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Personalization: Striking the Right Balance Between Data and Value - CMSwire

Personalization: Striking the Right Balance Between Data and Value - CMSwire | The MarTech Alert | Scoop.it
Customers are used to giving up their data to companies, with the expectation that it will be used to provide them with value, whether that takes the form of special offers, discounts, recommendations and the like. But even as these tactics evolve into hyper-personalization, some companies are better at delivering that reciprocal value than others.

While today’s customers understand the trade-offs inherent in giving their data to companies in return for value, the relationship can quickly sour and trust can quickly be broken if data’s used in a way the customer didn’t consent to.

The more personalized the experience, the more transparent you must be about how and why you’re collecting their data and what you’ll use it for.
CYDigital/marteq.ios insight:

The level of effort to continually track the reciprocal value for data is far too great, not to mention the effort to communicate changes. Fail-safe way to approach the exchange of data for value? Give the consumer control over their data, then ask for permission and provide a tangible reward.

 

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CXOs still trust gut instinct over data as data driven cultures easier said than done - ZDNet

CXOs still trust gut instinct over data as data driven cultures easier said than done - ZDNet | The MarTech Alert | Scoop.it
Data driven enterprises are more about culture than technology and nearly two-thirds of CEOs are making decisions based on gut instinct, according to a report commissioned by Alation. The biggest takeaway is that 65% of data professionals said their company's C-level executives ignore data when making business decisions. Why? CXOs think their gut instinct is the differentiator, according to these data pros. There is also the trust factor, 90% of respondents said C-level executives at least sometimes question the data they use.
CYDigital/marteq.ios insight:

CXO's do not trust the data, and will not base decisions on the data? Something's amiss...

 

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Another Disaster Is Inevitable. Here Are 3 Ways a Blockchain Strategy Can Prepare Your Business. - CEO World

Another Disaster Is Inevitable. Here Are 3 Ways a Blockchain Strategy Can Prepare Your Business. - CEO World | The MarTech Alert | Scoop.it
With smart contracts, businesses can automatically execute, document, or control events and actions according to the terms of the contract, eliminating manual processes and disputes. This also prevents delayed transactions and drastically improves efficiency.
CYDigital/marteq.ios insight:

I highlighted one aspect of blockchain that holds great promise for the marketer: smart contracts.

 

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EDPB Publishes Draft Guidelines on the Targeting of Social Media Users - Inside Privacy

On 7 September 2020, the European Data Protection Board (“EDPB”) adopted draft guidelines on the targeting of social media users (the “Guidelines”).  The Guidelines aim to clarify the roles and responsibilities of social media providers and “targeters” with regard to the processing of personal data for the purposes of targeting social media users.

Targeting services allow natural or legal persons (i.e., targeters) to communicate specific messages to the users of social media in order to advance commercial, political or other interests.  The Guidelines state that the mechanisms social media providers can use to target users, as well as the underlying processing activities, may pose significant risks to users, including loss of control over their personal data, discrimination and exclusion as a result of targeting on the basis of special categories of personal data, and manipulation through misinformation.  The Guidelines also raise specific concerns in relation to children.
CYDigital/marteq.ios insight:

This too will impact marketers, and just a matter of time before CA implements similar legislation.

 

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Lack of Address Registry for Majority of Apps Shows Sorry State of Consumer Data Protection / Digital Information World

Lack of Address Registry for Majority of Apps Shows Sorry State of Consumer Data Protection / Digital Information World | The MarTech Alert | Scoop.it
What’s more is that 70% of Android apps that are currently being used have asked for dangerous permissions at least once.
CYDigital/marteq.ios insight:

This will soon go away. In our current environment, it has to. Watch for it.

 

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Treat CPRA As If It Will Pass - Dev Pro Journal

Treat CPRA As If It Will Pass - Dev Pro Journal | The MarTech Alert | Scoop.it
The European Union’s General Data Protection Regulation (GDPR), implemented in 2018, set the bar for data protection worldwide. This November’s proposed California Privacy Rights Act (CPRA) closely mirrors the GDPR’s approach with three mainline items not included in the existing California Consumer Privacy Act (CCPA). These additions elevate the privacy protections of California residents.

“Whether your business is in California or not, the first step is to determine whether or not you need to be compliant. This requires leaders to know what type of data they are managing and whether there are any California citizens within their data sets,” says Shawn Rogers, VP of Corporate Marketing at TIBCO, a provider of big data and software integrations.

