Without access to data, brands and agencies face numerous risks due to rigid privacy regulations.
As the effects of GDPR set in, it comes as no surprise that advertisers are face an upsurge of data restrictions. Many agencies have extremely limited access to data, ad serving, and measurements because of their limited interpretation of the new privacy rules.
For this reason, advertisers are developing increasing interest in the overall understanding of the digital supply chain. Furthermore, they want greater transparency when it comes to measuring performance and enhancing their return on ad spending.
Many platforms have built a digital fortress around themselves. Most of these platforms have severed access to third-party data used for creating targeted ads. As a result, brands have now been forced to rely on their first-party data.
The good news is that brands can still use accurate third-party data to transparently improve their data. To achieve this, the brands need to engage customers across every third-party site. These changes have led to the emergence of many new trends.
Change is imminent
Marketers’ knowledge of the supply chain is sophisticated. They have no qualms about asking questions. Many of them have begun developing a keen interest in specialized aspects of marketing. In addition to that, the marketers are also developing a greater understanding of customer behaviors related to high conversion rates.
Thanks to walled gardens, access to essential cookie-level data is restricted. Consequently, marketers experienced a diminished capacity to carry out objective analyses needed to assess the performance of media with regard to conversion goals and customer acquisition. Essentially, marketers want to know exactly how their investments improve sales.
Furthermore, data has become more versatile, valuable, and robust thanks to technological advancements such as cloud-computing and marketing-centric artificial intelligence. The uses of the technology far exceed media spending. Information is more transparent and scalable as a result of innovations in AI-enhanced solutions for data enablement.
Data self sufficiency
Recent studies show that the vast majority of SEO expert marketers are self-sufficient as far as data is concerned. Either that, or the marketers are working toward achieving self-sufficiency. Even before implementation of GDPR regulations, marketers had begun switching their investments and priorities to primarily relying on data.
This shift led to a trend of having “in-house” professionals take care of these efforts close to the CMO—as opposed to outsourcing the tasks to agencies. However, even though many companies are making the shift to data self-sufficiency, too many brands are slow to adopt these changes in a way that’s beneficial to their long-term data strategy.
Managing personalized data
As restrictions on the access, usability, and control of data become tighter, advertisers need to now more than ever centralize, maximize, and manage the performance of their campaigns and assess their capabilities.
In addition to that, marketers need to consider the whole marketing ecosystem, which can be quite complex. You, therefore, need to figure out full your stack ought to be depending on your objectives. For instance, does your campaign need to be agnostic of the publisher? Do you require audience forecasting?
Whether you work in IT or for a brand or agency, you need to have a full understanding of data strategy for the success of your brand or clients. In case you’re a channel-marketers with no reliance on third party data, you might want to consider adopting a data self-sufficiency approach to glean powerful insights on your current and potential customers.
On the other hand, if you’re an experienced digital marketer, use all the innovative resources available to allow you to continue using your data. Enrich it using forecasting insights and more audience information to guide all the aspects of your customer journey.
Regardless of which of the above categories you or your company fall under, it’s essential that you improve your understanding, ask difficult questions, make timely decisions.
Prioritize first-party data
Even with restrictions on data access and usage, there are still steps brands and agencies can make to maintain control of their campaigns. GDPR has shaken up the online business environment not just in Europe but around the globe. Making first-party data one of the your primary sources of customers data.
Without access to data, brands and agencies face numerous risks due to rigid privacy regulations.
As the effects of GDPR set in, it comes as no surprise that advertisers are face an upsurge of data restrictions. Many agencies have extremely limited access to data, ad serving, and measurements because of their limited interpretation of the new privacy rules.
For this reason, advertisers are developing increasing interest in the overall understanding of the digital supply chain. Furthermore, they want greater transparency when it comes to measuring performance and enhancing their return on ad spending.
Many platforms have built a digital fortress around themselves. Most of these platforms have severed access to third-party data used for creating targeted ads. As a result, brands have now been forced to rely on their first-party data.
The good news is that brands can still use accurate third-party data to transparently improve their data. To achieve this, the brands need to engage customers across every third-party site. These changes have led to the emergence of many new trends.
