Advertising Archives - Datahash https://www.datahash.com No-Code First Party Data Management Thu, 03 Aug 2023 12:26:31 +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 Advertising Archives - Datahash https://www.datahash.com 32 32 A Study: The Changing Landscape in Advertising and Media https://www.datahash.com/a-study-the-changing-landscape-in-advertising-and-media/ https://www.datahash.com/a-study-the-changing-landscape-in-advertising-and-media/#respond Mon, 24 Apr 2023 21:03:45 +0000 https://www.datahash.com/?p=21622 Consumers are concerned about how their data is being used, and advertisers often don’t know what they are buying, where, and if their spending is impactful. This degraded consumer trust and lack of transparency in the digital world has led […]

The post A Study: The Changing Landscape in Advertising and Media appeared first on Datahash.

]]>

Consumers are concerned about how their data is being used, and advertisers often don’t know what they are buying, where, and if their spending is impactful. This degraded consumer trust and lack of transparency in the digital world has led to a search for control. Big technology platforms are responding by restricting cookies in their browsers, and governments around the world are passing laws and instituting new regulations to protect consumers.

This means that the practices used for years in the industry are no longer sustainable, and data in advertising is breaking. Overall, advertisers have three categories of concerns: consumers’ brand trust; campaign performance and measurement; and transparency and efficiency of the buying process.

A survey conducted by the Permutive and AdExchanger captured leading brands. The study found that 98% of advertisers are concerned about online privacy and identity changes negatively impacting customer and audience trust.  

This loss of trust is prompting consumers to opt out of tracking or use ad blockers. Nearly 40% of online users are browsing in cookie-less environments. Other research conducted shows that 75% of consumers are not comfortable purchasing from brands with poor data ethics.

With consumers increasingly exercising their choice to opt out of sharing their personally identifiable information is impacted.

The focus is to build sustainable campaigns

Policy changes around online privacy, user identity, and the loss of third-party cookies are resulting in too many advertisers lacking full transparency in segments of their digital ad buys, and their ability to measure online campaigns effectively is at risk.

In response, advertisers are building more direct relationships with customers and publishers and capturing more first-party data. They are focusing on accessing better data and analysis in combination with more effective advertising messaging and content, all with an eye to controlling costs and boosting ROI.

To counter data depreciation, 53% of advertisers are building more direct customer and publisher audience relationships, 49% are gathering and analyzing more first-party and contextual data, and 49% are revising their strategies and tactics. Related to these findings is that 42% of advertisers noted one of their approaches is more direct communication about data consent to their customers and audiences.

Actions taken to deal with issues around privacy, user identity, and loss of third-party cookies  

The main actions advertisers have taken have been around collecting more first-party data (81%) and using others’ first-party data (64%). Advertisers have been reacting to industry changes with more internal actions and are now transitioning to look outward to share and access information with peers and test potential solutions.

Gathering and using first-party data is relatively new for over half of advertisers.

While it seems like the industry has been discussing and ideating on evolving privacy concerns and constraints for years, less than half of advertisers say they have been emphasizing gathering and analyzing first-party data for longer than six months. And 27% say their company has only just started to access more first-party data within the last six months (as of mid-2022).

These findings suggest that most advertisers have been lagging another segment of the industry that has taken quicker action related to these issues. Some of this lag may be partially due to Google moving their policy change deadline and advertisers continuing to use cookies. Yet clearly the trend is for advertisers to emphasize gathering and accessing more first-party data.

The post A Study: The Changing Landscape in Advertising and Media appeared first on Datahash.

]]>
https://www.datahash.com/a-study-the-changing-landscape-in-advertising-and-media/feed/ 0
Driving Customer Retention and Expansion in 2023 https://www.datahash.com/driving-customer-retention-and-expansion-in-2023/ https://www.datahash.com/driving-customer-retention-and-expansion-in-2023/#respond Mon, 24 Apr 2023 20:49:43 +0000 https://www.datahash.com/?p=21613 Consumers have high expectations when it comes to the quality of their experience and the level of personalization being provided by their favorite brands. They expect companies to deliver relevant content, offers, or messaging while respecting their privacy and upholding […]

The post Driving Customer Retention and Expansion in 2023 appeared first on Datahash.

]]>

Consumers have high expectations when it comes to the quality of their experience and the level of personalization being provided by their favorite brands. They expect companies to deliver relevant content, offers, or messaging while respecting their privacy and upholding their preferences. Especially now, many consumers are more risk averse and are sensitive to messaging that doesn’t match their expectations.

How can businesses drive growth in times where there is strong economic pressure and buyers’ expectations are at an all-time high?

One area to focus on during economic instability is your customer base. Nothing is more important than ensuring your current customers are happy and their needs are met.

Speak to the Moment and Build Trust Through Targeted Consumer Messaging

By understanding your customers, you will learn to speak their language and this is the start to developing a long-term trusted relationship. This means you need to understand their business vernacular, experiences, challenges, and what drives them. Once you have that, the next step is to ensure you have a unified view of your customers to activate targeted engagements and messages (ex: offers) at scale and in real-time.

