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The Marketing Funnel is Dead and the Flywheel Has Arrived - New Breed

The Marketing Funnel is Dead and the Flywheel Has Arrived - New Breed | The Marteq Alert | Scoop.it
The flywheel highlighted a major flaw with the funnel: the prioritization of marketing and sales above serving your customer base. With an increased emphasis on buyer and customer-centric business practices, it was easy for marketers to attempt to abandon the funnel visualization, which literally illustrates customers being dropped out of the bottom with no further attention given. 

While the flywheel is more than just a buzzword — it is an ideology that should guide your company’s growth — it’s also not the end-all, be-all for marketing strategies. While the flywheel is here to stay, the funnel isn’t going away. 

The two models work in conjunction with each other. While the funnel is critical for measuring how you're attracting new business to your company; the flywheel is the overarching methodology that shows how those individuals experience your company.
CYDigital/marteq.io's insight:

To whichever you subscribe, if not both, the basic tenet is similar: guidance as to what content is delivered at what time.

 

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How Social Media Platform Data Could Be Hurting Businesses

How Social Media Platform Data Could Be Hurting Businesses | The Marteq Alert | Scoop.it
Dirty data can have a negative effect on a company’s bottom line, with some business leaders estimating erroneous online accounts have cost them 12% of their overall revenue. In addition to lost revenue, dirty data can result in wasted time, missed opportunities, ineffective marketing strategies and poor engagement. Overall, poor data quality has cost the US economy approximately $3.1 trillion annually.

Better quality data has a wide range of benefits for businesses including increased productivity, faster sales cycles and access to information to help management make more informed and better decisions. Companies that rely on clean, accurate data have an estimated lead-conversion rate of 68-1 compared with 143-1 for those that do not. On average 79% of companies that use personalized marketing campaigns exceed their revenue objectives. But correct data in the first place is essential to personalization.
CYDigital/marteq.io's insight:

The best data? Data that is owned by the consumer.

 

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What It Looks Like When Customers Control Their Data - CMSwire

What It Looks Like When Customers Control Their Data - CMSwire | The Marteq Alert | Scoop.it
The long-term picture is clear. It’s time to move away from cookies and toward personalized interactions with customers who willingly make the choice to share their data in exchange for a valuable service. Businesses need to be transparent with consumers about how their data is being collected, and how it is going to be used.

“Transparency and accountability are key to building consumer confidence. The pillars of good data governance [are] based on principles of individual’s rights to and for their own data, and corporate responsibility to maintain ethical and responsible data principles for security, privacy, transparency, control, accountability, integrity, innovation and social impact,” said Dana Simberkoff, chief risk, privacy and information security officer at AvePoint Inc.

For businesses, they will once again need to build direct relationships with customers that enable them to gather valuable first-party data. For customers, they’ll have the choice to opt in to personalized services, subscriptions, mobile coupons and access to premium content through the use of privacy-first methodologies and interactions with a business.
CYDigital/marteq.io's insight:

First party data pales in comparison to zero party data, which in turn is inferior to extended zero party data. Legislation, consumer trends, elimination of cookies, etc.: these are all factors telling you to switch to extended zero party data.

 

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8 game-changing approaches for solving a marketing plateau | Ad Age

8 game-changing approaches for solving a marketing plateau | Ad Age | The Marteq Alert | Scoop.it
1. Diversify your presence.
2. Test new messaging and creatives.
3. Explore testing into new audiences.
4. Look for tactics with a large audience.
5. Automate your processes.
6. Create a flywheel or compound effect.
7. Put yourself in your audiences’ shoes.
8. Go back to basics.
CYDigital/marteq.io's insight:

We should all be so lucky. CT for the details.

 

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How to Optimize Your Company’s Approach to Data Privacy - HBR

How to Optimize Your Company’s Approach to Data Privacy - HBR | The Marteq Alert | Scoop.it
We found that the relationship between data privacy performance and firm’s market valuation is more complicated than the conventional wisdom of “the more the better” suggests. Instead, the relationship takes the form of an inverted U-shape; the higher firms perform on data privacy, the more they are valued by financial markets, but only up to an optimal turning point, above which improving performance actually hurts firms’ market valuation.

