com/?p=21804 Digital Commerce has seen significant uptake. According to 86% of surveyed leaders – digital commerce will be the most important route to market in the next two years.   Most CMOs report that they met or exceeded digital commerce revenue […]

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Digital Commerce has seen significant uptake. According to 86% of surveyed leaders – digital commerce will be the most important route to market in the next two years.  

Most CMOs report that they met or exceeded digital commerce revenue and profitability targets last year, which reflects an unusually favorable operating environment. This creates a challenging outlook for CMOs. There will be pressure to sustain performance and deliver incremental results, even as customer preferences and behaviors continue to evolve in the direction of a “hybrid” mix of digital self-service and in-person experiences.  

The last few years have shown a significant period of change and disruption to customer purchase journeys, behaviours, and expectations. This has resulted in significant digital commerce growth on a global scale at an accelerated pace. Seventy-seven percent of leaders surveyed agreed that the COVID-19 pandemic forced their organizations to set up an online presence and launch digital commerce in a short amount of time. Across business models, organizations are most commonly leveraging digital-first innovations and direct-to-customer platforms to meet customers’ needs for digital commerce.

The Digital Commerce Outlook Will Be Challenging for CMOs

While consumers anticipate that many of their new habits will outlast the pandemic, they are also eager to return to a “hybrid” mode of engaging with brands both digitally and offline.

Consumers miss various aspects of the in-store experience, such as casually browsing products, exploring and trying out products in person, and finding deals. It’s safe to assume that customer purchase habits will continue to evolve, with customers shifting back to previous sales channels, causing a dip in digital commerce sales channel penetration.

This will vary depending on the customer and the industry. Nonetheless, it creates a challenging budgeting and planning situation for CMOs:

• B2C organizations have a challenging outlook, as an already extremely crowded and competitive space will become more intense. Leaders surveyed expect this to continue as they compete for customers’ attention and share of wallet.

• B2B organizations are mostly in a phase of digitizing pre-existing routes to market, and their challenge is to stay ahead of competitors who are also evolving their digital commerce strategies. They also need to think about how they leverage demand generation and marketing tactics to drive more value from new and existing customers. Executive leaders are well aware of the shifting digital commerce customer and market dynamics in 2021.

They recognize that this growth and performance was a given based on the customer shift from traditional to digital commerce channels. In fact, despite large meeting or exceeding commercial targets, only 27% of surveyed marketing leaders reported that they exceeded their senior leaders’ performance expectations for revenue and profitability.

Surveyed leaders agree that they haven’t future-proofed their organization. 37% believe they have the necessary digital commerce capabilities to be successful in the future in terms of talent, partners, process, and operations (best practices, technology, and analytics). Specifically, respondents reported that they need to evolve their digital commerce capabilities to produce more tangible digital commerce results. In doing so, they will also need to wrestle with the transformational aspects of digital commerce.

To close the gap between high expectations and future performance, CMOs need to socialize the challenging commercial outlook with other senior leaders. By jointly setting expectations through robust commercial scenario planning and creating a roadmap to evolve digital commerce capabilities, the target expectation-perception gap can be closed.

First-Party Data: A Strong Arm for CMOs

The significance of first-party data is its ability to help businesses truly understand their customers and build an accurate customer profile to improve relationships along every aspect of the customer journey. Winning in digital commerce in today’s uber-competitive online marketplace starts with having a top-notch e-commerce data strategy that can lead to offering personalized commerce experiences for your loyal customers. Ensuring that your marketing strategy is a data-driven strategy is arguably the most important step in optimizing your marketing efforts for your e-commerce business.

Lead with Loyalty Programs

Brands implementing a loyalty program on their e-commerce website or mobile app can reap benefits in collecting first-party data. In such cases, customers are extremely motivated to engage with the brand to provide additional personal information that they would have otherwise avoided giving. Earning rewards and benefits can also appeal to passive audiences also to shop repeatedly on the website. Incentives for website-specific events like subscribing to the newsletter, completing a quiz or their personal profile are becoming increasingly popular for brands running a loyalty program.