Embrace Consumer Sensitivity and Test New Pricing and Offers

Look for insights on how your own customer base is responding to price adjustments. Develop strategies to align different segments of your customer base with different offers by using trusted customer data and activate those offers in multichannel programs. Bonus, the information you learn about your customers with these programs can also be used in your strategies for attracting new customers.

Reinforce Your Privacy Preferences and Accessibility to Drive Trusted Experiences

Proper data collection and usage, privacy, and accessibility are more important than ever. Customers are keyed in on how companies are using their data and will be put off if they don’t think you’re being responsible with their personal information.

Make sure you have your customer data properly collected and organized so it’s easy to maintain privacy preferences.

The good news is your organization already has customer data. Some of it is probably being used and analyzed, which is great. The challenge is it can be outdated, incomplete, or stored in multiple places. That makes it more time-consuming and expensive to use effectively.

When data is in siloes or not collected in real-time, it can result in poor experiences. For example, a buyer might not have their privacy preferences updated accurately or they receive a communication that just misses the mark (which can be frustrating for a loyal customer).

Accurate customer data is essential to deliver the right results. Imagine how incomplete or outdated customer information can impact how that data is activated (email, mobile, website, product updates, etc.).

Aspects that help with retention

Respect privacy preference  

With a unified view of your customers, you can ensure privacy regulations are adhered to and user preferences are upheld throughout the entire customer journey, because data silos are removed.

Use messaging that resonate

By bringing all of your customer data together, you will have relevant insights to ensure the right message is delivered to the right customer at the right time. A proven example of this is marrying call center data with website data. When a customer interacts with the call center, an agent will have all the relevant data on hand to facilitate the most impactful conversation ex: eligible for a device upgrade or a free promo.  

Spot risk early and act

Having real-time customer data helps teams quickly examine patterns. Look for declines in product usage, regular purchases, etc. Teams should have programs ready to run for at risk segments.

The post Driving Customer Retention and Expansion in 2023 appeared first on Datahash.

]]>
https://www.datahash.com/driving-customer-retention-and-expansion-in-2023/feed/ 0
Data Ethics – It’s Role & Importance for Every Marketer https://www.datahash.com/data-ethics-its-role-importance-for-every-marketer/ https://www.datahash.com/data-ethics-its-role-importance-for-every-marketer/#respond Mon, 24 Apr 2023 20:34:27 +0000 https://www.datahash.com/?p=21604 Data ethics refers to the principles and standards that guide the responsible and ethical collection, use, storage, and sharing of data. With third-party cookies phased out – being ethically on the right side is crucial for any modern-day marketer. Marketers […]

The post Data Ethics – It’s Role & Importance for Every Marketer appeared first on Datahash.

]]>

Data ethics refers to the principles and standards that guide the responsible and ethical collection, use, storage, and sharing of data. With third-party cookies phased out – being ethically on the right side is crucial for any modern-day marketer.

Marketers must balance the need to use data to drive insights and optimize marketing campaigns with the need to respect consumers’ privacy and ensure that their data is used in ethical and legal ways. Marketers today collect first-party data directly from their customers. Ethical data practices are crucial when it comes to first-party data collection – this is because companies have a direct relationship with their customers and are responsible for data privacy.  An ethical consideration within first-party data collection is transparency.

Companies must be clear with customers about what data they are collecting and why, as well as how that data will be used. They should also provide customers with easy ways to opt out of data collection or delete their data if they choose to do so.  

Another important ethical consideration is security. Companies must take steps to protect customers’ data from breaches or unauthorized access. This includes using secure data storage practices and regularly reviewing and updating security protocols.

In addition to ethical considerations, collecting and using first-party data can also provide significant benefits for businesses, such as insights into customer behavior and preferences. However, to do so in a responsible and ethical manner, companies must prioritize data ethics in all aspects of their operations.

Potential challenges for Business Leaders, Marketers, Brands

While privacy and ethical considerations are essential whenever companies use data (including artificial intelligence and machine-learning applications), they often aren’t top of mind for some executives.  

In a 2021 McKinsey Global Survey on the state of AI, for instance, only 27 percent of some 1,000 respondents said that their data professionals actively check for skewed or biased data during data ingestion.

Only 17 percent said that their companies have a dedicated data governance committee that includes risk and legal professionals. In that same survey, only 30 percent of respondents said their companies recognized equity and fairness as relevant AI risks. AI-related data risks are only a subset of broader data ethics concerns, of course, but these numbers are striking.

Thinking in silos  

Companies may believe that just by hiring a few data scientists, they’ve fulfilled their data management obligations. The truth is data ethics is everyone’s domain, not just the province of data scientists or of legal and compliance teams. At different times, employees across the organization—from the front line to the C-suite—will need to raise, respond to, and think through various ethical issues surrounding data.

Business unit leaders will need to vet their data strategies with legal and marketing teams, for example, to ensure that their strategic and commercial objectives are in line with customers’ expectations and with regulatory and legal requirements for data usage.  