In general, an inverted U-shaped relationship between two attributes suggests that two countervailing forces (or competing views) are in play. On the one hand, given the consumer-privacy paradox — according to which consumers claim that they care about privacy, although their actual behavior shows that they don’t — outperforming most other companies (i.e., the “crowd”) on data privacy, might be interpreted by financial markets as managerial malpractice. For example, one recent study has shown that shoppers, with other conditions remaining the same, equally patronize a store that requests more personal information relative to an identical store that does not. According to this view, implementing a stringent data privacy policy places unnecessary constraints on firms’ capabilities to innovate and capitalize on digital technology, thereby leading to reduced profitability, and perhaps less benefits to consumers. 

On the other hand, the ever-growing collection and use of personal data — with consumers not knowing what, when, and who collected their personal data — increases their perception of vulnerability and potential for harm. In response, a pro-privacy social movement is on the rise, urging people to stop giving away their valuable data for free, and pressuring firms to do more, beyond merely complying with regulations. By swaying public opinion, the pro-privacy social movement can inflict reputational damages to firms.
CYDigital/marteq.io's insight:

A superb study. But the ideal solution is not applying or removing data privacy layers: it's about eliminating it altogether. The best approach to data privacy is to give your consumers ownership of their data, and ask permission to use it. This approach completely shifts the conversation and data relationship.

 

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A ‘no code programming’ future that involves simply built new applications - CoinJournal

A ‘no code programming’ future that involves simply built new applications - CoinJournal | The Marteq Alert | Scoop.it
No Code Programming for blockchain means eliminating the programming barrier. The most significant upside of No Code programming is that it allows developers to realise the ‘technical’ end easily. There is currently a wide coding skill gap; Chinese blockchain firms, for example, are offering large salaries to try and make up for this skill gap by attracting talent from abroad.

Some of the industries set to gain from this innovation are finance & investment, more so, banks and financial institutions.

No Code Programming will allow these institutions to create and unveil new digital services that will improve transactions and ultimately benefit the customers. By eliminating the need for code, the workload and skill requirements involved in developing blockchain will be reduced.
CYDigital/marteq.io's insight:

And given the dearth of blockchain programmers, this would be a godsend.

 

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Facebook Removes More Than 1,000 Ad Targeting Options: Just The Facts - DMS

Facebook Removes More Than 1,000 Ad Targeting Options: Just The Facts - DMS | The Marteq Alert | Scoop.it
Targeting is an essential tool for marketers, so it’s somewhat unusual for a platform as significant as Facebook to limit ad targeting options. However, Facebook said the move to remove the superfluous ad targeting options is intended to streamline and simplify those targeting categories that aren’t redundant and that better serve advertisers. Facebook explains, “We’ve identified cases where advertisers – of all sizes and industries – rarely use various targeting options. Infrequent use may be because some of the targeting options are redundant with others or because they’re too granular to really be useful. So we’re removing some of these options.”

The impact on digital marketers and advertisers should be minimal, with the understanding that targeting effectively is an ongoing process and subject to change with shifts in consumer preferences and behaviors. Facebook has offered reassurances that most advertisers will feel little impact, particularly since most ad targeting options haven’t changed. In the instances where advertisers do need assistance, “[Facebook] will guide advertisers to options that are similar to ones that have been removed and that should provide comparable performance.”
CYDigital/marteq.io's insight:

Check to see if you're impacted.

 

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4 Steps to Getting Started with Customer Data Platforms for B2B Marketers - CMSwire

"1. Understand the Types of CDPs
A CDP is different from other central databases for customer information because they’re owned and operated by the marketing and/or revenue departments, ultimately in place to serve marketing’s purposes. There are also different types of CDPs: standalone and embedded. A standalone system is a single platform that integrates data from multiple sources and functions only as a CDP. 

An embedded CDP, on the flip side, is part of a different platform. For example, you might get a business solution (like account-based marketing software), and the CDP is already embedded into it. The advantage of an embedded CDP is that it allows you to work in various intermediate modes. It’s great for delivering initial use cases and getting value quickly for B2B marketers. It also ensures your architecture is already set up for maximum data optimization and for more of the hub-and-spoke data model that is sure to define marketing tech stacks in the future. 

2. Review Vendors (and Know What You’re Looking For)
3. Ensure You’ll Meet Privacy Laws
4. Map Out Ownership and Workflows"

CYDigital/marteq.io's insight:

A nice, brief primer on CDP should you need an overview.

