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Cheetah Digital VP go-to-market APAC, Billy Loizou questions if the industry got it wrong, with trust at an all-time low and consumer data security issues at an all-time high following data breaches and new regulations. He imagines a world where the consumer owns their data and has a single brand view, where they can store all the different data points brands have about them in one place.
SlickText CRO, Brian Wilson, sees this leading to permission-based campaigns becoming more normalised throughout all marketing channels. “You know customers actually want those notifications and touchpoints because they opt in for them, creating a greater marketing ROI while connecting you with your core audience, says Wilson.
A survey has recently conducted which was concluded with the results that without fear of being charged or accused of using their users data, the companies are still tracking their users. CRM Essentials conducted research that was commissioned by Zoho. Sadly, 62 percent of Canadian and US companies allow third-party tracking codes on their website and do not let their users know about this. Around 55 percent of companies claimed that they take great care of the data privacy policies of their users.
While aggregating data for the survey, the Zoho company took 1,416 business leaders of both small and huge companies into consideration. The act of unethically using the data of customers was common among a large majority of them.
Unsurprisingly, the largest DSPs were considered to be in the best position to navigate that shift—among them were Amazon (with 69% of marketers agreeing it was in a positive position), Google (63%), and Verizon (55%). And the dominance of these companies' DSPs extends beyond their capacity to shift to alternative trackers—those three are also the top-considered DSPs for connected TV (CTV) advertising, for example.
With CTV on the rise and the shift to third-party alternatives imminent, we could see these top players gain more market share in the coming year.
Electronic payment players PayPal Holdings (PYPL) and rival Square (SQ) are clashing in a critical race to improve digital wallet apps. It's a contest that could have a profound effect on both PayPal stock and Square stock for 2021 and beyond.
The two payment companies are marketing apps that let shoppers get discounts, make installments and buy cryptocurrencies. Both compete in the digital wallet space with technology giants, including Apple (AAPL), Alphabet's (GOOGL) Google and Amazon.com (AMZN), as well as feisty financial technology startups.
But it's the head-to-head battle between PayPal and Square — and their respective fast-growing Venmo and Cash App services — that draws the most interest on Wall Street.
Here are some statistics on a successful loyalty program: - The top 10% of loyal customers spend more by three times compared to your regular customers. In addition, the top 1% of your loyal customers are even spending more than 5 times compared to your regular customers.
- It is much cheaper to keep an existing customer compared to convincing others to believe in your brand. It requires much investment and effort.
- The profitability of your brand will increase by 75% if the customer retention bumps up to 5%.
Given this trend, brands are expanding their mobile and in-app channel messaging capabilities. By the end of 2021, 92% of U.K. B2C brands plan to have a mobile app – 66% businesses currently have an app in place and 26% plan to build one in 2021. Brands are also keen to ramp up their use of data to enhance their offering to customers. Next year, 78% of U.K. marketing leaders expect to use zero-party data more (defined as information customers freely and intentionally provide to a brand) to personalise messaging experiences.
Vocell concluded: “With marketers heavily investing in zero-party data and elevating the importance of mobile, 2021 will solidify mobile apps as a marketing standard as companies aim to create a truly personalised customer experience based on data of what consumers really want.”
- CDPs’ principal selling point is the ability to achieve a ‘360 view’ of the customer; however, when tasked with consolidating and analyzing data from disparate repositories, it falls through. Consequently, access to a unified customer profile is unachievable.
- A true CDP acts as the repository of customer profile data for the entire business. It connects the dots between interactions and touchpoints and enables brands to deliver relevant experiences no matter the channel.
- While marketing leaders hold the reins of CDP ownership, more and more CDPs ignore critical sales and service solutions during implementation and data sharing. The silos created present challenges in achieving personalization and customer experience (CX) outside of marketing.
- Enterprises are looking to double down on customer interaction and engagement to meet demands. Many are disregarding CDPs that prioritize marketing initiatives over injecting personalization and CX across the board.
- As businesses attempt to expand digital strategies and gain a holistic view of their customers, they need a CDP that honors the boundaries customers set, protect their data, and addresses GDPR and CCPA.