Chasing short-term ROI

Prompted by economic volatility, aggressive innovation in some industries, and other disruptive business trends, executives and other employees may be tempted to make unethical data choices—for instance, inappropriately sharing confidential information because it is useful—to chase short-term profits. Boards increasingly want more standards for the use of consumer and business data, but short-term financial pressures remain.

Looking only at the data, not at the sources

Ethical lapses can occur when executives look only at the fidelity and utility of discrete data sets and don’t consider the entire data pipeline. Where did the data come from? Can this vendor ensure that the subjects of the data gave their informed consent for use by third parties? Do any of the market data contain material nonpublic information? Such due diligence is key: one alternative data provider was charged with securities fraud for misrepresenting to trading firms how its data were derived.

5 Principles for Marketers to Live By

Purpose Limitation: Marketers should collect first-party data only for specific, legitimate, and transparent purposes. They should not use data collected for one purpose for another purpose without obtaining explicit consent from the user.

Data Minimization: Collect the data that is necessary for the specific purpose.

User Control: Provide users with clear and easy-to-use controls for managing their data.

Security: Marketers should use appropriate security measures to protect first-party data from unauthorized access, loss, or theft.

Transparency: Marketers should be transparent with users about what data they are collecting, why they are collecting it, and how they will use it.

The post Data Ethics – It’s Role & Importance for Every Marketer appeared first on Datahash.

]]>
https://www.datahash.com/data-ethics-its-role-importance-for-every-marketer/feed/ 0
What is Offline Conversion Tracking https://www.datahash.com/what-is-offline-conversion-tracking/ https://www.datahash.com/what-is-offline-conversion-tracking/#respond Mon, 24 Apr 2023 20:32:01 +0000 https://www.datahash.com/?p=21596 Today Online Conversions tend to be the main focus for most digital marketers. But one cannot discount the value Offline Conversions bring to any digital marketing strategy. Offline Conversions occur when a customer takes action outside the digital world – […]

The post What is Offline Conversion Tracking appeared first on Datahash.

]]>

Today Online Conversions tend to be the main focus for most digital marketers. But one cannot discount the value Offline Conversions bring to any digital marketing strategy. Offline Conversions occur when a customer takes action outside the digital world – such as visiting a physical store, making a phone call, etc.

This is crucial because it allows marketers to measure the effectiveness of their online campaigns. It helps them understand how their marketing efforts can translate into offline sales and customer behavior.    

Offline Conversions can refer to the action of tracking and measuring the impact of online advertising on customer behavior that takes place outside of the digital environment. This means that offline conversions refer to any action or behavior that happens in the physical world, such as a customer placing a phone call or visiting a store and purchasing in-person after being exposed to an online advertisement.  

Offline Conversion Tracking refers to the process of monitoring and measuring customer interactions and conversions that take place outside the digital environment, such as in physical stores or over the phone, which is known as offline conversion tracking.

Benefits of Offline Conversions Tracking

Offline conversion tracking is the secret weapon for every digital marketer! By identifying which online channels are driving the most offline conversions and the highest return on investment (ROI), businesses can allocate their marketing budget more effectively.

Tracking offline conversions also allows businesses to push back critical touchpoints in the customer journey to their ad platforms. This is particularly useful in service-based industries where there may be multiple touchpoints between contact, prospect, and sale. By using these touchpoints as conversion goals, businesses can obtain valuable insights to optimize their ad campaigns.

Moreover, in revenue models that are highly variable, capturing and optimizing for conversion value can help businesses focus on driving revenue rather than just sales. This is because client value and return on ad spend (ROAS) may vary depending on the market or campaign, and accurately capturing and optimizing for conversion value allows businesses to optimize their marketing efforts to generate maximum revenue.

 

The post What is Offline Conversion Tracking appeared first on Datahash.

]]>
https://www.datahash.com/what-is-offline-conversion-tracking/feed/ 0
Tracking the Right KPIs – Conversion Tracking https://www.datahash.com/tracking-the-right-kpis-conversion-tracking/ https://www.datahash.com/tracking-the-right-kpis-conversion-tracking/#respond Mon, 24 Apr 2023 20:27:58 +0000 https://www.datahash.com/?p=21588 Conversion tracking is when a brand monitors the actions consumers take toward the completion of a business goal. These actions can include signing up for a newsletter, downloading a content offer, or adding an item to a cart. Conversion tracking […]

The post Tracking the Right KPIs – Conversion Tracking appeared first on Datahash.

]]>

Conversion tracking is when a brand monitors the actions consumers take toward the completion of a business goal. These actions can include signing up for a newsletter, downloading a content offer, or adding an item to a cart. Conversion tracking is a way to determine the effectiveness of an advertising campaign, design change, and other marketing components as consumers move toward conversion.

What Conversion Goals Should Be Tracked?

Conversion tracking tools like Google Analytics require account managers to define measurable goals for conversion. Goals are typically connected to specific pages, events, or other products and services.