 

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Chrome 85 arrives with tab management, 10% faster page loads, and PDF improvements - VentureBeat

Chrome 85 arrives with tab management, 10% faster page loads, and PDF improvements - VentureBeat | The Marteq Alert | Scoop.it
Google today launched Chrome 85 for Windows, Mac, Linux, Android, and iOS. Chrome 85 brings tab management changes, 10% faster page loads, PDF improvements, and a slew of developer features. You can update to the latest version now using Chrome’s built-in updater or download it directly from google.com/chrome.

CYDigital/marteq.io's insight:

Chrome improvements announced at the same time as Firefox improvements. But compare the improvements to see where the emphasis. 

 

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Firefox Daylight for Android arrives with Enhanced Tracking Protection, new UI, and GeckoView - VentureBeat

Firefox Daylight for Android arrives with Enhanced Tracking Protection, new UI, and GeckoView - VentureBeat | The Marteq Alert | Scoop.it
After more than a year of development, Mozilla today launched Firefox 79 for Android, branded Firefox Daylight. Like Firefox 57 Quantum, Firefox Daylight gets its own name as it marks “a new beginning for our Android browser.” The new version is “an entirely overhauled, faster, and more convenient product.” Firefox Daylight includes Enhanced Tracking Protection on by default, a new user interface, Mozilla’s own mobile browser engine GeckoView, and a slew of new features. Mozilla is rolling out the new Firefox for Android globally, starting in Germany, France, and the U.K. today and in North America from August 27.

Firefox 69 arrived in September with Enhanced Tracking Protection turned on by default and cryptomining blocked by default. Firefox 70 followed in October with cross-site tracking cookies from sites like Facebook, Twitter, and LinkedIn blocked under the Standard setting, and Firefox 72 arrived in January with fingerprinting blocked by default. All told, Firefox now blocks 10 billion third-party tracking cookies, cryptominers, and fingerprinters per day. Now Firefox Daylight is turning on Enhanced Tracking Protection by default on Android. Ad trackers are blocked in the Standard mode right out of the box, but users can customize their privacy settings further using the Strict or Custom options.

Speaking of privacy, Firefox Daylight has an improved Private Mode based on the privacy browser Firefox Focus. Private Mode is now accessible from the Firefox home screen, and users can create private browsing shortcuts on their Android home screen. This largely makes Firefox Focus redundant, though Zare confirmed to VentureBeat that Mozilla has no plans to kill off the privacy browser.
CYDigital/marteq.io's insight:

A huge leap in privacy protection, continuing the theme of the browser as protector. A new way to reach consumers is a necessity (and we've got the answer).

 

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Martech stack documentation is vital, here are some tips to do it right - MarTech Today

Martech stack documentation is vital, here are some tips to do it right - MarTech Today | The Marteq Alert | Scoop.it
Regardless of the venue (internal or external), there’s some important high-level information to track.   Two very important pieces of information in this category include the overall purpose of the stack component as well as who are the main people associated with it (executive, sponsor, technical lead, and power users). This information alone is very valuable as it will help address why a company uses something and who to ask for more details.

Another thing valuable for external and internal audiences is information regarding system integrations.  Vendors in particular will likely need access to at least high-level information so that they can better align their efforts with where information from their system will flow to others. However, not every vendor needs such information, and an internal system is likely a better place for more detailed information that vendors don’t need access to.
CYDigital/marteq.io's insight:

This should be automatic!

 

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Brand management in the age of hyper personalization - Transform

Brand management in the age of hyper personalization - Transform | The Marteq Alert | Scoop.it
Due to unprecedented access to detailed consumer buying behaviours and needs, brands now have in-depth understanding of consumer preferences. These needs can be addressed at an individual level, in a highly customised way and with the ability to scale. This has resulted in hyper-personalisation of brand offers.

The hyper-personalisation of offers creates significant challenges from a brand management perspective. Personalisation exerts immense pressure on core brand identities. If a brand is “different” for everyone, then in the real sense it is not a “brand” anymore. For marketers, maintaining a strong, cohesive brand identity while remaining relevant to individual consumer needs is now a critical balance to achieve.
CYDigital/marteq.io's insight:

Huge difference between a brand and the delivery of the brand's benefits, and the article points to this.