Christopher Penn, co-founder and chief data scientist of Trust Insights, told CMSWire that marketers have to get accustomed to the idea that third party data is going away "by hook or by crook” through CCPA becoming CPRA in two more years. GDPR lawsuits are well underway, and customers are saying they want more privacy.
“Marketers have to get used to the idea that first-party data is the only party you'll have left, and you've got to get good at not only data collection and data analysis but creating the data sale,” Penn said. “And the data sale is this: when you or I are on a company's website, one of the things you could do is buy something from the company. But the other thing we can do is trade our data in exchange for something.”
For the last 15 years, Penn added, marketers have not really had to think about what they give this consumer in exchange for this data. “It's a sale, and nobody's thinking along those lines," Penn said. “And as a result, you put in contact forms, and everyone's marketing automation system is filled with 'asdf@ghjk.com.' And we now have a data quality problem that we don't really do anything about it. ... We have convince the consumer to trade their data. What do I have to offer in exchange for that data? ... That data sale is a critical part of what marketers must get on board with sooner rather than later."
An IAB survey reveals all the questions marketers have heading into next year. Overall, 54% of budgets next year will be executed programmatically, according to those surveyed. Foundational pieces to the mechanics of targeted advertising, third-party cookies and Apple’s IDFA, have a short shelf-life. Plus, CCPA is now enforceable (though California recently passed a new privacy bill that’s more similar to Europe’s GDPR). With a new president set to enter office, a national privacy law may follow, too. Heading into next year, ad buyers are still trying to understand what these data privacy changes mean for their business.
DemandLab released new research that reveals how few–only 36%–are utilizing attribution strategies that connect marketing’s value to the bottom line. Those, however, who do have an attribution strategy in place are seeing great success. The survey, fielded in partnership with Ascend2, indicates that while marketers do realize the value of attribution, many are struggling to implement their own strategies.
Key findings from the report include: - 95% of marketers who have implemented an attribution strategy are seeing success.
- Nearly 60% of marketing leaders say revenue attribution enhances their ability to make better decisions, increase campaign effectiveness, and to report on marketing ROI.
- Despite this, only 36% of marketing leaders have an attribution strategy in place.
Others are concerned that while PayPal says it is ‘eager to work with central banks and regulators around the world,’ for now, it is restricting users to purchasing cryptocurrencies on its platform. Plus, existing digital coin owners can’t transfer the contents of other digital wallets over to PayPal’s.
Satoshi Labs, inventor of crypto hardware wallet Trezor, suggests that while PayPal’s announcement may bring a promise of greater regulation, consumers should not use PayPal for Bitcoin transactions.
“Long-term, if PayPal proceeds without consulting the community and letting their users control their own keys, it offers no value to the space. The greatest risk is that the clout they carry in traditional electronic payments will be interpreted as expertise in crypto. This would threaten the expert advice so carefully crafted by our community, which could be drowned out by the misinformed masses that PayPal brings to the space.”
- PepsiCo's Mtn Dew Game Fuel this month opened an online store for direct-to-consumer sales of its full line of soft drinks aimed at video game fans. To celebrate the launch, Mtn Dew is running a sweepstakes to give away a Sony PlayStation 5 gaming console and a copy of the game "Call of Duty: Black Ops Cold War," per an announcement.
- Mtn Dew fans who register by Jan. 31 at the GameFuel.com website to join the brand's new Victory Pass Rewards loyalty program will be entered for a chance to win the grand prize. Every time rewards members buy cases of Mtn Dew Game Fuel for free delivery, they can unlock exclusive digital content, discount codes and access to limited-edition merchandise.
- Billed as a "direct-to-gamer" offering, the website can help PepsiCo collect first-party data on younger consumers who are interested in gaming and esports. Starting today, Mtn Dew's first product offering includes a limited-edition collectible can inspired by video game celebrity Dr DisRespect with the purchase of any case of Game Fuel from the online store, while supplies last.
To overcome these obstacles, a new German startup called Polypoly (in contrast to “monopoly”) has launched a multi-pronged scheme that aims to reset the relationship between data-hungry enterprises and consumers by creating a new set of economic and technological incentives. The plan mixes elements of distributed computing, a data exchange platform, and a nonprofit association to create a system that motivates enterprises and users to act as partners in managing privacy and data ownership.
