Many marketers and businesses are struggling with a looming recession and the rapidly changing data privacy environment. Building data strategies that set them apart from competitors while respecting the privacy concerns of customers is no easy undertaking.
Customers continue to demand personalization despite rising privacy expectations. Maintaining the balance between these seemingly contradictory demands will allow brands to gain customer trust and a competitive edge ahead of economic turmoil.
A new era of digital marketing is also taking shape as cookies are on their way out, and first-party data is becoming increasingly important for offering excellent personalization and fostering customer trust. This creates a huge opportunity for marketers to take the lead as defenders of a consumer- and privacy-focused internet. And now that there are tools to leverage first-party data, marketers will finally be free to be truly consumer and privacy-first.
Also Read: Four Key Factors Make Data Crucial in Digital Marketing
Here are three strategies for marketers as they proceed through this chapter:
Focus on Customer Relationships
Brands that are unable to provide personalized experiences will lose customers. Direct customer relationships must be established if a company is to remain successful, yet few businesses believe they have achieved Omni channel personalization.
Businesses are aware that these expectations must be met, but it might be tempting to cut corners. However, looking for quick fixes doesn’t always work.
It may seem impossible to achieve high-quality personalization while upholding customer privacy, but the two are not mutually exclusive.
Marketers can provide the best customer experience by knowing what data to collect and how to collect it. Additionally, it’s a way for marketers to gain customer trust. Any personalization plan relies on data, and to maintain customer trust; it is essential that this data be obtained directly. Customers require time and commitment, just like any other kind of relationship, which promotes growth and long-term loyalty.
Manage Consumer Insights
It’s time to advance marketing with in-depth customer insights once organizations have committed to personalized customer interactions. Unfortunately, the majority of businesses do not tailor their messages to real-time customer behavior, and many of them rely on data that is siloed across a variety of different platforms.
By creating a common repository, the customer data can be unified to give marketers the full view they need to provide excellent consumer experiences. Additionally, brands must combine data from various touchpoints, assigning it to particular customer identities and matching up identities regardless of the user’s logged-in status, the device they are using, or the stage of the sales cycle they are in. This is done through identity resolution, which entails looking for matches among the already collected phone numbers, user IDs, emails, and other data brands have captured.
Marketers are better able to understand unique customer needs and completely personalize every touchpoint when customer data is united in this way.
Establish Customer Loyalty Programs
Recession-proofing marketing is putting more of an emphasis on maximizing customer lifetime value than on lowering customer acquisition costs as the world enters a period of economic uncertainty. In these circumstances, long-term customer retention is more cost-effective than net-new customer acquisition, which is why strategic customer engagement and loyalty programs are so important.
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However, far too often, customers don’t get what they want from loyalty programs. There can be no static, one-size-fits-all loyalty programs. They need careful customization driven by insightful and actionable customer data that identifies benefits and rewards that are useful to each unique customer. An Omni channel CDP that gathers information on consumer purchase patterns determines the best benefits and rewards, and ensures communications through preferred channels is the most dependable approach to get these insights.
The Way Forward
These are a few strategies that marketers can adopt to elevate consumer experiences, stand out from the competition, and ensure repeat business. Many might find it paradoxical to deliver privacy and personalization at the same time, but for those in the know, the current shifts in expectations and technologies are an opportunity to both reward the customer’s trust and position themselves for any challenges.
Since the digital world has now come to understand the value of first-party data, marketers can put their best foot forward and confidently enter the cookie-less era.
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