Privacy and data protection matter to consumers. In a 2019 California Privacy survey, 88 percent of residents backed the CCPA, and many supported more federal oversight on privacy laws. In addition, privacy and data protection directly correlates with the purchasing patterns of Americans.
CYDigital/marteq.ios insight:

Damn right! Configure now so that you are prepared. Consider that the CPRA is akin to GDPR, and if you step one toe into the CA market, you must be compliant.

 

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Gartner Projects Major Jump in Data Privacy Regulations; From 10% of the World Covered in 2020 to 65% in 2023 - CPO Magazine

Gartner Projects Major Jump in Data Privacy Regulations; From 10% of the World Covered in 2020 to 65% in 2023 - CPO Magazine | The MarTech Alert | Scoop.it
Global research firm Gartner recently conducted its annual Security & Risk Management Summit, and perhaps the biggest headline to come out of it was the projection that the majority of the world will be covered by data privacy regulations by 2023.

This would be a very substantial jump in a relatively short period of time. At present, only about 10% of the world has strong privacy regulations akin to the EU General Data Protection Regulation (GDPR). Gartner believes that the GDPR will be the specific model upon which most of these new privacy regulations are based.

The EU standards essentially require other countries to implement privacy regulations that are on par with the terms of the GDPR. The recent Privacy Shield issue that has been playing out between the EU and US has been illustrative of this; EU court rulings have determined that the US is essentially going to have to pass its own federal-level data privacy regulations before EU personal data can once again be sent there.
CYDigital/marteq.ios insight:

This is a direct shot across the marketer's bow. Heed it. But see it as an opportunity to differentiate yourself. Contact me so that I can show you how.

 

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The growing importance of content analytics - MarTech Today

The growing importance of content analytics - MarTech Today | The MarTech Alert | Scoop.it
“Now marketers are really measuring content on how much it correlates to brand value, and the past six months has brought us to a place in analytics that normally would have taken five years,” said Meggie Giancola, Head of CPG Sales and Strategy for Valassis. “How content is being used to motivate shoppers is much different than when this year started, so your analysis and measurement has to change.” 

Content analysis and measurement needs to focus on the specific shift in consumer behavior and mindset that has occurred. 

“Every analysis is different. So as long as the analysis is data-driven that is a quality start,” said Giancola. “When you are seeing a high volume of content or impressions with minimal purchasing you need to ask if it is a content issue, brand issue or pricing issue.” 
CYDigital/marteq.ios insight:

Consider the article as a case study: it tells a compelling story around a topic that should already be in place.

 

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The California Consumer Privacy Act Business-to-Business and Human Resources Data Limited Exemptions Extended One More Year | Knobbe Martens - JDSupra

The California Consumer Privacy Act Business-to-Business and Human Resources Data Limited Exemptions Extended One More Year | Knobbe Martens - JDSupra | The MarTech Alert | Scoop.it
The California Legislature has delayed its plans to expand the scope of the California Consumer Privacy Act (“CCPA”) and make all of its provisions apply to personal information related to business-to-business communications and transactions and human resources data. When the CCPA went into effect on January 1, 2020, business-to-business and human resources data were subject to limited exemptions that were set to expire on December 31, 2020. As you can imagine, because nearly all businesses subject to the CCPA could (and likely did) take advantage of these exemptions, there was concern regarding whether the exemptions would phase-out end of the year or become permanent law.

Businesses have finally received an answer and can now take a sigh of relief. On August 31, 2020, the California Legislature passed Assembly Bill 1281, which extends these exemptions to December 31, 2021. This announcement was much needed relief, and provided some economic certainty during these financially trying times. Passage of Assembly Bill 1281 also means that the California Legislature will likely not pass comprehensive data privacy laws related to human resources data, as some privacy professionals anticipated would occur in 2020.
CYDigital/marteq.ios insight:

A bit of a reprieve for the B2B marketer, so please don't waste the opportunity to pull things together.

 

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From data ownership to data stewardship – IT Business CA

From data ownership to data stewardship – IT Business CA | The MarTech Alert | Scoop.it
It may sound like an expensive, time consuming process for brands, but it’s one that can be leveraged back to the customer as a differentiator. “Privacy is becoming the sixth P,” said Gerry Murray, Research Director, Marketing and Sales Technology for IDC.

