There are complex and seductive forces shaping how advertisers work. The modern CMO needs an extraordinary ability to navigate and exploit data and technology. To target consumers online and offline whilst respecting their privacy. And to automate, integrate, and personalize delivery across channels. At scale. In real time. And at lower cost.
One feature of this shifting landscape is the emerging importance of 1st party data, meaning the data you collect about people when they visit your website, use your app, or shop in your store. Partly because 3rd party data (like data collected by Facebook or Google) is getting locked up and monetized, and partly because consumers aren’t giving data up as easily in the first place. It’s also difficult to track what consumers do online, across isolated platforms like Facebook and Google, or across their devices.
So the quality and persistency of 1st party data is starting to trump the scale of 3rd party data. And technology providers are making it easier to use offline customer data in online paid media to target and personalize. Some advertises are already merging their marketing teams with CRM, digital, and ecommerce. And onboarding CRM data to take customer retention and cross/up-sell campaigns into paid media, and acquire high value customer look-alikes or “twins”. Or to exclude recent customers from campaigns, especially re-targeting.
But activating offline 1st party data online isn’t easy. Aside from tracking and integration challenges, there are important privacy concerns to address. And there’s an organizational and cultural challenge about how to plan and coordinate communications across teams. That’s why we’re helping several of our clients with these challenges. And they’re starting to realize the value of their own data. Just like Facebook and Google already do.