As part of Solutions Review’s Premium Content Series—a collection of contributed columns written by industry experts in maturing software categories—Matt Walker, the CTO and co-founder of Simon Data, explains how in-house data can help companies provide better marketing personalization.
As regulations around customer privacy continue to evolve, marketers realize the value and capabilities of their in-house data sources. While privacy rules may change, we know that owning customers’ data is essential for success. The continuing government and consumer focus on privacy and data collection have created a tough challenge for marketers who need access to their spending data and buying preferences to personalize offers and attract new customers.
Facebook and Google have been tremendously influential in reaching customers, but privacy and cookie changes make lookalike audiences much less effective, especially as advertising costs increase. With this, there’s an opportunity for marketers to do more with their owned channels, including SMS and email, and get many of the same retargeting benefits while reducing customer churn.
One approach to capitalize on the in-house data you already have is to implement a new Customer Data Platform (CDP) or to look at ways to expand a current Data Management Platform (DMP). These tools can make it easier to achieve benefits similar to what third-party data offers while providing better personalization. Here’s how companies can decide on the best approach and deploy an effective data solution to reach customers in a changing environment.
Bring Data Science and Marketing Teams Together
Commercial Data Science programs are often focused on generating probabilistic predictions about broad cohorts and lookalike audiences. Data science is very good at finding significant trends and influencing buying decisions that guide marketing programs. At the same time, marketing discipline is about finding the customers most likely…
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