Examples of Conversion Goals:  

  • Direct people to a physical store location
  • Increase site visitors
  • Contact a business via call or message
  • Add item to cart
  • Make a purchase
  • Sign-up for a newsletter
  • Download content offer
  • Play a video

By tracking conversions, businesses determine their most valuable marketing channels via conversion attribution or giving a particular channel credit for a conversion. They have greater insight into how to allocate their marketing budget and resources based on their highest-performing channels for conversions, such as social media networks.

Tracking the Right KPIs

There are a variety of key performance indicators related to conversions themselves and other metrics that suggest the effectiveness of conversion efforts.

Examples of KPIs for conversion:  

  • Number of conversions
  • Conversion rate
  • Cost per conversion/acquisition
  • Bounce rate
  • Pages per visit
  • Hits on destination page
  • Events (played videos, download content)
  • Session duration

KPIs like conversion rate evaluate conversions themselves while metrics like events take into account actions that will eventually lead to conversions.

How do I calculate Conversion rate?

To calculate Conversion rate, divide the total number of conversions by your desired metric (clicks, ad impressions, sessions on-site, etc).

Your KPIs will indicate how well or how close you are to meet your goal. For example, if your goal is to increase the number of purchases for an e-commerce site, one target KPI is the number of customers who land on a “Thank you page” after buying an item.

You can also track KPIs for consumers who are close to meeting a conversion goal and then take steps to ensure the completion of your goal. If a customer adds an item to a shopping cart but abandons the cart, you can use a re-targeting campaign via Google AdWords to display ads for the abandoned items and increase the chance of a conversion.

How Do I Set Up Conversion Tracking?

Analytics and advertising tools work together to collect, segment, and visualize data related to conversions. Where you market your content will determine the tools you will use for conversion analysis. If you choose to advertise or analyze data on Google’s advertising platforms, use tools found on Google Analytics and AdWords to track conversions.

Choose business goals

Select goals based on your market, target audience, mission, and other factors crucial for your business growth. An e-commerce site will usually focus on increasing purchases and revenue while a publisher will concentrate on conversions related to raising awareness and traffic.

Define a funnel

Connect your conversion goals to specific marketing channels and content so you track the progress toward the completion of the goal via a marketing/sales funnel. Note that it may take several interactions with your brand before a conversion occurs.  

Enable conversion tracking

To collect and monitor data related to conversions, set up conversion tracking using your analytics tool of choice. If you use Google Analytics, insert a small snippet of code on each page you wish to track conversions.

Collect and analyze conversion data

Conversion tracking tools often optimize goal conversion tracking to collect data that is most relevant to business goals. For example, when a user plays a video as part of an event goal, Google only records one goal conversion even if the user plays the video two times during the same session.

Refine your marketing campaign

After analyzing conversion data, improve your marketing campaigns to optimize elements that influence conversions, such as content, page designs and more.

The post Tracking the Right KPIs – Conversion Tracking appeared first on Datahash.

]]>
https://www.datahash.com/tracking-the-right-kpis-conversion-tracking/feed/ 0
Benefits of Conversion Tracking https://www.datahash.com/benefits-of-conversion-tracking/ https://www.datahash.com/benefits-of-conversion-tracking/#respond Mon, 24 Apr 2023 20:23:50 +0000 https://www.datahash.com/?p=21579 Maximizing your return on investment (ROI) Conversion tracking can reveal whether you are seeing an adequate return on investment (ROI), also known as return on ad spend (ROAS), for advertising campaigns. Allocating your budget Your ROI and ROAS can inform […]

The post Benefits of Conversion Tracking appeared first on Datahash.

]]>

Maximizing your return on investment (ROI)

Conversion tracking can reveal whether you are seeing an adequate return on investment (ROI), also known as return on ad spend (ROAS), for advertising campaigns.

Allocating your budget

Your ROI and ROAS can inform your budget structure.  For instance – you have two sub-projects running, a social media advertising campaign and an email marketing campaign. But your conversion tracking shows a higher ROI on your email campaigns. Here’s the point where you might want to allocate/ divert more money to your email marketing campaign.

Identifying opportunities for improvement

If you notice that certain campaign approaches aren’t converting as well as others, you can compare these campaigns with more successful ones to identify potential change areas. For example, if you see several campaigns that target one keyword converting more than campaigns that target another, you’ll know to focus on the higher-performing keyword.

Distinguishing clicks from conversions

Clicks and conversions aren’t always synonymous. In fact, sometimes, high click rates can obscure low conversion rates. With conversion tracking, you can determine the relationship between click rates and the achievement of your desired conversion.

Types of Conversion KPIs to track

Number of conversions

This metric tells you your total number of conversions. However, it does not compare the number of conversions to the number of people your campaign reached.

Conversion rate

This metric is the ratio of conversions to people reached. It is often applied to websites, where it determines the ratio of purchases to website visitors. Typically, multiple purchases by the same customer are not grouped as one purchase, so conversion rates can’t always tell you which of your customers makes the strongest impact.