Build emotional bonds with your audience

Customers often feel connected with brands that understand their needs and cater to them continually. It is the brands’ responsibility to ensure that customer feedback is always considered and acted upon to deliver higher customer satisfaction. When brands engage with customers across social media, email, mobile apps, and retail channels, the expectation is to provide a highly individualized shopping experience taking past behavior and purchase history as well as purchase intention into consideration.

Brands should think about using all the intelligence collected from e-commerce channels and applying it to other channels in real-time to provide a highly individualized experience. A simple strategy could be to implement a mobile Wallet solution that creates new ways for shoppers to shop from their mobile devices. Delivering personalized digital coupons or updates about in-store events or having a digital loyalty card makes the shopping experience extremely seamless as customers switch between online and offline channels.

Impact on E-commerce

When brands show they are responsible with data collection and are using it to provide better shopping experiences, customers are inclined to assist with sharing more about themselves. With stricter government laws and data privacy regulations in place, Brands should prioritize the implementation of consent mechanisms that allow customers to opt into experiences of their choice.

E-commerce brands like Amazon, Sephora, and Expedia have implemented customer-centric loyalty programs that provide not only benefits to customers but also a great shopping experience that has in turn helped brands retain their customers. Sephora allows customers to take a quiz on the website or complete their profile and get additional points as well as personalized recommendations. Hudson Bay, Canada’s iconic department store, asks customers to provide information about their body type to provide best-fit recommendations without being creepy.  

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Using First-Party Data for Practical Insights https://www.datahash.com/using-first-party-data-for-practical-insights-2/ https://www.datahash.com/using-first-party-data-for-practical-insights-2/#respond Sun, 07 May 2023 18:30:06 +0000 https://www.datahash.com/?p=21795 The need for first-party data is increasing as the third-party cookie demise continues to limit the ability of brands and marketers to deliver personalized experiences. According to the State of Personalization Report, 62% of customers expect personalization. The report found […]

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The need for first-party data is increasing as the third-party cookie demise continues to limit the ability of brands and marketers to deliver personalized experiences. According to the State of Personalization Report, 62% of customers expect personalization. The report found that 78% of brands in Asia and Japan rely on third-party data for their marketing strategies.

Through support touchpoints, brands can prepare and move away from third-party data dependencies by capturing customer interactions and tuning into their consumer market’s directly-expressed needs, interests, and concerns.

Data collected from CRM benefits customer-facing departments in brands such as marketing, sales, and support. First-party data can help analyze, improve, and accelerate the outreach effort through informed decisions or identify opportunities for businesses

Understanding Customer Behavior

One of the most significant benefits of first-party data is the ability to understand customer behavior. By analyzing data collected from website visits, email open rates, and social media interactions, businesses can gain insights into what their customers are interested in, what products or services they are looking for, and what channels they prefer to use. This information can be used to tailor marketing campaigns, improve customer experience, and make data-driven decisions around product development.  

Personalization

First-party data can be used to personalize the customer experience. By collecting data on the customers’ previous purchases, search history, and preferences, businesses can provide personalized recommendations and offers that are tailored to interests.

Targeted Marketing

First-party data can be used to create targeted marketing campaigns that are more likely to resonate with customers. By analyzing data on customer demographics, interests, and purchasing behavior, businesses can create highly targeted marketing campaigns that speak directly to their target audience.

Improving Customer Service

First-party data can be used to improve customer service. By analyzing data on customer interactions, businesses can identify common pain points or issues and take steps to address them. For example, if a business notices that customers are frequently calling customer service to ask about shipping times, it can proactively provide this information on its website to reduce the number of inquiries.

Data-Driven Decision-Making

Finally, first-party data can be used to inform data-driven decision-making. By analyzing data on customer behavior, product performance, and marketing effectiveness, businesses can make informed decisions around product development, marketing strategy, and sales tactics.

