In a world where consumers expect privacy and personalisation, marketers are tasked with earning customer trust to collect the correct data. Elaborating on earning customer trust was Claire Feeney, Product Marketing Manager, One Trust PreferenceChoice, on the second day of VMF 2021.
Working with markets to centralise their user consent and comply with hundreds of global data privacy regulations, Feeney understands the importance and the necessity for customer trust after the doom of third party cookies.
In reference to a study that reveals customers prefer doing business with companies that are not going to collect and save their data, Feeney said, ‘Any organisation that keeps audiences their customer trust sacrosanct will be profitable and be able to continue doing business. Trust is the driving force for growth this decade.’
‘Trust is an intangible metric. It’s unmeasurable, but it is at the core of survival for any business.’ claims Feeney. When we look at collecting customer data, we cannot look at third-party cookies anymore. When we look at the changes, browsers are doing away with third-party cookies. This is essentially being done to earn customer trust.’
‘We know that audiences are increasingly aware and concerned about their privacy. Customers are seldom okay with sharing their data unless they know whom they are sharing it with, the reason for doing so, and how that data will be used,’ stated Feeney.
Talking about the gap between customers and marketers, Claire said, ‘There is a huge gap between the customer and marketer over how their data is used. This can serve as a huge opportunity for marketers when they educate and explain how data collected from the customer will help them in the long run. If we can clearly explain to customers this process, we lessen the gap between them and us.’
Discussing the types of data that marketers are always in contact with, Feeney stated, ‘There is zero-party data, first-party data, Second-party data and third-party data. MNCs are now focussed on storing and analysing zero-party data. When we are collecting data, we have to earn the trust of our customers simultaneously.’
Claire went on to say that the reason so much weightage is given to trust and transparency is that first-party data is very valuable for marketers. ‘There are devices to capture data in many forms. First-party data comes from the audience. This is legitimate and is sourced directly from customers. How this data is collected accounts for the most crucial part where customers can trust marketers.
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Furthermore, Feeney points out that brands must focus on transparency, education, and value exchange before collecting data. ‘With transparency, brands should be mindful about what data is being collected, who is collecting it, why, and how it is being stored, how safe it is. In terms of education, customers and organisations must be continuously educated about the data that is allowed to be collected and what data should not be collected. This knowledge can help to gain trust.’
‘Value exchange is something that can help marketers deliver to their customers’ tailor-made solutions to their problems. This personalisation and value addition can help marketers collect data without a shadow of a doubt.’
Talking about transparent user experiences, Feeney stated, ‘Customers are willing to share their personal information if there are transparency and personalisation.’ With the two, customers are given transparent user experiences. ‘The value of first-party data must be differentiated from the other sources of data,’ she added.
Elaborating on that, Feeney believes the following process can achieve it:
- Establish identifiers about the customer and the data that will be collected
- Progressively profile visitors
- Implement collection points
- Activate the data
‘We must ensure that the data we collect is utilised effectively in a transparent manner. Collected data should not be put in silos and forgotten. It would erode customer trust and reduce the value exchange. Various organisations have done away with collecting third-party data. Instead, the focus is now on collecting data first-hand and putting them through the right process so that the desired results are achieved,’ Feeney said.
Feenay claims that when MNCs stop collecting third party data and educate their audience, it will create a benchmark for other organisations. Customers must be given a choice to opt-in or opt-out and consent to the data they are willing to share. ‘The brand value of the organisation soars and customer loyalty and ROI is only strengthened.’
Towards the end of her session at VMF 2021, Feenay left her audience with four steps to success. ‘Consider customer journeys and where marketers can provide more control. Educating them about privacy laws and guidelines can help avoid unsubscribers, and drive better opt-in rates.’
Presenting cutting edge MarTech solutions with a practical approach, Vibe Martech Fest (VMF) is presented by Sprinklr and hosted by Martechvibe – the region’s only and world’s fastest-growing MarTech media brand. The other key event Partners include Tealium, Sitecore, OneTrust – PreferenceChoice, SAP, and Merkle. The media partners are EnterpriseTalk, Talk CMO, and ITSecurityWire.
Edited By: Soumyadeep Roy