Intent Data in the Age of Data Regulationby David Jones Digital Marketor
Since the implementation of the Data Protection Act in 2018, the approach to the use of data has changed dramatically. Our clients and customers not only want a great experience, but also want to make sure they can trust us. And that makes perfect sense these days.
But because data is seen as a key factor in a positive customer experience, U.S. brands and agencies have found that earning customer trust is increasingly complex and remains compliant.
In an article for AdExchanger by Grapeshot CEO John Snyder, he says GDPR removes 75% of third-party data and the rest is more expensive. This has caused the power dynamics between brands and offices to evolve over time.
With GDPR, operational and financial incentives can open up an existing customer image. The only reason most brands have not been able to do so is due to inconsistencies in their data warehouse, which causes agencies to lose ownership of their customers ’data.
To compensate for the loss of these flows, agencies need to be creative and strategic about how they work with brands in this trend. Digital offices continue to play an important role in data - and they do not play a practical role. When a brand collects a set of information through rewards, loyalty programs, or relevant offers that make consumers feel comfortable enough to share, the agency can take the lead in designing the marketing plans that best suit it.
Introduction of knowledge-based marketing
Brands, which tend to make better use of first-party data, often want more control and visibility than would normally receive from agencies who "hide it" and can not offer easy access.
In order for brands not to be able to use an internal solution, agencies must be prepared to show transparency and provide as much information as possible. Therefore, the key is to bring value-added insights and analyzes to the table.
Sizmek’s research revealed that 88% of marketers agreed that a partner would find it helpful to follow an advisory approach and help them understand and gain insight into insights.
While brand leaders are able to get their hands on basic information services, implementing the right infrastructure is a different story. The agency’s expertise in interpreting and strategying data makes them valuable to brands as they define the right kind of data and insights for their marketing efforts.
Typically, agencies may want to be left with brand information because they have an in-depth understanding of information systems, interpretations, programmatic ad purchases, etc. The extra money, operational resources, and resources needed to import programmatic and data strategic information can be a little too steep for most brands; which is why they made their agencies responsible for this activity.
The biggest data challenges for brands and agencies
Raphael Rodeir of Ogury, an adtech agency, says: "For decades, the industry has turned a blind eye to the ways in which consumer information is obtained. As such, most of the data used in fuel retailer technology is covered by secrecy. When, where and how was it collected? ? This is no longer acceptable or indeed legal. Unambiguous proof of traceability of consumer consent is mandatory. All advertisers or agencies that spend money with their advertising technology partners should look for evidence that the suppliers they work with comply with all global data protection laws. "
Advertisers can still do a lot of target marketing without using third party information. GDPR CCPA and digging brands require a first-party audience data as a preset, and agencies is difficult to adapt to this change. Because increasing and targeting public identification with third-party data is a revenue-generating tool that no longer exists.
Third-party intent is a key resource if marketers run ABM campaigns. In fact, in 45 percent of the B2B shopping cycle, buyers search independently. This is the most important information most brands do not have.
Today, just a lot of consumer information does not mean success. Instead of having a well-defined information strategy, ensure that brands acquire and use the information that best suits their business needs. It is more about increasing trust and credibility among consumers. With such a strategy, you can refine your marketing efforts and communications. To this end, agencies need to ensure that they have state-of-the-art data capabilities or partner with trusted companies that can support their knowledge capabilities.
Building trust and credibility
The best way to ensure that agencies comply with the requirements is to say what they do and maintain that transparency. The operational standards of the agencies should be in line with the guidelines of the GDPR and the CCPA, which include legality, fairness, transparency, accountability and accuracy, both in law and in principle.
Brendan Greenwall of the global media agency Initiative says: "This is to ensure that what we do is not only legally correct, but also the right thing both culturally and regulatoryly. However, this is not a new challenge. It is just one digital advertising that When looking at traditional advertising media, most of them require an independent governing body to approve the ad before it can be seen by the public. to show your ad in an almost entirely self-regulating online video mode ... "
Wrap this all up
Data has been an integral part of marketing and unlocking hidden insights for success. It is changing the way agencies approach their potential clients. One of the most effective ways that advertising and marketing agencies can grow their profits far is to leverage purpose data and marketing analytics. But in the post-GDPR world, it has become a challenge.
In the face of competition from major technological disruptions and in response to changing buyer expectations, the lines were blurred about how marketers could be computing while protecting data.
While most agencies are now honest about their sources of information, incorrectly acquired names or other personal information can always be accessed. Brands may be subject to review because they are not responsible when their messages and earnings are attached to ID cards.
Offices that are already reliable partners can maintain these relationships in the future. Whether they are rethinking their strategy or becoming more innovative with their consulting model, these initiatives are critical to their success.
Created on Mar 24th 2021 07:47. Viewed 75 times.