Polypoly is trying to take a more comprehensive approach in order to attract users and enterprises. The goal is to make respecting privacy a cheaper and more economically effective option for companies, one that outweighs the economic drive to hoover up as much data as possible and lock it away from consumers. To do that, Polypoly has created three structures: a foundation, a data cooperative, and a for-profit company.
These three pillars are designed to offer a new data deal. Enterprises can harness the unused computing power on edge devices as a way to lower the capital costs involved in constantly expanding and maintaining data centers. On the other side, users would effectively rent their computing power while also keeping all of their personal data locally on their devices.
The US Federal Trade Commission is “studying” social media’s use of private data. The agency seems particularly interested in how data is used for advertising—especially the data of minors.
It’s a bipartisan FTC study, but its timing is notable, with Washington prepping President #46. Does it herald a new era of regulation for apps and platforms?
Interactive Advertising Bureau (IAB) published the findings of its 2021 Marketplace Outlook Survey, which shows that buyers are optimistic about the next year despite the dramatic changes expected in the Adtech ecosystem. With third-party cookies being phased out, advertisers need better first-party data.
The good news, however, is that marketers expect budgets to open up in 2021, following a year marked by budget cuts. Digital spend is expected to increase by 14%, while traditional media spend is set to witness a decrease of 5%. Clearly, digital ad spends will drive the Adtech industry forward in 2021. This trend is underscored by IAB’s previous surveys that found advertising executives stating that ad spends in the U.S. will grow by 6%.
While ad buyers brace for the loss of third-party cookies, they are yet to comprehend the scale at which their existing capabilities will be limited. Retargeting, segmentation, and attribution approaches will undergo a massive shift. 41% of buyers stated that they are not sure if stakeholders understand the new landscape. 37% of buyers also report not having enough first-party data, and 28% are concerned about overspending as they adapt to cross-platform management.
Using insights and anonymized data from dozens of ecommerce and digital leaders at large brands, the study, titled The Full Revenue Impact of Retailer Ad Platforms, found that: - Retail media spend with one retailer influences shoppers wherever they ultimately choose to make their purchases, online AND offline at other retailers. Both brands and retailers have measured up to a range of $7 to $11 spent in-store for every dollar spent online generated by retail media campaigns.
- Retailer media spend drives other incremental benefits like improving repeat purchases, goodwill of partners, and social validation.
- Bitcoin is already an integral part of the financial world, which is putting out more and more products in an unstoppable trend.
- The central banks are playing the same game worldwide and will desperately try to drive inflation to reduce the debt burden at our expense.
- Bitcoin cannot be tampered with and is easily portable; and in contrast to our current monetary system, it is deflationary.
BigID, whose platform helps companies find and secure data, yesterday announced a $70 million round it said values the company at $1 billion just five years after launch. BigID said it will use the funds to expand its market reach.
The company announced that its data discovery and privacy platform can now be integrated with software-as-a-service (SaaS) applications from ServiceNow. It will also be adding support for Google Cloud Platform (GCP), alongside existing support for Amazon Web Services (AWS) and Microsoft Azure, BigID CEO Dimitri Sirota told VentureBeat.
BigID was initially focused on enabling companies to comply with stringent new data regulations, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S. Earlier this year, BigID pivoted to add additional data analytics capabilities companies need to surface more intelligence about data residing in multiple repositories. BigID is now looking to extend those capabilities to a broader set of mid-market customers, Sirota said.
We can’t talk about marketing predictions today without referencing data. 2021 is the year where companies need to own as much of their own data as they can, because in 2022, Google has made it clear that the ability to use cookies and target consumers based on third-party data is going away. You want to target your audience in 2022? You need to own the data you need or have direct access to it, and you have one year to get your data act together.
As enterprises grow, their martech stack grows with it, often to the point where it becomes a burden to effectively use the various components and platforms. Consider that for two years Gartner has reported that marketers are only making use of 58% of their martech stack. This article will look at the ways a brand can unify and streamline its martech stack to make it effective and efficient once again.
While each brand will have specific objectives that require technology designed with those objectives in mind, there are some core components that are typically part of every brand’s martech stack.
