Data privacy is making headlines around the world following the implementation of new standards. On the other side of things, as discussed at the Marketing 2.0 Conference, scammers and fraudsters have been quick to adapt their tactics to these new regulations. Fraud has now shifted from online shopping (e.g., ecommerce), where consumers may fall victim through phishing or some other form of social engineering such as shoulder surfing; it has now expanded into account takeovers via phishing scams targeting emails/accounts or social media accounts (e.g., Twitter).
Privacy-compliant strategies are needed for acquiring new customers, providing customized experiences, and assessing campaign success to ensure business prosperity in the future. These new strategies are based on first-party data gathered through a brand's website, apps, loyalty programs, and other digital experiences.
But do organizations have the necessary technology and processes to collect, analyze, and act on this data? Please take advantage of marketing events and conferences, such as the Marketing 2.0 Conference, to define your marketing data strategies and invest in what is required to achieve them. Consider the following three critical steps:
Any optimistic marketer will tell you that personalization, contextual targeting, unified customer experiences, and automated marketing workflows that save teams time and money are the future of their industry. However, they overlook the foundation of this future: data standards.
Defining a common data language for your organization is known as data standardization. It necessitates mapping brands and regions and the identification of stakeholders who control channels and information domains. Then, you must collaborate to develop a data taxonomy, a systematic approach to collecting and grouping data that ensures every team and region is on the same page with how data is defined and managed, ensuring consistency across each campaign and use case.
Companies should define their measurement approach and identify the data dimensions they need across teams and systems to measure and optimize marketing efforts. It is critical to do this ahead of time because you may not be able to add new data dimensions once your data taxonomy has been implemented. If you add dimensions later, it will take time and slow down business decisions and automation.
Excel spreadsheets aren't going to cut it if you're serious about future-proofing your marketing. You require technological solutions to improve, simplify, and secure data processes. According to recent research commissioned by Claravine from an independent market research firm, 83% of advertisers believe they will rely more on first-party data in the future. Still, only 38% are confident they have the right technology to categorize their data with metadata.
Experts from conferences for marketing professionals suggest that companies consider their future technology requirements and end-to-end data management in three steps: organizing inputs, handling sensitive data, and containing outputs. Invest completely in change management.
Covid-19 has resulted in incredible business innovation, from retailers implementing new e-commerce programs to global workforces shifting to remote work overnight. Although quick pivots are admirable, these initiatives' long-term success depends on processes and training.
Companies must move quickly, but they must not be hasty. It is worthwhile to take a deliberate, systematic approach to develop and launch your unified data strategy; otherwise, the system will not be sustainable. Keep in mind the magnitude of the change for your organization. Define new processes, plan ongoing training, and look for partners to assist with process and platform adoption.
While privacy changes pose marketing and measurement challenges, they also present opportunities. The brands that seize them will undoubtedly be the ones who master data strategy. So, take the time to develop your plan and invest in the steps required to ensure marketing success in a post-ID world.
Jatin Kanojia, a member of the Marketing 2.0 Conference’s organizing team, spends most of his time researching increased customer interactions since he is eager to learn about the most recent trends and advancements in the marketing sector. Marketing 2.0 Conference is focused on creating sessions full of learning opportunities by covering topics from the Internet of Things to AI reforming the advertising sector and fraud/scam mitigation tactics.