By leveraging this data, businesses can create personalized experiences, target marketing campaigns more effectively, and make informed decisions around product development and sales tactics.  

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Guide to Better Data Collection & Management https://www.datahash.com/using-first-party-data-for-practical-insights/ https://www.datahash.com/using-first-party-data-for-practical-insights/#respond Sun, 07 May 2023 18:11:29 +0000 https://www.datahash.com/?p=21780 Define your target customers    Even a novice businessperson understands the significance of determining a target audience. Your target group is built around your ideal customer profile, that being the customers your products and solutions can help the most and […]

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Define your target customers   

Even a novice businessperson understands the significance of determining a target audience. Your target group is built around your ideal customer profile, that being the customers your products and solutions can help the most and that make the most purchases. While designing a loyalty program and collecting data, you need to have a deeper understanding of who you’re designing your program for, who is most likely to participate, and what essential data you need to know about each of these individuals. Once you define your target customers, you’ll need to define your goals, including what actions you want customers to perform more often. Really knowing your customers will help you identify what kinds of engagement activities your target customers may prefer as well as inspire ways to improve the customer experience.

Determine why you need data

True, data is an essential component required to understand customer purchase patterns, preferences, and behavior but it is important to determine specifically why you need it and how it can help your business grow. This helps ensure you don’t collect unnecessary data that you don’t really need and most likely won’t use. Your reasons for collect data may vary from increasing brand reach to improving retention rate. When you have definite reasons to collect data, you know what kind of specific information or data you require and can design a loyalty program accordingly. Learn more about the types of customer data and collection tips.

Digitize  

A regular analog loyalty card can enable you to collect transactional data—such as name, purchase details, location, and mode of payment. If you want to take your loyalty program to the next level and improve your data collection abilities, you need to go digital. According to Deloitte, an average U.S. consumer checks his/her mobile phone about 52 times a day.

Customers are much more likely to engage with your brand using a mobile app than at an in-store sales counter. With the help of push notifications and meaningful rewards and engagement strategies, your loyalty app can help you collect the data you need.  

Be a good steward of data   

Your customers trust you to protect their data and transparency plays a key role in building and maintaining that trust. This includes clearly communicating with your customers about what information you’re collecting and how you plan on using that data.

Good data management practices cover all aspects of the data life cycle, including collection, processing, storage, use, updating, transfer, and deletion.

Use data to differentiate your loyalty program

The data you collect is what enables you to reward customers for transactions now just but also recognize them as individuals and make their lives easier. This is the way you build emotional bonds that lead to lasting customer relationships.

Work with a reliable First-Party Data Enabler

Data Collection requires you to check multiple checkpoints. Working with a reliable first-party data enabler. Working with a reliable first-party data enabler provides the tools and expertise required to collect, organize, and analyze first-party data effectively. Businesses can ensure that their data is accurate, compliant with regulations, and can be used to drive actionable insights and inform marketing decisions. By analyzing customer data, businesses can gain a better understanding of their customer’s preferences and behaviors, allowing them to tailor their marketing messages to individual customers. This can lead to increased engagement and conversions, as customers are more likely to respond positively to messages that are relevant to their interests.

In addition, it can help businesses improve their overall data management practices. This includes ensuring that data is collected and stored securely and that it is compliant with relevant regulations such as GDPR and CCPA.  

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How CMOs Can Deliver Value in a Post-Third-Party Cookie Era https://www.datahash.com/how-cmos-can-deliver-value-in-a-post-third-party-cookie-era/ https://www.datahash.com/how-cmos-can-deliver-value-in-a-post-third-party-cookie-era/#respond Sun, 07 May 2023 17:59:36 +0000 https://www.datahash.com/?p=21770 Those in Chief Marketing roles are often given the responsibility to lead the way to revenue growth in 2023 despite stressors like inflation, supply chain constraints, and more. In any economically stressful situation, the first aspect to be tackled in […]

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Those in Chief Marketing roles are often given the responsibility to lead the way to revenue growth in 2023 despite stressors like inflation, supply chain constraints, and more. In any economically stressful situation, the first aspect to be tackled in any organization is marketing budgets This also threatens the marketer’s ability to deliver value.