In Murray’s opinion, there’s a powerful advantage for brands that involve customers in a process that serves them better instead of just grabbing as much data as they can from their customers’ phones. “It’s becoming increasingly apparent to customers, which brands are on which side of the spectrum,” he said. “Unless you’re a monopoly or in some kind of rare, single-source position in the marketplace, customers are going to prefer brands that steward their data.”
CYDigital/marteq.ios insight:

How you treat your consumers' data is a differentiator waiting to be exploited. And we have the platform to execute on this tactic.

 

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Google Bans User Tracking and Stalkerware Apps From Play Store - CPO Magazine

Google Bans User Tracking and Stalkerware Apps From Play Store - CPO Magazine | The MarTech Alert | Scoop.it
Google will remove stalkerware apps from its app store following a policy update to its software developer program. The alphabet-owned company notified developers that all user tracking apps must include adequate notice or consent and show persistent notifications that the user activity was under surveillance.

Stalkerware apps that fail to comply with the new requirements will be removed from Google’s Play Store.
CYDigital/marteq.ios insight:

Kudos to Google. Some good companies with good apps may get caught up in this net.

 

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CDP vs. marketing automation: What's the difference? - TechTarget

CDP vs. marketing automation: What's the difference? - TechTarget | The MarTech Alert | Scoop.it
While many businesses use marketing automation systems, they may consider also incorporating CDPs to use personalization, organization and insight that marketers can act on much further. Here are a few of the key differences between CDPs and marketing automation systems.

CDPs pull together user data from all over, including the web, online channels, customer profiles and contact centers. Marketing automation software collects customer information from CRM systems.
Marketing automation platforms can link some channels -- such as email -- to drive targeted marketing campaigns. However, a CDP can deliver personalized experiences in real time and use data from many sources to recognize the customer and adjust the experience accordingly.
CDPs aim to provide actionable insights to marketers to fuel campaigns, while marketing automation systems aim to drive campaigns without generating insight for marketers.
CYDigital/marteq.ios insight:

Which consumes which, because you really shouldn't need two separate systems. Eventually MASs must have CDP capabilities, even if not as feature-rich as standalone CDP solutions.

 

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How Ikea is handing data control over to its customers - Fast Company

How Ikea is handing data control over to its customers - Fast Company | The MarTech Alert | Scoop.it
For all their talk of transparency, most companies continue to make it difficult for consumers to exert control over their personal data. Ikea wanted to approach the issue differently, and collaborated with digital product firm Work & Co on a new set of digital tools that put privacy front and center. Customers can choose if and how their browsing and purchase histories are used to inform product recommendations, as well as how long Ikea keeps their data. Unlike many sites, which make privacy options almost impossible to find, Ikea’s data controls are seamlessly integrated into the shopping experience—users can swipe up to view and change their preferences at any time. “There is real value being exchanged,” says Dever Thomas, associate design partner at Work & Co. “[Many] people know what a personalized experience is and want that in exchange for being tracked. It builds trust.” Future features will let users see exactly how a given data point influences the search algorithm or changes the personalized recommendations. “I hope this leads to a larger paradigm shift,” says Thomas. “Instead of signing away all of your rights by pressing an ‘okay’ button when you first land on an app, [you] understand how data is used.”

CYDigital/marteq.ios insight:

Want the same thing? Contact me! That's what we do!

 

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The Reset: Decoding 'What’s Next' in marketing, Marketing & Advertising News - ET BrandEquity

The Reset: Decoding 'What’s Next' in marketing, Marketing & Advertising News - ET BrandEquity | The MarTech Alert | Scoop.it
As customer engagement undergoes a fundamental transformation, brands now need to understand that they have fewer opportunities to engage with customers and must make the most of them, to create a lasting impression. Knowledge and insights driven by data will play a key role to ensure that brand strategies are aligned to create impact from the very first touchpoint.

Today, be it the biggest conglomerates or the start-ups, all brands are focused on ensuring empathetic interaction with a more safety conscious consumer than only delivering product centric awareness, a message that needs to start translating from the very first engagement with the customers to ensure continued trust and possible long-term loyalty.
CYDigital/marteq.ios insight:

Be relevant!

 

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How to bring more value to your email marketing - MarTech Today

How to bring more value to your email marketing - MarTech Today | The MarTech Alert | Scoop.it
The critical tool in making email valuable is the use of Accelerated Mobile Pages (AMP) email format that allows recipients of AMP emails to interact dynamically with the content directly in the message.