Bounce rate

This metric divides the number of single-page website visits by the total number of website visits.

Session duration

This KPI details how much time the average visitor spends on your website during a visit.

Pages per visit

This KPI indicates how many of your webpages – product listings, FAQs and more – a visitor clicks on during a session. If you notice that someone has visited several product pages during their visit, you may be able to engage that person via ad retargeting.

Events

This is a broader KPI category. It can include clicks on social media links, video plays, content downloads, newsletter subscriptions, submissions of contact forms, and more. If these events occur with greater frequency, you can assume that your website is adequately converting visitors.

Cost per acquisition

This KPI determines the amount of money your company has spent per conversion. It tells you how much money, on average, you have spent to acquire a new customer. It is arguably the KPI most strongly correlated with ROI and ROAS.  

How do you set up conversion tracking?

Often, setting up conversion tracking entails combining two or more advertising and analytics platforms that give you all the desired information. Perhaps the most commonly used conversion tracking tools are Google Analytics and Google Ads, which you can connect to your marketing efforts for thorough tracking of all desired metrics.

Company goals

Prioritize monitoring and provide metrics that pertain to your goals, whether that’s increasing sales, website visits or something else.

Conversion flow

Not all sales are made during the first interaction. A customer might visit your website, follow you on social media to learn what you’re all about and then see a post days later that compels them to make a purchase. Plot out several scenarios, and plan to collect metrics pertinent to these flows.

Next steps

How will you use your conversion data once you have it? If your goal is to drive sales on a certain product, boost your social media following, or make your website more user-friendly, know that ahead of time. With firm next steps in mind, you can best set up your conversion tracking system to help you achieve your goals.

The post Benefits of Conversion Tracking appeared first on Datahash.

]]>
https://www.datahash.com/benefits-of-conversion-tracking/feed/ 0
What is Conversion Tracking https://www.datahash.com/what-is-conversion-tracking/ https://www.datahash.com/what-is-conversion-tracking/#respond Mon, 24 Apr 2023 20:18:35 +0000 https://www.datahash.com/?p=21571 Conversion tracking helps you understand how your customers engage with your business and take desirable actions, whether signing up for a newsletter or making a purchase. A Conversion is a customer action aligned with the goals of your marketing or […]

The post What is Conversion Tracking appeared first on Datahash.

]]>

Conversion tracking helps you understand how your customers engage with your business and take desirable actions, whether signing up for a newsletter or making a purchase.

  • A Conversion is a customer action aligned with the goals of your marketing or advertising campaigns.
  • Conversion tracking is the monitoring of conversions to assess the success of your campaigns.
  • Tracking Conversions can maximize your ROI, inform your budget, identify improvement areas, and distinguish clicks from conversions.

For instance, you’ve recently wrapped up a marketing campaign that did not produce results. You take a different approach, but that fails. Instead of randomly trying another style, let conversion tracking show you where your strengths and weaknesses lie.  With this, you can easily determine whether your advertising campaigns are leading to your desired goals.  

Conversion tracking can be described as the monitoring of conversions or consumer actions that move your company closer to fulfilling a goal. For instance – actions can include a customer buying an item, adding to a cart, opening emails, clicking on links, landing pages, and more. The metrics indicate how well your company’s marketing efforts are achieving the desired outcome.  

Conversion tracking works by putting numbers to your marketing campaigns’ results. Through conversion tracking, you’ll learn how many people in your audience are contacting your company, subscribing to your mailing list, or buying your products.

Conversion tracking is most commonly used in advertising and email marketing campaigns, though you can apply it to any campaign involving clickable links that direct your audience toward a desired end goal.

The post What is Conversion Tracking appeared first on Datahash.

]]>
https://www.datahash.com/what-is-conversion-tracking/feed/ 0
The role of the CMO, CTO & CIO in building a first-party data strategy https://www.datahash.com/the-role-of-the-cmo-cto-cio-in-building-a-first-party-data-strategy/ https://www.datahash.com/the-role-of-the-cmo-cto-cio-in-building-a-first-party-data-strategy/#respond Tue, 11 Apr 2023 13:27:23 +0000 https://www.datahash.com/?p=21395 All three of these functions need to recognize that the value of direct engagements with the customers will increase. And that has implications from a marketing as well as technology perspective. Because ultimately, what advertisers need to think is, “how […]

The post The role of the CMO, CTO & CIO in building a first-party data strategy appeared first on Datahash.

]]>

All three of these functions need to recognize that the value of direct engagements with the customers will increase. And that has implications from a marketing as well as technology perspective. Because ultimately, what advertisers need to think is, “how are we going to create those consumer connections?” Those valuable engagements happen across multiple touchpoints and the leadership team needs to think about how they can build the brand ecosystem around this reality.

Technology, information management, and marketing need to figure out effective ways to build direct relationships with their consumers. Creating a two-way value exchange in which the consumer gets something, and the brand gets their data, will be mutually rewarding. The bottom line is that these functions need to orchestrate how this new operating model works across the organization.

