For years, marketers have subsisted on a steady diet of 3rd party data to target and acquire customers, personalize messages and, ultimately, drive growth. But those days are numbered. Third party data is in crisis for very good reason.
This CMO Solution Guide “The Quest for Consumer Trust” in thought leadership with SheerID dives into escalating digital privacy concerns.
Investing in the Future
The push towards increased consumer protection and privacy requirements is precipitating major changes in marketing initiatives, strategies, and channels. But for reasons beyond simply compliance.
Marketers see the writing on the wall. Relying heavily on 3rd party data is no longer an option. Nor is 3rd party necessarily the best or only source of information to target customers or build brand loyalty. While big tech providers continue to debate and develop proactive measures to protect consumer data privacy, marketers are forging ahead with a shift toward 1st party and zero party data collection—as a strategic business imperative.
This pivot accomplishes two things:
1.) it allows marketers to improve the quality of actionable data and insights, and
2.) it facilitates a deeper connection with their customer through customer-driven experiences.
First party data and zero party data, in which consumers willingly provide personal information to receive an offer or other incentive in return, inherently bring the customer closer to the brand, and vice versa.
This two-way value exchange is transparent and fair. Key ingredients for building trust and, ultimately, brand loyalty and customer acquisition. Trust is in service to building a direct relationship with the customer, so brands that create a trust connection with customers own that space.
To understand where marketers are in this quest for trust, The CMO Club in thought leadership with SheerID recently surveyed 44 Chief Marketing Officers (CMOs) across a wide range of B2B and B2C organizations and industries.
Read the guide: The Quest for Consumer Trust – A CMO Solution Guide
This research also includes one-on-one conversations with CMOs and senior marketers from leading brands such as DuPont, NAPA AUTO PARTS, Petco, and Tempur Sealy International to gain greater insights into how they are rolling out initiatives and transforming their business to build customer relationships founded on trust.