Good morning: What’s best for the consumer?
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Good morning, Marketers, and what about the consumer in the privacy debate?
We devoted a lot of space last week to discussing privacy and the potentially huge impact on addressability if privacy really does become paramount for consumers and legislators. A lot of the talk was about the advertising industry, about brands and publishers, about ad tech. But let’s try being customer-centric for a change.
What does the consumer want? The consumer wants access to lots of free (or very cheap) online content. The ability to continue to use critical services like email and online calendars, news outlets and — less critical, although you wouldn’t know it — social media, all without paying subscriptions. I also suspect (and you can test this by browsing incognito) that consumers like a relevant, personalized web experience. What they don’t want is to see the same ad in every channel every day.
I don’t think the consumer gets all those privileges if digital marketing takes the kind of hit the IAB has been raising alarms about. And here’s an interesting twist. Most people think it’s okay to collect first-party data and use it for targeting. But if you’re collecting that data in different channels, from different devices and not doing any additional tracking, one consumer might look like five or six different consumers with the same interests. And boy are they going to see that same ad a lot.
“To me, the argument for applying lower-cost, highly skilled marketing resources to provide leverage to constrained sales resources makes clear business sense. But without buy-in, the idea is going nowhere. So, I call on not only CMOs, but the entire C-suite. Let’s expand the mission of marketing across the entire breadth of the B2B customer relationship.” Ruth Stevens, President, eMarketing Strategy
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Customer data platforms: A snapshot
What they are. Customer data platforms, or CDPs, have become more prevalent than ever. These help marketers identify key data points from customers across a variety of platforms, which can help craft cohesive experiences. They are especially hot right now as marketers face increasing pressure to provide a unified experience to customers across many channels.
Understanding the need. Cisco’s Annual Internet Report found that internet-connected devices are growing at a 10% compound annual growth rate (CAGR) from 2018 to 2023. COVID-19 has only sped up this marketing transformation. Technologies are evolving at a faster rate to connect with customers in an ever-changing world.
Each of these interactions has something important in common: they’re data-rich. Customers are telling brands a little bit about themselves at every touchpoint, which is invaluable data. What’s more, consumers expect companies to use this information to meet their needs.
Why we care. Meeting customer expectations, breaking up these segments, and bringing them together can be demanding for marketers. That’s where CDPs come in. By extracting data from all customer touchpoints — web analytics, CRMs, call analytics, email marketing platforms, and more — brands can overcome the challenges posed by multiple data platforms and use the information to improve customer experiences.