It is easier said than done but communication is key. Asking the right questions and collectively exploring solutions can work wonders and help navigate the toughest conversations. Business leaders are custodians of their respective brands and must put themselves in the customer’s shoes.

Here are some key questions that can serve as a crude checklist to set the foundation of a first-party data ecosystem.

The latter is a technological challenge which is where the technology function steps in, as it typically has visibility about the data a brand is already collecting from its customers

Key components for marketing and sales to capture first-party data

It starts with identifying gaps and opportunities in the consumer experience with online as well as offline transactions. The data can be channeled into walled gardens, maybe even using some AI technology for identification. Marketers need to create experiences that allow them to engage with those consumers. Don’t forget, meaningful interactions trump transactional interactions.

For example, if you are a car manufacturer, what kinds of experiences are you going to provide to your customers, before and after the purchase to create that relationship with them? You can help them choose the perfect product fit. Deliver after-sales services that are an extension of the brand experience. This way, you build a relationship where trust is the reward. Once you win consumer trust, you nurture that relationship over time.

5 Ways in which a CMO, CTO, and CIO can contribute to building an active First-Party Data Strategy

Collaborative Planning: The Chief Marketing Officer (CMO), Chief Technology Officer (CTO), and Chief Information Officer (CIO) should collaborate to develop a cohesive first-party data strategy. This should involve identifying the types of data that are most relevant to marketing campaigns, as well as the technology infrastructure needed to capture, store, and analyze the data.

Data Governance: The CIO can contribute to the first-party data strategy by developing data governance policies that ensure the accuracy, consistency, and security of the data. This includes defining data ownership, establishing data quality standards, and implementing appropriate data security measures. 

Data Integration: The CTO can contribute to the first-party data strategy by ensuring that the technology infrastructure supports the integration of data from multiple sources. This may involve implementing data warehouses, data lakes, or other tools that can aggregate and analyze data from different systems and applications.

Analytics: The CMO can contribute to the first-party data strategy by leveraging analytics tools to gain insights into customer behavior and preferences. This includes identifying key metrics that measure the success of marketing campaigns, such as conversion rates, customer lifetime value, and customer retention rates.

Personalization: All three executives can contribute to the first-party data strategy by using data to personalize the customer experience. This includes creating targeted marketing campaigns, developing personalized product recommendations, and providing customized customer service. By leveraging first-party data, companies can create a more personalized and engaging customer experience, which can lead to increased customer loyalty and revenue growth.

The post The role of the CMO, CTO & CIO in building a first-party data strategy appeared first on Datahash.

]]>
https://www.datahash.com/the-role-of-the-cmo-cto-cio-in-building-a-first-party-data-strategy/feed/ 0
First-party data acquired across consumers’ lifecycles is pivotal to strategizing for consistent brand growth https://www.datahash.com/first-party-data-acquired-across-consumers-lifecycles-is-pivotal-to-strategizing-for-consistent-brand-growth/ https://www.datahash.com/first-party-data-acquired-across-consumers-lifecycles-is-pivotal-to-strategizing-for-consistent-brand-growth/#respond Tue, 11 Apr 2023 06:25:43 +0000 https://www.datahash.com/?p=21384 In today’s digital era, with thousands of brands reaching consumers across a million touch-points with myriad communications, consumers find comfort in a long-lasting relationship with their preferred brand and block away the overwhelming persuasions of all others. Hence, emerges the […]

The post First-party data acquired across consumers’ lifecycles is pivotal to strategizing for consistent brand growth appeared first on Datahash.

]]>

In today’s digital era, with thousands of brands reaching consumers across a million touch-points with myriad communications, consumers find comfort in a long-lasting relationship with their preferred brand and block away the overwhelming persuasions of all others. Hence, emerges the need for building a consumer relationship lifecycle.   

The emergence of the consumer relationship life cycle is a concept that has gained significant importance in recent years, particularly with the increasing use of first-party data. The consumer relationship life cycle refers to the various stages that a consumer goes through when interacting with a brand or company. These stages include awareness, consideration, purchase, retention, and advocacy. The emergence of this concept has been driven by the need for companies to better understand their customers and develop more personalized marketing strategies.

First-party data refers to the information that a company collects directly from its customers, such as their name, email address, purchase history, and other demographic information. This data is incredibly valuable as it provides companies with insights into their customers’ behaviors and preferences, allowing them to create more targeted and relevant marketing campaigns.

What does a Consumer Relationship Cycle look like?    

The basic framework comprises five stages taking a consumer through the journey of awareness to advocacy. However, the brand dynamics at each location vary with the product category, consumer segment, and evolving expectations.

Awareness – It is crucial to capture your consumers’ share of mind by intriguing them with the right stimuli. A sharply defined communication strategy helps reach the right audiences at the right time and place in an Omni channel environment cutting through the competitive noises.

