With GDPR less than one-year away, brands & marketers alike need to be transparent with their data to continue to reap the rewards.
A combination of ad fraud, brand safety and viewability concerns, as well as new policies — such as GDPR — have created a perfect storm in the marketing world where there’s now a collective responsibility to serve content to the right people, at the right time, in a brand safe environment. Whilst data may not be the solution to all these issues, quality data and analytics can certainly contribute to a safer and more efficient online ecosystem. Data privacy policies will be top of the agenda (if they’re not already) but equally providing value to customers willing to share data — whether for utility, convenience or just pleasure — is critical to garnering trust.
“By 2020, companies that are digitally trustworthy will generate 20% more online profit than those that are not” Penny Gillespie, Research VP @ Gartner
The incoming GDPR in the EU will put control over personal data back in the hands of the individual, extending their fundamental rights to privacy further i.e. the right to be forgotten, the right to access their data, the right to restrict processing, the right to data portability and the right to object to tracking. When done right with consent of the user in return for incentives (i.e. personalised promotions, discounts, or content) there’s an opportunity to strengthen the relationship between brands & consumers through garnering trust and using data more efficiently and responsibly.
Key Questions to ask Martech vendors
Here are the 5 key questions to ask data tech vendors to uncover the key challenges & opportunities ahead related to using data in your marketing (e.g. GDPR, personalisation, Ad Blocking, Brand Safety, etc), and specifically how we can help.
1.What are the main areas where you think Big Data could generate value for my company? In most cases data can, and should, be applied across the customer journey to make every engagement as relevant as possible to each individual. We collect data to improve content serving from improving acquisition, conversions, and further engagements beyond the conversion to ultimately increase profits. Equally there’s an opportunity to garner trust & value in the marketer-consumer relationship by using data responsibly to the preferences and benefit of the consumer.
“Crucially, in the next 5 years, across retail, healthcare and financial services, the 15% of companies that successfully deploy and leverage personalization can expect to see an $800bn revenue shift” BCG data referenced by Warc.com
2.How can you help me get the most out of my data? Whilst improving your customer experience is the primary objective of data collection — ensuring ads & content is relevant — you can also sell anonymized data on data marketplaces to maximize the value of that data.
We’re also investing in how to better utilise data via a Knowledge Transfer Partnership with Durham University. This project will see our AI team work with the university on analysing machine driven advertising and its CTR (Click Through Rate) impact to give us an improved understanding of the customers and their journeys through the Clicksco extended network. This improved understanding will then enable us to improve the CTRs and revenue for our clients, as well as providing even deeper insights into campaign performance.
3. What data does your technology generate that can help my company become more efficient? Our technology generates insights, using the data that customers generate using your services, that can be used for targeting and personalized engagements. Algorithms can then be applied for more efficient optimization of bids and content serving.
4. How will your technology handle information scalability in the future? To be successful martech systems need a quality (& quantity) feed of data, which requires the means to store, manage & leverage those levels of data. Clicksco have many years of experience in scaling up as we’ve collected more & more data — we now collect 400 data points per second and data on over 2.5m new customers every day.
5. What level of security do you offer for the information that your technology generates? How do you ensure that level of security? Some brands get concerned about the prospect of a martech vendor placing tags on their sites and given the threat of GDPR non-compliance fines these concerns may well intensify. Our strong dedication to security includes a commitment to keep up to date with ISO (International Organisation for Standardisation) standards, commitment to adapt to new data regulations, and being completely transparent in all data activities.
Conclusion: Good Data Policy = Trust = Profit
Thriving in a data-fuelled and increasingly regulated marketing ecosystem will be a balancing act between gaining consumer trust & consent, having enough data for programmatic ad serving, and keeping regulators happy. Working with marketing tech vendors could be an added concern for many brands already worried about the incoming GDPR, but actually they should bring calm & stability. Clicksco’s extensive experience and skills in data analytics as well as its transparent & comprehensive approach to data protection — internally & externally — places us & our partners in a strong position to benefit.