The AMP format allows for:

Senders to include AMP components inside more dynamic emails;
Modern app functionality; and
A variety of interactive experiences such as surveys.
AMP emails are currently supported by Gmail, Yahoo and Outlook platforms, however Microsoft has announced its plan to create their own AMP-enabled dynamic email platform.
CYDigital/marteq.ios insight:

The use of AMPs is not nearly as high as it should be in B2C and B2B marketing. Smart advice.

 

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Why Integration Is Trumping All Marketing Technology Requirements - CMSwire

Why Integration Is Trumping All Marketing Technology Requirements - CMSwire | The MarTech Alert | Scoop.it
In the CDP Institute report, marketers also reported that integration with external systems (53%) tops things like ease of learning and use (51%), breadth of features (40%), operating costs for fees and staffing (36%) and initial costs of acquisition and deployment (32%) when martech leaders were asked what their company generally considers most important when selecting marketing technology.

And as for integration with internal systems, it wasn’t even close: 66% of leaders cited that as most important, dominating all other answers.

Think about that: integration trumps price, ease of use and features. The industry has come a long way.
CYDigital/marteq.ios insight:

Significant findings. It's as if marketers are taking a step back and ensuring greater levels of success from current investments, which is completely prudent.

 

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21 lead generation tools to fill the sales funnel - TechTarget

21 lead generation tools to fill the sales funnel - TechTarget | The MarTech Alert | Scoop.it
With so many avenues for advertising and lead nurturing, effective martech tools for lead management, data collection, email tracking and marketing automation have never been more important. And there is no shortage of tools in the market to help businesses meet those demands.

Here are some lead generation tools that businesses can use to engage customers and fill their sales funnel.
CYDigital/marteq.ios insight:

Click-through for the list of 21 tools.

 

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Consumer Trends Analysis: Pandemic Impact on Brand Loyalty - MarTech Series

According to another report from Bazaarvoice, 39 percent of consumers worldwide bought products from new brands this year, and 88 percent of those first-time purchasers indicated they intend to continue buying these brands in the future. More than half of consumers in the U.S. (51 percent) resorted to purchasing brands they hadn’t previously known about, likely a result of more well-known brands selling out their stock due to higher demand.

Forbes also reports that consumer loyalty has decreased as a result of the pandemic, adding another challenge to the many obstacles retailers already face. Their conclusion comes from a study conducted by Wharton Baker Retailing Center and WisePlum that indicates consumers experiencing problems or delays when ordering goods were 35 percent less loyal than those able to purchase products without complications.
CYDigital/marteq.ios insight:

No doubt that there's an impact on shopping patterns, but it remains to be seen if this has legs.

 

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Navigating a Sea of Martech? 4 Tips For Charting Your Course in 2020 - MarTech Series

Navigating a Sea of Martech? 4 Tips For Charting Your Course in 2020 - MarTech Series | The MarTech Alert | Scoop.it
  1. Organize your team for success 
  2. Recognize technology that’s worth the cost: The important thing to remember though, is that no one type of technology will guarantee strong results. Before going all-in-one technology that might sound and look good, make an effort to understand the algorithms at play and how they provide tangible, incremental value to the marketing process.
  3. Know the data you’re using: To avoid the pitfalls associated with third party data, use your own data as much as possible. 
  4. Reduce the partners on plan: It’s important to understand the outcomes you’re trying to achieve, and then choose the right partner for those outcomes. You need someone who can deliver on the various tactics needed to achieve your goals, and can do so without math that involves windows and ratios. The 200-pound gorilla is not your only option. Choose wisely.
CYDigital/marteq.ios insight:

Note #3. The far better choice? Extended zero party data. Let's talk.

 

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Marketing Technology LUMAscape | LUMA Partners

Marketing Technology LUMAscape | LUMA Partners | The MarTech Alert | Scoop.it
LUMA is the leading investment bank focused on digital media and marketing. We provide strategic advice, proven M&A expertise, and extensive industry knowledge to optimize outcomes for our clients.
CYDigital/marteq.ios insight:

Not nearly as comprehensive as the MarTech Landscape, but it covers the leading companies in martech.

 

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LinkedIn open-sources GDMix, a framework for training AI personalization models - VentureBeat

LinkedIn open-sources GDMix, a framework for training AI personalization models - VentureBeat | The MarTech Alert | Scoop.it
LinkedIn recently open-sourced GDMix, a framework that makes training AI personalization models ostensibly more efficient and less time-consuming. The Microsoft-owned company says it’s an improvement over LinkedIn’s previous release in the space — Photon ML — because it supports deep learning models.

GDMix trains fixed effect and random effect models, two kinds of models used in search personalization and recommender systems. They’re normally challenging to train in isolation, but GDMix accelerates the process by breaking down large models into a global model (fixed effect) and many small models (random effects) and then solving them individually. This divide-and-conquer approach allows for swifter training of models with commodity hardware, according to LinkedIn, thus eliminating the need for specialized processors, memory, and networking equipment.
CYDigital/marteq.ios insight:

If you're building your own, you'll want to investigate.

 

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Best Practice: Four ways to leverage lifecycle marketing - ClickZ

Best Practice: Four ways to leverage lifecycle marketing - ClickZ | The MarTech Alert | Scoop.it
  • Lifecycle is a more holistic view of the customer journey – accounting for post-purchase touchpoints such as: adoption, retention, expansion, and advocacy
  • Increasingly, customers are expecting engagement in this context. And business leaders are expecting marketers to leverage this space
  • Greenberg’s best practices include: tracking digital behaviors, defining segments pre- and post-acquisition, engaging around your offering, and developing advocacy programs
CYDigital/marteq.ios insight:

If you want to track digital behaviors, and do it with extreme accuracy, you need to secure your consumer's permission...and give them control over their digital behavior data.

 

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Marketing strategies for the luxury sector - Doxee

Marketing strategies for the luxury sector - Doxee | The MarTech Alert | Scoop.it

In the luxury market, there are three possible strategies: luxury, fashion, and premium. The difference between these strategies is enormous: for fashion and premium strategies, classic marketing styles work quite well. However, when it comes to luxury, you have to rethink the typical marketing strategies. 

  1. The luxury strategy aims to create the maximum value for the brand and the full power to determine prices by exploiting all the intangible elements related to the brand identity, such as tradition, country of origin, history of craftsmanship, limited runs related to the scarcity of valuable raw materials, prestigious customers, etc.
  2. Fashion strategy is a totally different business model: here time is not decisive; fashion sells by being “fashionable”, i.e. a transitory value, an object of a programmed obsolescence, to borrow a term from high tech. 
  3. The premium strategy is an eminently comparative strategy. It can be summarized as a “pay more, get more” strategy where you must prove to customers that they’re getting the best quality for the price within a given category. 
CYDigital/marteq.ios insight:

A tremendous article focused on luxury marketing. Even if this isn't your line of business, it provides well-researched insight.

 

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10 B2B Marketing Automation Trends For Your 2021 B2B Marketing Strategy | KoMarketing

10 B2B Marketing Automation Trends For Your 2021 B2B Marketing Strategy | KoMarketing | The MarTech Alert | Scoop.it
  • More Investment.
  • Efficiency and Effectiveness.
  • Sales and Marketing Alignment.
  • Personalization.
  • Advertising.
  • Multichannel Marketing (Sometimes Called “Single Customer View (SCV)”).
  • AI-Driven Workflows and Buyers’ Journeys.
  • Conversational Marketing.
  • Automated Attribution.
  • Marketing Automation is No Longer Distinct From Any Other Marketing Strategy.
CYDigital/marteq.ios insight:

Completely agree with Personalization, but data management is MIA, especially in light of legislation. Click through to review the associated charts and tables.

 

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Jack Dorsey Details Twitter’s Blockchain Strategy at Oslo Freedom Forum | Nasdaq

When Twitter and Square CEO Jack Dorsey spoke at the virtual Oslo Freedom Forum 2020 on Friday, he said blockchain technology is the future of Twitter. 

"Blockchain and bitcoin point to a future, point to a world, where content exists forever," Dorsey said. "We're not in the content hosting business anymore, we're in the discovery business.

In short, Dorsey expects the nonprofit Blue Sky to create an open Twitter protocol, which users can contribute to and access data from instead of a centralized service where the social media platform hosts content on its website.
CYDigital/marteq.ios insight:

A declaration that should pave the way for many others to follow. Blockchain offers so much to the marketer.

 

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