There are more opportunities for innovation. Marketers are known for being creative, and with data use evolving, it’s just one more opportunity to capitalize on your innovative mindset.
Despite the implications above, there’s still a lot we don’t know and third-party data going away. Accepting uncertainty is part of moving forward. Some marketers believe google’s third-party cookie phase-out is driven by profits from shifting advertisers to google’s first-party cookies options rather than a desire to preserve consumer privacy. One thing you can control? The first-party data you collect.
Prioritizing first-party data can help companies become more resilient, agile and strategic about marketing. But you need a roadmap with small, manageable steps to get there. Start with an audit to get a holistic view of your data practices, and answer these questions.
What customer data do you already gather
Over two-thirds of marketers gather basic contact information, such as name, email, phone number and address. Another one in two gathers purchase frequency, purchase history and personal information, such as interests, household income and age. We recommend you only ask your customers what you need and nothing more. For example, if somebody downloads a case study from your website, don’t ask them for their address and phone number.
Where do you store customer data
Our research shows that 70% of marketers store customer data in more than one database (for example, crm, database software and spreadsheets). Of those who use crms, 84% use a single crm that manages customer data across departments. Keeping your data in one place is best because it reduces redundancies, extra costs and lessens security risks.
While most are happy with their CRM, the training required to use the system can be frustrating because data management and analysis require skill. Although it can be daunting for your team to take this on, it doesn’t have to be. Take it slow, and start by focusing on the basics of CRM and build from there. You can expand once you become more comfortable with the process. This incremental approach will help you prevent getting overwhelmed, make sure your CRM goals are met and ensure your customers have a positive experience.