Acquisition – At this stage, you have successfully drawn consumers’ attention and interests, and they are actively gauging the possibility of solving their core pain points with your brand offering. This stage requires the utmost care from a brand to welcome a consumer with personalized attention to their needs warmly and concerns.

Conversion – This marks the ultimate step to new recruitment. You have successfully identified and interacted with your high-potential consumers with your offering at the right place and time in the most effective manner. The final nudge to purchase is to stimulate them with a personalized offer that matches their expectations. The consumer, delighted with the experience so far, decides to take the final action. But now, it’s quintessential to keep engaging with them to ensure repeat purchases to derive the highest return on your marketing investment.

Retention – The most sought-after and critical stage in the consumer relationship cycle. The entire endeavor of attracting new customers to make their first purchase is driven by the vision to nurture further purchases until they are loyal advocates. It is a fact that a strong retention strategy combats the cost of acquisition with five times more revenue owing to repeat purchases.

Advocacy – At this stage, the relationship between a brand and its consumers comes to an entire cycle with an unleashed opportunity to gain newer audiences with your existing ones and maximize the return on media investment with earned media exposure. This comes through consistent efforts from the brand to keep in touch with personalized messages, offers, and product benefits. With the data and technological advancements in marketing, we are introduced to various new ways to activate new users. However, the one factor that still does wonders is word-of-mouth. Brand buyers can act as micro-influencers and spread the digital word of delights given the right platform.  

The emergence of the consumer relationship life cycle has been driven by the need for companies to better understand their customers and create more personalized marketing strategies. By leveraging first-party data, companies can gain insights into the various stages of the consumer relationship life cycle and develop targeted marketing campaigns that resonate with their customers.

As the importance of first-party data continues to grow, it is likely that the consumer relationship life cycle will become an even more critical concept for businesses looking to drive growth and build long-term customer relationships.

5 Ways in which First-Party Data can benefit the Consumer’s Lifecycle

First-party data → The building block of the Consumer relationship

Let’s look at how first-party data can drive decisions to build the sought-after relationship through the consumer’s journey from acquisition to retention.

First-party data is brand-owned data of their potential and existing consumers collected through one-on-one interactions on brand websites, e-commerce platforms, transactions at retail outlets, surveys, social media, and so on. It unlocks unique insights that are useful for brands to initiate and maintain a personalized relationship with each consumer.    

  • Personalized Communication: First-party data can be used to personalize communication with customers, improving the overall customer experience. By analyzing purchase history and other data points, companies can tailor their communication to the customer’s preferences, improving the likelihood of engagement and ultimately, the success of the communication.

  • Improved Retention: First-party data can be used to improve customer retention by analyzing customer behavior patterns and preferences. With this information, companies can offer personalized incentives and promotions that will resonate with individual customers, driving repeat purchases and ultimately improving customer retention rates.

  • Enhanced Customer Service: First-party data can be used to enhance customer service by providing customer service representatives with a detailed understanding of each customer’s history with the company. This allows the representative to better address any concerns or issues the customer may have, leading to improved customer satisfaction and loyalty.

  • Targeted Marketing: First-party data allows companies to better understand their customers’ needs and preferences, enabling them to create more targeted marketing campaigns. By creating targeted campaigns, companies can reach the right customers with the right message at the right time, ultimately improving the chances of conversion.

  • Increased Customer Lifetime Value: By leveraging first-party data to better understand customers, companies can identify opportunities to increase customer lifetime value. For example, by analyzing purchase history, companies can identify customers who are most likely to make additional purchases or become brand advocates, and target them with personalized marketing campaigns and loyalty programs to increase their lifetime value.

The post First-party data acquired across consumers’ lifecycles is pivotal to strategizing for consistent brand growth appeared first on Datahash.

]]>
https://www.datahash.com/first-party-data-acquired-across-consumers-lifecycles-is-pivotal-to-strategizing-for-consistent-brand-growth/feed/ 0
Digital Marketing Maturity & Business Performance in Europe https://www.datahash.com/digital-marketing-maturity-business-performance-in-europe/ https://www.datahash.com/digital-marketing-maturity-business-performance-in-europe/#respond Mon, 10 Apr 2023 12:50:18 +0000 https://www.datahash.com/?p=21356 Digital Marketing Maturity is a measure of how well a company has embraced digital marketing as a strategy for achieving its business objectives. It takes into account various aspects such as the company’s digital capabilities, organizational structure, processes, and culture. […]

The post Digital Marketing Maturity & Business Performance in Europe appeared first on Datahash.

]]>

Digital Marketing Maturity is a measure of how well a company has embraced digital marketing as a strategy for achieving its business objectives. It takes into account various aspects such as the company’s digital capabilities, organizational structure, processes, and culture.

For CMOs and their digital marketing organizations, the changes of the past few years have come fast, and their full impact has yet to be felt. Two big shifts stand out. The pandemic compressed several years of digital market evolution into a few months as consumers raced online to do everything from purchasing daily necessities to seeking medical treatment. At the same time, the data stream provided by third-party cookies—one of the critical supports of precision digital marketing—began to dwindle as the industry and regulators reacted to growing concerns about privacy. Meanwhile, consumers’ expectations for more customized, even personalized, outreach and interaction continued to grow.

