Creating great customer experiences is ultimately what matters most, and this requires a single customer view and data enrichment techniques for a deep understanding of your customer. Organizations that rely on only first-party data are at a disadvantage. They risk missing out on valuable new information as time passes. For example, did your customer just move to a new state or buy a new home?
Google’s recent announcement of its intention to phase out third-party cookies in the Chrome browser over the next two years, in addition to sparking plenty of speculation and doomsday prophecies, has led to much discourse over what a future driven by first-party data, as opposed to third-party data, might look like for marketers.
But there’s a lesser-known type of data that’s being left out of these conversations—one that sits in between first- and third-party data and delivers both accuracy and scale. It’s called earned data, and it warrants the attention of every marketer who’s planning their transition to a cookieless world right now.
In the wake of Facebook’s Cambridge Analytica scandal, Europe’s General Data Production Regulation, and the California Consumer Privacy Act, the massive market for consumer data no longer operates unbeknownst to most Americans. But for digital marketing practitioners and the average consumer alike, making heads or tails of the industry is no easy task.
To break down the different kinds of customer data in the market, the impact of data sharing and selling on consumers, and the potential of privacy regulations to shape the industry going forward, Anindya Datta, founder, CEO, and chairman of Mobilewalla, recently checked in with Street Fight.
Using first-party data is a win-win. As marketers, you are fostering an ongoing relationship with your customers and prospects by better communicating and serving them. But there needs to be a strategy and long-term commitment. In a survey of US digital marketers by Advertiser Perceptions and programmatic agency MightyHive, respondents said they were, on average, tapping into just 47% of their company’s first-party data potential. It takes the right strategy and technological infrastructure in place to activate first-party data at scale.
Jake Moskowitz: In media, transparency demands accountability. In other words, it means asking media suppliers to “prove it.” It means expecting suppliers to “show me the viewability and fraud percentages, and allow me to suppress ads from running next to unsafe content.” Today, when it pertains to data, transparency just means “tell me where the data came from”—that’s it. That is not enough.