 

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How to create a data-driven culture - CIO.com

How to create a data-driven culture - CIO.com | The Marteq Alert | Scoop.it
A data-driven culture embraces the use of data in decision making. It treats data as a strategic asset of the company by making data widely available and accessible. It focuses on capturing, cleaning, and curating meaningful data from across the business. It promotes frequent experimentation to learn and improve. It realizes that a strong foundation of data is critical for differentiating the business through artificial intelligence (AI) and machine learning (ML). It is a culture with a high level of data literacy and a belief that data helps everyone perform better.

In many enterprises, data silos are guarded zealously by organizational silos. Often, it is coming from a meaningful place, that of ensuring that the rest of the organization understands the context, variables, calculations, and patterns of certain data elements to use them the right way. Do not let this be yet another reason to deprive the enterprise of access to data, but rather convert these guardians into educators. Let these departmental data experts take ownership of teaching and helping others in the company use data the right way and increase the data literacy of the enterprise.
CYDigital/marteq.io's insight:

Hamstring your marketing organization with martech-driven, data reliant processes: it forces a data-driven org.

 

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The Data Privacy Feedback Loop 2020 - Transcend/Kelton

The Data Privacy Feedback Loop 2020 - Transcend/Kelton | The Marteq Alert | Scoop.it

Our research found that:
_ 88% of Americans feel they ultimately own
any personal data they give to a company.
_ 97% believe it’s their right to have access to
their personal data.
_ 88% are frustrated by the fact that they
don’t have control over their personal data
and they wish the process of retrieving it
from companies were easier.
_ 65% are simply curious to know what information companies have on file about them.
_ 65% of those surveyed want access to
their personal data so that they can choose
what companies can and can’t collect, and
43% want this information deleted altogether. Two-in-five (40%) would even
update their information.
_ 56% want immediate access to their personal data (and 80% want it back in a
timeframe of 24 hours or less). However,
only a quarter (26%) think they would actually get their data instantly if they were to
ask for it.

CYDigital/marteq.io's insight:

Excellent source of data privacy guidance. Consumers OWN their data, and want to be treated as OWNERS. But they're willing to exchange their data for a reward. Not hard.

 

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Do You Need a CDP or a DXP? It Depends - CMSwire

Do You Need a CDP or a DXP? It Depends - CMSwire | The Marteq Alert | Scoop.it
CDP Definition
From the CDP Institute: “Packaged software that creates a persistent, unified customer database that is accessible to other systems." CDPs typically have four common characteristics: integrating audience data from multiple sources, managing customer identities, supporting real-time customer segmentation, and provisioning customer data to other systems.

DXP Definition
From Gartner — “An integrated set of core technologies that support the composition, management, delivery and optimization of contextualized digital experiences.” Some definitions include an architecture component for the construction of the digital infrastructure as well: “DXPs provide an architecture for companies to digitize business operations, deliver connected customer experiences and gather actionable customer insight.” Many DXPs list content management, personalization and journey optimization, omnichannel marketing, managing net promoter scores (NPS), facilitating customer self-service, and developing and managing a landscape of digital applications as expected functionality. 

While there are differences between these applications, there are also many overlapping capabilities, particularly when you consider the “beyond capabilities” offered by some of the major vendors in both categories. Some analysts say that CDPs are or will be absorbed into the DXP world to provide the data needed to deliver great digital experiences, but this is far too simplistic. Some also label the CDP as analytical in nature and the DXP as operational. Again, too simplistic. 
CYDigital/marteq.io's insight:

You can't operate a digital experience platform without data from a customer data platform.

 

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Deloitte’s 2020 Global Blockchain Survey

Deloitte’s 2020 Global Blockchain Survey | The Marteq Alert | Scoop.it

More than a decade has passed since the
introduction of what we know today as
blockchain technology. Over that time,
the promise of what the technology could offer
businesses and industries has evolved from a
cryptocurrency payment platform to something
bigger, game-changing, and truly disruptive. In
recent years, we have seen sentiment about
blockchain’s potential similarly evolving, along
with companies directing actual investment
dollars toward applications.

CYDigital/marteq.io's insight:

Blockchain almost synonymous with digital assets. And one of the marketer's most valuable digital assets is data. The connection is clear.

