February 15, 2022
2022 Modernizing Marketing Strategy Series: Data Collection & Enrichment
5 Min Read
It’s no secret that customer data is one of the most powerful marketing tools. When you collect data, you’re able to increase targeting and conversions through personalization, deliver content and services that are relevant to customers which increase customer loyalty, and improve future campaigns by analyzing customer data and past activities that have improved ROI.
Additionally, data privacy is front and center in every customer data conversation today. When we think about these brand-consumer relationships, CMOs, CPOs, and CIOs are now the gatekeepers that can make or break them. Instead of viewing privacy requirements as a burden or obligation, leading companies are seizing the opportunity to differentiate through transparency and building better engagement and loyalty by honoring consumer consent and preferences in how personal data is collected and used.
Collect Data the Secure, Compliant Way
If you’re collecting information of any kind from your customers, data security is non-negotiable. More than ever, consumers are wary of handing over their personal information to businesses for fear of breaches and other security risks.
According to SourceDefense, 93% of consumers worry about the security of the data they submit through web forms. Nearly as many believe that businesses that collect data must take responsibility for ensuring the safety of consumer data, even if they work with a third-party service to provide web forms or a website.
Website cookie banners, also known as a consent management platform (CMP), are table stakes in many countries that require businesses to be transparent in capturing consent on their digital properties. Leading businesses are taking their compliance programs to the next level with preference management and building trust across the entire consumer journey. By making it easy for consumers to make informed choices at every touchpoint, companies can stay ahead of customer needs and future-proof their data programs as requirements evolve.
Investing in preference management allows you to turn privacy requirements into a real marketing advantage as it enables businesses to not only collect user consent and demonstrate compliance, but also promise relevant content and personalized communications at the right frequency and channel that they desire.
Regardless of what kind of data you are collecting, it’s important to instill trust, transparency, and personalization from the first touchpoint. In this way, whether a consumer is interacting with your brand on your website, mobile app, or through connected tv (CTV), you can collect consent, preferences, or first-party data in a transparent way to improve overall trust.
First-Party Data Collection in a Cookieless World
To give consumers more control over their data, as many already know, Google is phasing out third-party cookies from its Chrome browser in early 2023. This will restrict brands with tracking capabilities and limit targeting and personalization. With the deadline quickly approaching, marketers face urgency to implement a privacy-centric first-party data solution. However, as they begin to replace more third-party cookies with first-party data – collecting high-quality data directly from customers – they will enhance personalization across channels and ultimately increase marketing ROI.
As a part of the OneTrust Consent and Preference Management platform, the first-party data solution helps deepen direct customer relationships by capturing first-party data and activating it to deliver personalized engagements. Organizations can now simplify and automate data governance and compliance by implementing configurable rules for first-party data use across marketing platforms.
Capture, Govern, Activate: How to Build a Powerful Marketing Data Strategy in 2022
As the digital landscape continually evolves, approaching marketing techniques in a way that demonstrates a value-exchange to customers around their data is crucial to being successful. Employing a consent and preference management platform that integrates with other systems, such as Oracle Unity CDP, allows your marketing team to operate with a privacy-first approach to personalization and leads to better segmentation, addressability, and brand loyalty while prioritizing customer privacy and responsible data ownership.
From the website for your local coffee shop to multinational companies with customers and users worldwide, OneTrust makes it easy to comply with privacy regulations and enable consumers to make informed choices at every touchpoint – so companies can stay ahead of customer needs, deliver the right experience at the right time, and do all of this while future-proofing their data programs against growing and evolving requirements.
Oracle Unity Customer Data Platform helps brands combine customer data from online, offline, and third-party sources to create a single, dynamic, real-time view of each customer. These, unified, real-time customer profiles (and subsequently the audiences and segments built from those profiles) can become critical in how your brand ensures privacy preferences are orchestrated across channels in order to strike the balance of a customer’s personalization and privacy needs.
Ready to dive deeper? Stay tuned for the last post in this series, 2022 Modernizing Marketing Strategy Series: Data Activation.