Many companies have responded to these sea changes with speed and agility. Others have been slower to react. The big difference is the extent to which each company has advanced its digital marketing maturity.  

ON24 – a leading digital engagement platform that drives pipeline and revenue growth, released the results of their latest survey, “The State of Digital Maturity in Europe: The Tools, Techniques, and Strategies Marketers Need to Drive Results.” Based on responses from over 800 marketing leaders across 12 countries in Europe, this survey examines digital maturity across marketing organizations and finds that the top-performing businesses are backed by a digitally mature marketing team.

Digital maturity differs somewhat across Europe. Despite European countries sharing much in common, many areas differ — from language and culture to business behaviors and law. Digital maturity is another area where differences are present. The survey reveals some differences in digital maturity levels between different regions in Europe. Southern Europe (Italy, Portugal and Spain) has both the highest level of respondents with an advanced maturity score and those who are novices.

The Benelux (Belgium and the Netherlands) region had no respondents who scored in the advanced range. These differences highlight the fact that there is no one-size-fits-all approach to improving digital maturity. B2B marketers in every country will need to assess their own organization individually to determine which actions are necessary for performance.

Digital maturity & its co-relation with Business Success

Analysis of the data demonstrates that there is a strong link between digital maturity and business success. Of those respondents who exceeded their business goals by a significant margin, more than half (52%) also had the highest maturity level — compared to just 15% of novices. This suggests that B2B marketers who improve their level of digital marketing maturity can expect to see higher levels of performance.

The majority of European B2B marketers surveyed are adopting good practices with their marketing strategy. Close to nine in 10 (87%) have a strategy that is aligned with both marketing and sales goals, while one in five use engagement and performance data to revise their strategy throughout the year. A similar percentage (85%) also claims that goals are ‘always’ set for tactics or digital experiences.   

Similarly, results in the area of data and measurement are good. About two-thirds claim to centralize and standardize data from all systems and have a single customer view. Added to that, nearly seven in 10 claims that they either have “good” or “excellent” visibility into marketing’s contribution to the pipeline.  

Data and measurement

In any area of business, data is an essential component for measuring performance against the department and organizational goals. But for B2B marketers, data has another essential function in today’s digital buying environment. Data can be used to understand buyers and to determine the experience they should receive.

Approach to collecting marketing data

The importance of data is not lost on today’s B2B marketers. An overwhelming majority of survey respondents “strongly agree” (64%) or “somewhat agree” (31%) that businesses which have high-quality data achieve better results. And, for the most part, respondents are doing well in the area of data and measurement. Two-thirds (65%) centralise and standardise data from all their systems and have a single customer view. Only a scant few (2%) report that they don’t collect data or do so incidentally. Eight in 10 (81%) respondents are collecting engagement and action data from multiple touchpoints in order to understand their buyers. This is in line with global data from Salesforce that shows that in 2021 B2B marketers used an average of nine data sources to drive engagement, with this number expected to increase in 2022.

Marketers are putting data to good use. The majority (85%) say that data is used to inform content and overall themes. The largest share of those respondents says they also use data to inform how they drive interactivity and conversions (42%), while 23% say they use data to do all the above and to help improve their strategy.

All organisations have at least some difficulties with data. It’s natural for marketing data to decay over time, for buyers to add incorrect data, or for values to differ in different place. It is far better to be honest and cautious with your data, rather than making claims that are found not to be valid. Presenting wrong data without caveats can damage your credibility across the business, as well as leading to you overestimating the potential impact of your efforts. Remember, it’s far better to under promise and over deliver as opposed to the other way around.   

First-party data sources can generate 1.5 times the incremental revenue from a single ad placement, communication, or outreach, and double the improvement in cost efficiency over companies that have more limited data integration capabilities.

First-Party Data and its relation with Digital Marketing Maturity

The relationship between Digital Marketing Maturity and First-Party Data is crucial as a more mature digital marketing strategy will be better equipped to leverage first-party data effectively. For instance, a mature digital marketing strategy will have the necessary tools and processes in place to collect, organize, and analyze first-party data, allowing for more targeted and  personalized campaigns.

Additionally, a mature digital marketing strategy will be able to leverage first-party data across various channels, including email, social media, and website, to create a seamless customer experience. By leveraging first-party data effectively, a mature digital marketing strategy can increase customer engagement, loyalty, and ultimately drive revenue growth.

In conclusion, Digital Marketing Maturity and First-Party Data are closely intertwined, with a more mature digital marketing strategy being better equipped to leverage first-party data effectively. By focusing on both aspects, companies can create more effective and targeted marketing campaigns, resulting in increased customer engagement and revenue growth.

The post Digital Marketing Maturity & Business Performance in Europe appeared first on Datahash.

]]>
https://www.datahash.com/digital-marketing-maturity-business-performance-in-europe/feed/ 0