 

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Gartner Reveals Two Actions Customer Service Leaders Must Prioritize To Increase Customer Loyalty And Mitigate Disloyalty - MarTech Series

Gartner Reveals Two Actions Customer Service Leaders Must Prioritize To Increase Customer Loyalty And Mitigate Disloyalty - MarTech Series | The Marteq Alert | Scoop.it
Customer service interactions are far more likely to lead to disloyalty than loyalty, according to Gartner. This means the battleground for customer loyalty must also include actively mitigating disloyalty. Gartner research shows customers who experience a low-effort service experience in resolving their issue are 61% more likely to stay with the company. On the other hand, a high-effort customer service experiences drops that probability to only 37%. “Most customers buy based on a product’s quality or value proposition, but they will leave or stop purchasing from a company because of service failures,” said Mr. Schott.

While low-effort resolution helps to ensure customers remain loyal, about 40% of customers will still leave a company even if they get that high-quality service experience. To avoid leaving that 40% on the table, customer service needs to focus on “value enhancement” – or impacting customers’ perceptions of the product or offering. Customer service organizations that focus on “value enhancement” can increase the probability a customer will stay with the company to 82%. Even more, “value enhancement” helps to increase the probability customers will deepen their wallet share to 85% and spread positive word of mouth to 97%.
CYDigital/marteq.io's insight:

Isn't value enhancement one of the basic tenets of marketing? How did we get to the point where this foundational item needs to be called out as an action item?

 

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5 Of The Most Reliable Ways To Improve Your Clients' Experiences - Forbes

5 Of The Most Reliable Ways To Improve Your Clients' Experiences - Forbes | The Marteq Alert | Scoop.it
It’s Simple, Really: Under-Promise And Over-Deliver
Get (Appropriately) Personal With Customers
Keep Customers In The Loop (As Much As They Like, At Least)
Go Out Of Your Way To Protect Your Customers’ Time
Work To Build A Culture Of Genuine Customer Appreciation
CYDigital/marteq.io's insight:

Personalization based on the consumer's complete digital story, not just your slice of his/her story.

 

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We Need to Stop Lying About Being Data-driven - CDO

Every company is in a race to become data-driven. With human movement hampered by an increasing list of restrictions and markets recalibrating themselves to a new normal, data offers the only refuge for getting better insights.

The benefits of a data-driven organization have been clear for several years. Yet, when you ask data scientists and data workers, you feel becoming data-driven is still a near impossible goal.

Why? Rob Woollen, chief technology officer and co-founder of Sigma Computing blames poor design, bad data quality, difficult data access and the disappointment of self-service business intelligence (BI).
CYDigital/marteq.io's insight:

Calling BS on being data-driven. Really, it comes down to how you define being data-driven.

 

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California Consumer Privacy Act Guide | JDSupra

California Consumer Privacy Act Guide | JDSupra | The Marteq Alert | Scoop.it
The recently passed California Consumer Privacy Act of 2018 (the "CCPA") is set to create a significant new compliance burden for most businesses that collect personal information about California residents.
CYDigital/marteq.io's insight:

A nice collection of articles related to CCPA.

 

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Should New Cryptocurrency Investors Buy Bitcoin or Litecoin? - Bitrates

Should New Cryptocurrency Investors Buy Bitcoin or Litecoin? - Bitrates | The Marteq Alert | Scoop.it
Cryptocurrency investors who are looking to make an investment have several cryptocurrencies to choose from. The most popular choice is Bitcoin, the largest cryptocurrency measured by market cap and the first blockchain ever invented.

Litecoin is also a noteworthy investment. Originally created as a "code fork" of Bitcoin, it has introduced numerous improvements while retaining Bitcoin's key features. It is a good alternative choice for first-time cryptocurrency investors.

In this article, we'll compare the features of each coin.
CYDigital/marteq.io's insight:

Quick and easy primer. Why is this pertinent to the marketer? Crypto will continue to grow and play a role in programs and promotions.

 

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Enterprise vs. Consumer Adoption of BSV | Paul Rajchgod

Enterprise vs. Consumer Adoption of BSV | Paul Rajchgod | The Marteq Alert | Scoop.it
What is this great debate? It is ‘enterprise vs. consumer adoption’ of BSV. Which will be the driving force? Is one more important than the other?
It doesn’t take many scratches at the surface to see that like so many things in life, this too is nuanced. If you look at many of the enterprises, apps, wallets, projects, etc. building and working on the BSV blockchain today, one business you might think of as consumer-facing is actually, at heart, for enterprises, and another enterprise platform is ultimately designed for consumers.