Evaluate versions of the Marketing budget to see what KPIs they meet and not just ROI

CMOs often assume that ROI is the best metric to prove marketing’s value to the enterprise. But relying on ROI alone may harm marketing’s ability to deliver against a broader set of enterprise goals. Enterprises also care about market share, profitability, sustainability, and so on.

To build a value case for marketing, CMOs should instead leverage the broader concept of return on objectives to show how marketing investments deliver against a diverse set of goals. Evaluate budgets across multiple metrics to stimulate dialogue about trade-offs, such as revenue versus margin growth, short-term versus long-term growth, and growth for one product line versus another.

Marketers are better able to maximize returns when they evaluate multiple scenarios, including those that look forward to using the predictive models available with marketing mix modelling and which include a simulation interface or tool.

Explore Marketing Investment Triggers

Marketing teams should identify triggers that signal when conditions change, and they need to revisit their strategic plan. Triggers improve planning in two ways.

They: 1. Ensure plans stay relevant by prompting a review when assumptions fail to hold up

2. Spark the need for investments when in-market behavior exceeds a predefined threshold Example triggers include:

• Loss of market share

• Decreases in product consideration

• Increases in competitor spending

• Declines in new customer value

• Increased acquisition costs

• Erosion of conversion rates

Conditions may still require CMOs to reduce their spending. These cuts can hurt, especially when they impact staff and contractors who’ve made real contributions to your marketing performance.

When evaluating the trade-offs needed to cut budgets, consider three strategies: Think long term

A study on the budgeting decisions made during the last global recession found that winners in six of 11 industries took proactive budget cuts which enabled them to accelerate growth investments when conditions eased.

Reprioritize

Many marketing teams overinvest in legacy processes and skills. Use cuts as an opportunity to accelerate simplification, consolidation, automation, and outsourcing decisions. Focus training on new skills needed to advance your team, such as experimentation, enabling them to update assumptions and reveal areas for improvement.

Reinforce triggers

A study on the budgeting decisions made establishing “clawback” triggers reinforces the importance of marketing by establishing conditions under which to make considered investment reductions.

Marketers Struggle to Prove & Measure Marketing ROI

Some of the main challenges in proving marketing ROI include attributing social and content to revenue, aligning KPIs to business goals, attributing leads to revenue, gathering and analysing the right set of data, lack of reliable data, determining the right KPIs to measure, lack of technology resources, lack of expertise, navigating the post cookie world, tying social activities to business outcomes, engaging buyers in a competitive media landscape, implementing the right marketing effectiveness solution and the like.  

Marketing leaders need to start gauging their business’ potential to measure ROI and then identify and alleviate any roadblocks to success. They need to speak about their numbers and data in a way that is understood by the key stakeholders and can help the company make informed and critical business decisions.  

It’s important to avoid vanity metrics because they can mislead you into determining your ROI like page views, email subscribers, leads in the sales funnel, total customers acquired, monthly revenue per customer etc. Instead focus on actionable metrics which are pivotal indicators of your business-like converting users, conversion rate, customer lifetime value, customer acquisition cost, email opt-in conversion rate, cohort assessment of sales funnel and the like.  

Leveraging data is critical for your ROI because it helps you understand what your customers are looking for and need. Due to constantly changing customer behaviour, marketing loss touched an all-time high, but it can be reduced through a 360º view of all of your data. Collecting data and analyzing it lets you assess what’s working, what isn’t, and the next steps. In fact, there must be a good data strategy that aligns with your business goals. Use data to extrapolate the needs, demands, expectations, and interests of your customer and their behaviour. You can discover customer expectations through surveys, developing customer personas, social listening, touchpoint maps, journey maps, predictive analysis, segmentation etc.  