Digital Asset Management (DAM)
Email and Marketing Automation
Customer Relationship Management (CRM)
Customer Data Platform (CDP)
Analytics Tools
Lead Management
Enterprise Content Management (ECM) Platforms
Social Media Management
69% are increasing their new technology budgets in 2021, 19% significantly and 50% moderately. Another 20% are maintaining the existing budget, and 11% foresee decreases.
The main technologies — those likely to have the most impact next year — are:
Real-time marketing — 43%
Analytics — 36%
Artificial intelligence — 36%
Customer Data Platforms (CDP) — 34%
Data consolidation — 30%
Programmatic — 22%
Multi-touch attribution — 20%
Voice search — 16%
Blockchain — 12%
The respondents expect to add platforms in these areas: automation, data warehouse/customer data and data analytics, all of which would facilitate personalized email marketing. Indeed, email deliverability technologies also make this list, although they are fifth.
In line with this, 78% will use zero-party data — data provided by customers themselves — to drive personalization.
This could also denote a turn from third-party data, a move that would reduce their compliance concerns.
Polling more than 1,400 business leaders at companies of varying sizes and industries, the survey found that third-party ad tracking is ubiquitous — 100% of respondents said their companies allow it, and 57% are “comfortable” or “very comfortable” with the way third-parties use customer data. Out of 1,220 respondents willing to share thoughts on their data privacy policies, 55% claim to have well-defined consumer data privacy policies that are strictly applied. The findings also show that the more a business relies on surveillance data to drive revenue, the more comfortable they are with the practice.
What's more, the majority of businesses do not see it necessary to inform customers that they are being tracked. B2B businesses are more likely to keep third-party ad tracking secret from customers, with 72% admitting they know tracking happens and don’t inform customers, compared to 58% of B2C respondents. This business practice is also true in California, the only U.S. state with a consumer data privacy law. Nearly 70% of California companies don’t inform customers that they allow third-party ad trackers on their websites, yet 56% say their company has a well-defined, documented policy to customer data privacy that is strictly applied.
78% of marketers also plan to use zero-party data—data given explicitly to a brand by customers—to better personalize messaging experiences in 2021.
Zero-party data is also ready for a big jump in utilization as brands identify new customer data sources to leverage in place of third-party cookies, which Google plans to eliminate by 2022. And even though consumers consider data privacy to be important, they still expect an individualized experience from brands.
Marketers can navigate this challenge with zero-party data by collecting data from consumers transparently and directly. Additionally, zero-party data gives marketers a chance to welcome consumers into a conversation with their brand as well as give them a share of voice and sense of partnership.
The CPRA includes a number of new requirements for businesses. One such change is the requirements for privacy notices. Businesses must now provide at the point of collection a disclosure regarding how long the business intends to retain the consumer’s personal information (or if that is impossible to determine, the criteria the business will use to decide how long to retain it). Like other disclosures made in a privacy notice, this statement is binding on the business, and the business is prohibited from retaining the information longer than stated. Businesses are also prohibited from retaining personal information for longer than is reasonably necessary for their specific, disclosed business purposes.
The CPRA also requires written contracts with “contractors,” building on the CCPA’s requirement for written contracts with services providers. There are multiple requirements for contractors—including a written agreement prohibiting sale or sharing of personal information and using it for purposes other than those listed in the contract. If this sounds similar to the definition of “service provider” under the CCPA, that is because it is. The intent appears to be requiring businesses to enter into a written agreement with any person or entity to which they disclose personal information or face compliance with the many additional requirements applicable to disclosures of personal information to third parties (any person who is not a service provider or contractor is a “third party”).
Furthermore, the CPRA sets up a process by which a business that shares a consumer’s personal information must contact the parties with which it shared the information to inform them of a consumer’s request to delete. This is similar to the rule under CCPA that applies to service providers, but is expanded to cover all recipients of personal information outside the business. Moreover, a service provider or contractor that receives notice of a request to delete from a business must contact its own service providers and contractors to notify them of the request.
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Giving ownership over to your consumers, then asking their permission to use it in exchange for a digital reward, maximizes trust and transparency, and leads to a deeper consumer engagement.
Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing