Nearly 73% of consumers believe that they have not participated in a personalized way.Getty Images
Customer data is fast becoming the dominant currency of today’s market. Recent IAB research credits, the first batch of data as the driver for “substantially all functions of the enterprise, including product development, analysis of customer value and pricing”. It is impossible to reach important goals on the market now requires—empathy, fluid conversation across touch points, personalization, without nimble, own customer data.
However, many digital marketers unwittingly relinquish possession of the third-party data providers. The lack of access to data first hand weakened their ability to strategically use information for business development. The struggle for power over the data need to be resolved. Now.
Whose data do?
In today’s digital world, the data source of the performance advantage. In particular, the first batch of data, which is defined as the information that the brand or the company collects about its customers through more digital interactions.
The first batch, or support and marketing data available to companies on a grant and is considered the most current and accurate information that can be collected, because it comes directly from the source. The access to this information offers an unprecedented understanding of consumer behavior, motivation and actions that provide new levels of personalization optimization and, ultimately, trust.
Access customer and marketing data enables marketers to reach new levels of meaningful personalization, involvement, increasing purchases and loyalty.
But if You don’t have access to it, You can’t use it. If You don’t control it, You can’t develop it over time or to develop the right strategy on it. And that’s the situation many marketers find themselves in today. It was an accident. Ad technology landscape has expanded, marketers have turned to suppliers to help them navigate the complex ecosystem and, in the process, lost control and ownership of their data.
And now, the growing expectations of consumers a personalised, seamless cross-channel demand marketing strategy is even more tightly focused on the needs of the client. But the technology and data silos that have proliferated’t let audience insights should be common to all channels, limiting the opportunity to build a single view of your customers.
We find ourselves in a situation today where many marketers are trying to coordinate the activities of functional marketing programs in a landscape of disparate, incomplete and redundant data. This is cumbersome and time-consuming task.
Data as a driver of growth
With all that said, the benefits associated with owning data and transparency are there for the taking. The accuracy and relevance of support and marketing data to predict the future, such as behavior, with confidence and plan accordingly.
In addition, analysis of the data gives a valuable audience that will inform your media and creative strategy, and helps you identify similar customers to Your business.
And in addition, access to customer and marketing data enables marketers to reach new levels of meaningful personalization, involvement, increasing purchases and loyalty.
In fact, according to the report personalization accenture Interactive in 2018 the Pulse, consumers are more willing to buy from a brand that treats them individually. The survey showed that 91% of consumers more likely to shop with brands that recognize, remember, and provide them with appropriate suggestions and recommendations.
And instead of being wary of handing over their data, consumers want a higher level of personalization. The report notes that consumers are willing to share their data and rarely feel that the company is too personal. Almost three quarters of consumers (73%) said no from the seller or service provider never communicated with them in a way that felt too personal.
The inability to use the data to create a great experience comes with a warning. Almost half (48 percent) of respondents said they left a business website and made a purchase elsewhere because the experience was bad handler.
To take command of
In order to regain control, marketers are beginning to yield management software for media in the house. Providing marketers own technology stack, they have great transparency and complete access to their data as well as flexibility and efficiency enable real-time campaign optimization.
Data ownership is also an integral part of success in business, to be ignored. Insist on owning your customer data. To consider your own technology. If you are our partner, do so wisely. The landscape will become less complicated with the new regulatory requirements, as GDPR in force, nor Your customers will be more forgiving of legacy methods for digital business.
Now is the time to take command.
Click for more from this issue, this story first appeared in the 14 may 2018 issue of the magazine Adweek. Click here to sign up.