Tools and technology should be used to maximize ROI. CRM systems have become an omnipresent and essential technology for modern marketers. Ensure that every campaign has a tracking code, that measures some results that can be quantified (leads if not revenue). And ask your team to include variable budgets in your CRM system.

Some research recommends that the average buyer touches 10-20 pieces of content before making a buying decision. ‘Multi-Touch Attribution’ can help assign value across multiple campaigns. This could require special tools and skills, but some common approaches are ‘first-touch’ (assigning all value to the first campaign that touches a buyer), ‘last touch,’ or ‘weighted’ where some level of attribution is applied across all marketing campaigns that touch the buyer.

Maximizing ROI isn’t that difficult to accomplish provided you have your business goals aligned with your efforts. With careful planning and by implementing well-curated strategies, you will be able to yield enough ROI as a marketer to drive your business success.  

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In Focus: Marketing Trends 2023 https://www.datahash.com/in-focus-marketing-trends-2023/ https://www.datahash.com/in-focus-marketing-trends-2023/#respond Sun, 07 May 2023 17:47:38 +0000 https://www.datahash.com/?p=21761 Marketers face scrutiny over their operations as the third-party demise takes a stronger foothold in the digital ecosystem. A study by Gartner reveals five trends that will catch-on in the next few years. By the year 2025, organizations that use […]

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Marketers face scrutiny over their operations as the third-party demise takes a stronger foothold in the digital ecosystem. A study by Gartner reveals five trends that will catch-on in the next few years.

By the year 2025, organizations that use AI in the marketing function will shift 75% of their operations from production to analytics.

Gartner predicts that by 2025, organizations that use AI across the marketing function will shift 75% of their staff’s operations from production to more strategic activities. Using AI in marketing operations will reduce friction and eliminate redundancy, allowing marketers to shift their budgets and resources to activities that support a more dynamic marketing organization.

For example, marketers can leverage AI in the creative process to automate the capturing, processing, and analyzing of real-world images and videos, improving image quality and developing digital twins.

AI will continue to refine marketing operations processes to drive more agile, data-based responses to the challenges ahead that have no signs of slowing down.

Marketing as a role will evolve to combat misinformation

Gartner predicts that by 2027, 80% of enterprise marketers will establish a dedicated content authenticity function to combat misinformation and fake material. The volume of generative AI and user-generated content (UGC), and the unpredictable nature of today’s digital content ecosystem pose a challenge.   

Marketing will redeploy a portion of their media budget to product placement

Gartner predicts that by 2024, 70% of brands will redeploy at least 10% of their media budget to product placement in entertainment content. The reality is, consumers have advertisement fatigue and those with means that can afford to opt out of ads, do so.

Marketing will establish a loyalty program to retain high-priority customers

Gartner predicts that one in three businesses without a loyalty program today will establish one by 2027 to shore up first-party data collection and retain high-priority customers. Loyalty programs are an effective strategy to reward customers and collect critical data for personalization and enhancing customer experiences.   

Marketing will be accountable for ethical AI

Gartner predicts that by 2025, 70% of enterprise CMOs will identify accountability for ethical AI in marketing among their top concerns. Privacy-related restrictions on data collection, economic pressures, and AI breakthroughs are driving marketing teams to rely more heavily on AI and machine learning to optimize campaign performance and lower costs.  

In the absence of third-party cookies, strong content will become even more critical. Offering engaging and high-quality content builds credibility with users and increases the likelihood that they will share additional data, so it’s worth getting it right from the get-go. Strong content gives you control before it reaches the channel you’re utilizing. Whether it’s written, audio, or video content, content sharing augments your stockpile of first-party data.

Ultimately, content experience is what enables customers to find what they are  seeking—somewhat like a store map. And timing is key. When you invest in creating content that’s relevant to the context, especially in relation to where customers are in their journey, and send it immediately—you’re increasing the likelihood that personalization happens in real-time when customers need it most.  

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