Today, more and more consumers are trying to understand how businesses access and use their personal data for marketing and advertising purposes. At the same time, the demise of cookies is challenging the foundations of targeted online advertising. With tightening privacy regulations, brands have had to look for ways to offer more value to their customers in exchange for their data.
How to navigate this transformation was the theme of The Trade Desk’s first Future of Marketing event in Sydney in June.evening soiree CMOs, Featuring a panel of senior marketing and growth leaders from Suncorp, Finder, Marley Spoon, and The Trade Desk on how they’re reimagining data, digital, and campaign strategy to drive the next wave of digital marketing success shared.
Panelists revealed a strong interest in better collecting and leveraging first-party datasets to improve customer-viewer connections. Jennifer Snell, Finder’s head of growth, said the comparison site is continuing its journey of moving from a significant number of anonymous websites and traffic data to knowing its audience. rice field. To do this, they started offering memberships to gather more valuable insights and use them to personalize their content and experiences.
“The way we approached it was not as a data play, but as a way to build deeper relationships with customers and add value,” Snell told attendees. “Part of that equation is getting to know your customers better. I mean, is it necessary?”
While its acquisition strategy is broad, Kate Whitney, Marley Spoon’s chief growth and marketing officer, says the international subscription-based meal business will use data in its revitalization phase to help guide consumer behavior. I mentioned that I use triggers all the time.
“First-party data only works when you try us,” Whitney said. “Perhaps you decided not to sign up now, or you went on vacation and canceled your subscription. Use it to get you back again.
“You are going about your day harmlessly and you may see a reactivation message from us. so we have front door info, email, credit card, the only thing we don’t capture is age, this gives us very good access to our customers and when they make a transaction. And with the built-in Everyday Rewards and Upstreet Share Rewards platform, we have a much better data system going for reactivation than activation. increase.”
Whitney said Marley Spoon plans to use these triggers more through its own Customer Data Platform (CDP), which comes online this year.
Such investments in alternative methods of enhancing data-driven marketing are paramount. Despite recognizing that cookies are being phased out, it’s clear that many brands still rely on cookies for advertising and marketing measurement.
CMOsLatest of Current state of CMOs A 2022 study reveals senior marketers will focus on moving from third-party data sources to first-party data sources in the next year. Half of the respondents said the change was important, 24% said it was somewhat important, and only 6% said he had already moved away from third-party data sources.
But our research clearly shows real preparedness. Even today, about 60% of personalization relies on his cookies from third parties, and he is only one-third of marketers feeling ready to deal with the loss of cookies.
James Bayes, GM of The Trade Desk, positioned the move away from third-party cookies in a positive light, saying that the perception that digital marketing will lose its ability to target and measure impact is false. rice field.
“Given permissions, data governance, consumer protection, and our brand responsibility to ensure they are all stronger, it’s hard not to see cookie deprecation as a really good thing from a consumer perspective. ‘ he said. “And while the dataset may get smaller, we believe the impact of what you have and how you can use it will grow over time, not the other way around. It just washes away the nasty and notorious stuff.”
But Bayes warned brands against simply hoping for a technological solution to replace cookies. Instead, he encouraged brands to invest in data strategies to better connect with next-generation audiences.
“To fail to prepare is to take advantage of it and ignore opportunities that lead to those things and experiences for consumers across all these channels,” he said. “As a brand, it is very important to think holistically about our data, not only Direct and his CRM, but also our on-line marketing. are creating.”
As a bank and insurance company, Suncorp ostensibly knows everything from the number of coffees an individual might buy to the cars they drive and their repeat purchase patterns. But by linking such customer insights to marketing efforts, removing the third party’s reliance on his cookies, and adopting more stringent privacy protocols, the first party’s investment in his data to the marketing function will become a reality. has become essential.
Three and a half years ago, EGM of Brands and Marketing, Mim Haysom, began work on creating a transformation roadmap for data and personalization.
“It set us up to manage things better. Part of that was building the business case for our customer data platform,” says Haysom. “It took about a year to create a solid business case for the organization to understand how important it is to invest in a customer data platform. So we are now in a very strong position.
“I hear some marketers and organizations saying that this industry is always changing and doing well. We need to think seriously about the responsibility we owe to our customers, and whether it is set up in the right way. There was no single view of the customer, so even though we had a lot of data, we weren’t able to realize its full potential. rice field.”
Combining proprietary and partner data sets is another key strategy pursued by panelists. Haysom shared how Suncorp is increasingly overlaying its own data with that of its media partners to better target ads across channels. For example, in his recent APIA campaign, Suncorp worked with Channel Nine to do data matching to suppress and exclude existing his APIA customers within a certain period of time within the policy’s validity period.
“For this example campaign, we saw a 23% increase in media efficiency,” Haysom explains. “Another example of a data partnership is our data merge with Carsales. This allows us to send more personalized messages to our customers by understanding where they are in their customer journey and what insurance they are looking for. Now available, which has increased the return on investment by almost 50%.
“These are not just taking the data we have and working with our partners to create better outcomes and outcomes for business and media efficiency, but also making them more relevant and meaningful. It’s just one example of how we’ve created a better customer experience by getting a message to you,” Haysom said. “We are not being wasted, we are not getting what we do not need to be given. That is why data partnerships are so important to us. It helps us to enable it and exploit its full potential.”
However, Haysom stressed the need to give customers choices about how their data is used. “We are in a highly regulated environment, and our customers need to engage with us and provide information in order to purchase our products. You don’t want to sell anything else or spam your loyalty program,” she said.
For brands to leave their cookies and be ready to readjust, Bayes advised marketers to start with an audit to understand their level of exposure.
“The first thing we talk to people about is making a plan. It sounds easy, but you have to start somewhere. The only option that isn’t an option is to do nothing.” he warned. “Our plan begins with an audit to understand the data we are using, the amount of first-party, second-party and third-party data, and the risk of third-party cookies being phased out. A lot of the brands out there really rely on it, so when it’s gone, they’re going to be affected.
From there, Bayes said brands should look at opportunities to connect on a deeper level and collect information about their users that can be applied to how they connect with them.
As an example, Snell shared how Finders is incorporating credit scores into some of its latest offerings to help customers make approved changes before applying for a personal loan.
“People may not realize that if they apply for a personal loan and don’t get one, it can negatively impact their credit score. It saves me time to apply,” she said. “It’s also about protecting their rights. And the advice and data from our customers really gives us something in return, and it’s very valuable that we can use elsewhere.”
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