Let’s talk about TonicPow, the peer-to-peer digital advertising system that uses the BSV blockchain. Individuals can earn Bitcoin for promoting products and services they like to their social media followers, and businesses use TonicPow’s tools to create flexible, incentive-based ad campaigns. In all cases, Bitcoin micro-transactions sit in the middle, so as TonicPow usage grows, so will consumer and enterprise adoption.
CYDigital/marteq.io's insight:

For a quick primer on BSV v. Bitcoin, go here: https://www.finivi.com/whats-the-difference-bitcoin-cash-sv/. But to answer the question, which is applicable to either Bitcoin or BSV, it's both.

 

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Evolution of Transparency in Digital Advertising: Reporting and Analytics - MarTech Series

Evolution of Transparency in Digital Advertising: Reporting and Analytics - MarTech Series | The Marteq Alert | Scoop.it
When it comes to true transparency in digital advertising, it appears that the industry can’t afford its own morals. All parties, from brands and agencies to tech and platform vendors themselves say that transparency into brand suitable placements and fees are key values, but their actions render these sentiments somewhat toothless.

From a brand’s perspective, the idea of Transparency in digital advertising couldn’t be more straightforward: tell me where my ads appeared and how much I paid for those placements, and how much of my budget went to media and vendor fees? In reality, the answers require reporting and analysis, which, given the scale of today’s campaigns are enormously complex tasks to accomplish. That complexity also makes them very expensive.

Learning how to capture placements and analyze brand suitability and fees are tech problems, and in an industry defined by machine learning, data science, AI and so on, you may ask: why haven’t these problems been solved yet? Well, I would posit that the industry doesn’t really want transparency because it exposes some inconvenient truths.
CYDigital/marteq.io's insight:

More importantly, there's no downside to not providing the desired data.

 

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California’s landmark privacy law is Facebook’s next ‘nightmare’ - MarketWatch

California’s landmark privacy law is Facebook’s next ‘nightmare’ - MarketWatch | The Marteq Alert | Scoop.it
While navigating a mammoth advertiser boycott and potential federal antitrust charges, Facebook Inc.’s chief financial officer may be most concerned about California’s strict new privacy law.

The CCPA officially became California law on Jan. 1, and began being enforced by California Attorney General Xavier Becerra on July 1 after a six-month grace period. When asked about it near the end of the company’s earnings conference call last month, Chief Financial Officer David Wehner launched into a long discourse about its impact on advertising, the lifeblood of Facebook.

“You know, in the near term, that’s really around implementing CCPA. And in the longer term it’s more potential for further similar regulation across the globe,” Wehner said. “We’re seeing an impact to the business from CCPA today. We don’t know what the impact will be. How things play out will depend on advertiser implementation, adoption rates in terms of opting out of tracking. So there’s a lot of uncertainty as to how it plays out.”
CYDigital/marteq.io's insight:

Wow.

 

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US Consumers Want to Switch to Businesses That Prioritize Data Rights but Are Frustrated With Current Practices, New Report Shows - Digital Journal

US Consumers Want to Switch to Businesses That Prioritize Data Rights but Are Frustrated With Current Practices, New Report Shows - Digital Journal | The Marteq Alert | Scoop.it
Companies that offer consumers greater data privacy visibility and control have the potential to unlock increased consumer trust, preference, and loyalty. Specifically, if given a choice to do so, 93% of Americans would switch to a company that prioritizes data privacy. A similar number (91%) would prefer to buy from companies that always guarantee them access to their data. Surveyed during the height of a global pandemic and economic uncertainty, nearly two in five Americans (38%) expressed that they believe it’s worth spending more money with companies that prioritize data privacy.

However, most Americans today are frustrated by the lack of data control companies offer. Notably, 88% of Americans are frustrated by the fact that they don’t have control over their personal data and they wish the process was easier. An overwhelming 94% of all Americans wish for a better experience of getting their data back from a company (regardless of whether or not they’ve tried).
CYDigital/marteq.io's insight:

The theme is consistent: consumers want control over their data, and are willing to share it for a benefit.

 

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