How trust is the guiding principle of marketing agility
As professionals working in the marketing and technology sphere, we see that the only constant factor is change. It is, and has been, happening always and everywhere.
Marketing technology and Advertising technology is developing at an ever-increasing pace, enabling exciting new possibilities and capabilities for practitioners almost every day.
The scale at which we can automate and personalise campaigns improves rapidly as the tools we have at our disposal are refined and new ones developed. So, it follows that acquiring and retaining customers should be getting easier, right?
Data Trends and Challenges
We know that it’s not that straight forward. With these opportunities come challenges, something we are seeing more and more of, particularly in these testing and uncertain times.
Of course, the major shift in recent times from a marketing technology perspective is Google’s announcement that Chrome will be phasing out third party cookies by 2022, which will have major ramifications for the digital landscape, with an even greater magnitude than Apple’s Intelligent Tracking Prevention.
However, should this really be a surprise considering the growing focus and scrutiny around privacy and data collection with GDPR, and recent CCPA legislation?
In the Middle East specifically, no such legislation exists at present, but the shift in consumer perspective, level of education, and concern around how their data is utilised is a global phenomenon, further accelerated by the current Covid-19 crisis.
Google and Apple’s recent partnership to develop contact tracing technology to deal with the pandemic has also come under examination from a public who are becoming ever more sceptical and suspicious of digital tracking and how their data is being used.
How Do we Respond?
Gaining public trust, it would therefore seem, is of paramount importance and data collection and activation solutions more than ever before, need to be secure, compliant, and offer tangible benefits to the consumer as well as the brands, advertisers and marketers using them.
This will not be the last time that changes and events like these have far-reaching ramifications both from a technology viewpoint or more broadly at a societal level – so what does this mean for us as marketers?
Arguably, the guiding principle in how we should communicate does not change – relevant, appropriate and timely communications is just more important than ever.
It means that the value of the 1st party data we do have, and the consent and trust of our prospects and existing customers, is increasingly important.
The technology we use to execute should enable us to provide that level of trust and value exchange so that potential and existing customers are content in the knowledge that their data will be used appropriately and in a manner beneficial to them.
Those brands and companies who can adopt this way of thinking need not fear change.
As whilst the circumstances and underlying technology will constantly adapt and evolve, the approach of building trust and mutually beneficial relationships with customers remains constant, creating value for both sides.
These changes both in the ad tech ecosystem and more broadly in societal values, can be a good time to reset as marketing professionals and think about the value we are delivering for our customers.
- Are we collecting, maintaining and activating our customer data securely and responsibly?
- Does the technology we have allow for this now, and in the future?
- Do our customers know that we value and respect their privacy?
- Are we giving (potential) customers reason to share their data?
- Do we understand their individual, requirements, motivations, expectations and pain points?
- Are we doing everything we possibly can to build genuine, long lasting relationships with our current and potential future customers?
Answering these questions fairly and truthfully can lead to some interesting ideas and discussions internally as a business and inspire initiatives for future planning, whether that be technology usage or selection, communications strategy, content or other.
Also Read: Generate ROI with CRM & Marketing Automation
It is clear then, that change in our industry is here to stay. Strategies that relay solely on a specific tool or technology that assumes an ongoing status quo or a mix held belief that consumer attitudes or behaviours, and data regulations will not evolve can leave organisations facing undue risk.
Those marketers and organisations who can adapt to change in an agile way, guided by the principles of a customer-centric view based on trust and value exchange, will have the greatest opportunity.