limitations of direct attribution model

Marketers Shift Focus To 1st-Party Data

As data regulations tighten (think GDPR and the California Consumer Privacy Act), marketers should be cautious of using third-party data to inform their advertising strategies. There is little transparency into how third-party brokers operate, and if you purchase data that was collected in breach of privacy regulations, your organization will be on the hook.

From the article “Data-Driven Marketing Checklist: 6 Steps to a Game-Changing Strategy” on Business2Community.

The rise of programmatic has highlighted the insufficient coverage consumers are afforded when it comes to data-privacy.

A growing percentage of smartphone users fear their phones are recording them all the time and tailoring advertisements based on their real-world conversations.

If even this isn’t true, it speaks to the invasiveness of modern advertising that so many people are willing to believe it.

Unfortunately, this is an unsustainable situation. Marketers have been living in a data-privacy bubble where they weren’t held accountable for how they acquired their data…until now.

2020 will be a pivotal year in digital advertising where consumers take back control of their data and advertisers will be forced to play an entirely different set of rules.

Marketers could find themselves without legal access to the majority of the targeting data they’ve grown so dependent on in recent years.

To get ahead of this trend, savvy marketing pros are developing their own audience and data acquisition strategies.

The good news is that most marketers have access to much more 1st-party data than they’re probably aware of -but the downside is, they’re not set up to take advantage of it.

CRM data: Marketers can see consumers’ past interactions with their sales team and stage in the funnel.

Social data: Marketers can see what consumers are saying about them on social networks in real time.

Web analytics data: Marketers can see what webpages receive the most traffic.

SEO data: Marketers can find out what keywords consumers are using to land on their webpages.

IP resolution data: B2B marketers can see what companies their web visitors belong to.

A/B testing data: Marketers can see how marketing campaign variations are performing.

Survey data: Marketers can see customer satisfaction and sentiment toward their brand.

Subscription data: Marketers can see what content is resonating with consumers and generating subscriptions.

Purchase data: Marketers can understand past purchases customers have made.

Conversation intelligence data from phone calls: Marketers can tap into the voice of the customer to understand consumers’ product/service interests, aversions, preferences, sentiment, stage in the buyer journey, and more all at scale.

These are a few of the types of data that might already be at your fingertips…if you can compile and mine it for insights.

For more thoughts on privacy issues and how to avoid the trap of 3rd-party data, read the full article…

Read The Full Article

Follow Us: