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Data and the trust barometer - the new frontline of retail - Lexology

Data and the trust barometer - the new frontline of retail - Lexology | The Marteq Alert | Scoop.it
Consumers are deeply concerned by data use and abuse. Protecting data is the new front line of retail. Brands that fail to inspire trust are being abandoned.

A worldwide survey found a third have already switched brands for data privacy reasons. Deloitte found 98 per cent of UK consumers are “concerned” by the way online brands use personal data. A further 85 per cent will avoid a brand if their data is not secure.

The good news is that brands who build trust with consumers will prosper. They'll build loyalty, and enjoy access to the data they require to develop products and market effectively. Olly Bray, Senior Partner at law firm RPC and noted tech commentator, puts it like this: “The only way brands will be able to meaningfully interact with consumers in the future is by building trust through transparency, human-centred design and ethical data use. We are working with our clients so they can take the lead on the issue. Crack this and your customers should be with you for life. Ignore it and they'll leave you for dust.”
CYDigital/marteq.ios insight:

If you wondered what the benefits could be when building trust and transparency, consider loyalty and the ability to shape product and offerings effectively.

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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CPG marketers roll the dice on new experiments amid data upheaval - MarketingDive

CPG marketers roll the dice on new experiments amid data upheaval - MarketingDive | The Marteq Alert | Scoop.it
According to Josh Blacksmith, Kimberly-Clark's senior director of global consumer relationships and engagement: "If you earn a consumer's trust, you earn the right to actually be seen in an inbox as opposed to being one of a million messages to just get excused as spam. The first place is definitely getting our first-party data house in order." 

Speaking at Advertising Week in October, Blacksmith detailed how Kimberly-Clark is expanding its approach to promotions past traditional economic incentives, such as coupons, to spotlight deeper brand values like utility, community and exclusivity. To make those connections with consumers, the marketer is striving to lessen its dependence on paid media to drive engagement, while leveraging more owned and shared media experiences to accomplish those goals.

Just as a chapter closes on third-party data, other tactics could see opportunities start to emerge. An important factor for marketers in the CPG space and elsewhere is to not wait for a single, comprehensive replacement to something as ubiquitous as cookies, experts said.

Kimberly-Clark is exploring several areas more closely, including second-party data relationships with publishers and leveraging those in tandem with audience-based targeting, according to Blacksmith. The marketer is also ramping up investments in personalization, he said, while trying to steer clear of pitfalls like leaning in too far on one-to-one marketing, which has previously disappointed CPGs.
CYDigital/marteq.ios insight:

A D2C approach for CPGs may or may not be warranted, but a D2C relationship built on trust and transparency is absolutely a game changer.

 

And that's where we come into play: we directly bridge the consumer and the brand so that the brand has the opportunity to permit the consumer to engage based on trust! See our solution!

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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Context is Key: Why Marketers Need Transparency in a Post-Cookie World - MarTech Cube

Context is Key: Why Marketers Need Transparency in a Post-Cookie World - MarTech Cube | The Marteq Alert | Scoop.it
With the cookie set to become obsolete over the next year or two, marketers will no longer be able to rely on retargeting to identify and price their most likely customers. Rather than making spending decisions based on who the consumer is and what sites they’ve browsed in the past, advertisers will instead need deep insight into the context surrounding every click.

The era of the cookie is coming to a close, and marketers will have no choice but to return to the pre-cookie days of making their decisions based on context. And in order to get context-based marketing right, they’re going to need lots of transparency.

Fundamentally, marketers are most successful when they’re maximizing a ratio known as lifetime customer value to customer acquisition costs (LTV-to-CAC). Without a transparent buying partner, marketers don’t get the context they need to pursue this goal effectively.
CYDigital/marteq.ios insight:

Trust, transparency. All concepts that now must be delivered in the age of data privacy. There's a much better path to engagement, and that path is built on data ownership: when you give the consumer ownership over their data, and ask permission to use it, then trust and transparency will be achieved.

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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The downfall of adtech means the trust economy is here - TechCrunch

The downfall of adtech means the trust economy is here - TechCrunch | The Marteq Alert | Scoop.it
I believe the future of marketing is the trust economy. The Stop Hate for Profit campaign, the invasion of privacy and shifting attitudes and behaviors of consumers point to the end of an era where marketers relied upon third-party data. Trust is now the most impactful economic power, not data. We conducted research earlier this year with eConsultancy, and our findings revealed that 39% of U.S. consumers don’t like personal ads driven from cookie data. People don’t want to be tracked and targeted as they click around the web. Ad tech’s roof is caving in and marketers must adjust.

The old methods of marketing won’t carry you through into the era of the trust economy. It is time to look to new channels and revisit old channels. We have to shift back to the channels where we own what is being said. Advertising on social platforms should be focused on driving consumers to owned channels where you can capture their permissions and data to connect with them directly. Consider email as a channel to focus on.

Don’t worry — it works. That same eConsultancy report found nearly three out of four consumers made a purchase in the last 12 months from an email sent by a brand or retailer and massively outperformed social ads when it came to driving sales. Similarly nine times as many U.S. consumers want to increase their participation in loyalty programs in 2020 than those that want to reduce their involvement. You have to ensure you are owning your data and loyalty programs are a treasure trove of consumer data you own. Emily Collins from Forrester does a good job of explaining why you can achieve this with a true loyalty strategy, not just a rewards program.
CYDigital/marteq.ios insight:

From Cheetah Digital, who we consider a competitor for a newco. Their CMO's words are accurate: we completely agree that we're now in the throes of the "trust economy."

 

To elicit trust, there must be communication, and the basis for trust-driven communication is your express willingness to give consumers control over their data, then ask for permission to access and use it for their advantage. 

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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Webinar: How to Speak to Customers to Build Trust - Sloan Management Review

Webinar: How to Speak to Customers to Build Trust - Sloan Management Review | The Marteq Alert | Scoop.it
Not only is consumer confidence and trust rather low these days, we’re also serving customers in a new, distanced way. The usual reliance on facial expressions and body language to make a connection with a customer and build trust is often no longer available. And given the generalized anxiety that comes with a global pandemic, feelings of trust can be especially hard to come by these days.


A growing body of research on language use in service interactions can help. Please join our speakers, authors of “Speaking to Customers in Uncertain Times,” as they show how very specific word choices and language strategies can make all the difference in connecting with customers. They’ll give practical advice on “speaking terms” that lead to customer trust.
CYDigital/marteq.ios insight:

I'm forwarding this so as to reinforce the need around building consumer trust. One huge method available to you to build consumer trust: giving them ownership of the data they generate.

 

See how extended zero-party data is your greatest marketing resource...tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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Why CMOs Need To Be Involved In Privacy Policy Creation - Forbes

Why CMOs Need To Be Involved In Privacy Policy Creation - Forbes | The Marteq Alert | Scoop.it
With transparency comes trust. Consumers believe they have little to no control over their personal data. According to the same above-mentioned report, technologies like IoT, edge computing, the cloud, and blockchain enable brands to behave in a way that can inspire consumer trust. Trust is a key element in customer experience, and brands that cannot provide a high level of trust cannot provide a high level of customer experience. It’s that simple.

CYDigital/marteq.ios insight:

Trust is inherent in marketing (or should be). And trust is one of the basic tenets of blockchain.

 

Learn why blockchain is the next step for MarTech. Read the white paper: https://www.marteq.io/#7 #martech #marketing #adtech

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