Categories
Main Feature Marketing APAC

Why marketers should say no to ‘renting’ customer data

It’s a stressful time for marketers. Many believe that their lives will be disrupted to the nth degree without cookies. Meanwhile, consumers are more protective of their personal data than ever. In the Australian Community Attitudes to Privacy Survey 2020, 7 in 10 respondents nominated privacy as a major concern for them, while 87% wanted more control and choice over the collection and use of their personal information.

Experts like Lauren Solomon, CEO of Consumer Policy Research Centre, further notes how data processes are clunky and outdated.

According to research from the Consumer Policy Research Centre, 70 percent of consumers accept consent terms, even if they are not comfortable with them. When asked why, three quarters of consumers said it’s because it’s the only way to access the product.

Meanwhile, the research further revealed more than 90 percent of Australian consumers are uncomfortable with how their data is collected and shared – and they’re disempowered to do anything about it.

“They want the government to intervene and protect them,” Lauren says.

“There also isn’t actually any way for consumers to express the preferences that they have and to acquire products that meet those preferences – because it’s a take it or leave it proposition,” added Lauren.

What is the solution?

Companies need to stop ‘renting data’ and build their own database through direct-to-consumer relationships. The key to future success is building a loyalty initiative that offers mutual value exchange. Customers can willingly offer their personal details, in exchange for a better customer experience.

With the death of the cookies, the ‘value exchange’ between businesses and their customers’ willingness to share personal data has never been so important. Activating cookie-less data, using it to enhance customer experience and derive insights is a craft and skill that marketers need to invest in and develop.

Unlocking the value of loyalty in a cookieless future

The importance of loyalty programs should not be overlooked as a critical part of a marketer’s toolkit. Loyalty programs are the perfect replacement for connecting customers with brands in new and innovative ways now and beyond a cookie-less world. They give organizations a clear, zero-party data approach to unlock deeper insights into their customers, unlock fresh CX opportunities, and open powerful new ways to forge more long-lasting and meaningful customer relationships.

But what makes a great loyalty program? Adam Posner, CEO and Founder of The Point of Loyalty, shares the seven zones that make up the ‘wheel of loyalty fortune’. Organizations need to implement each one of these points to ensure they have a strong, steadfast loyalty program that will benefit both customers and brands.

1. Business: First and foremost a business must be profitable and sustainable.

2. Members: Organizations should understand their loyalty member’s behaviors, beliefs, and belongings.

3. Program: The loyalty program needs to be meaningful and desirable to consumers.

4. Team: The organization’s employees need to buy-in for the loyalty program and be willing to endorse it.

5. Technology: The technology should be fit-for-future rather than fit-for-now.

6. Data: Ensuring the loyalty program captures the data necessary for analysis and for relevant action.

7. Dialogue: Any company dialogue to the customer needs to be dynamic and personal at all times.

It’s time for a new marketing recipe

There is life after the death of the cookie. Zero-party data can help marketers connect with their customers. This preference data comes directly from the consumer. There are no intermediaries and no guesswork — it’s psychographic data that includes the customers’ values, attitudes, interests, and personality traits.

Marketers will need to survive, lead and stay relevant in a cookie-less society – a reality that is right around the corner. Leading with loyalty and adopting a Zero Party Data strategy will help marketers survive by creating long-lasting customer relationships with a clear and concise value exchange.

This article is written by Billy Loizou, VP for Go To Market for APAC at Cheetah Digital.

Cheetah Digital is a cross-channel customer engagement solution provider that enables marketers to create personalized experiences, cross-channel messaging, and loyalty strategies.

Categories
Technology Featured APAC

ServiceNow, Qualtrics unveil integrated capabilities for personalized service experiences

Singapore – ServiceNow, a business workflow solution, and experience management provider Qualtrics have unveiled new joint capabilities that aim to help companies deliver personalized service experiences. Combining ServiceNow’s digital workflows with Qualtrics’ experience management technology, the new capabilities will help organizations harness and act on customer and employee experience data on the Now Platform in real time, to quickly resolve issues and improve engagement, loyalty, and retention. 

The Now Platform is ServiceNow’s flagship product which includes core capabilities, such as configuration management database, service level management, and machine learning, that help companies to quickly and efficiently digitize workflows. 

Organizations can now access additional customer experience data from Qualtrics on the Now Platform via the Qualtrics CustomerXM™ and ServiceNow Customer Service Management integration. The data help service teams to create personalized workflows and automate support experiences, increasing loyalty and spend and to reduce operational costs. 

The partnership aims to solve organizations’ pain points that still struggle with siloed systems and disconnected customer insights which hamper their ability to design and deliver the experiences customers want. According to research from the two parties, 80% of respondents have switched brands because of poor customer experience, and it being the number one reason why.

“What it means to truly know your customer has changed. Organizations need to deliver empathy at mass scale in every interaction to retain customers and drive growth in 2022,” said Michael Ramsey, VP for customer workflow products at ServiceNow

“Access to rich customer insights allows agents to respond to individual needs and powers digital workflows that drive great experiences, customer loyalty, and empathy,” adds Ramsey. 

Meanwhile, Jay Choi, chief product officer at Qualtrics, commented that great experiences are the currency of modern business, where the experiences that companies deliver today can become their greatest competitive advantage moving forward. 

“Companies who understand and act on experience data – the feedback that employees and customers share with them – to deliver incredible service experiences will successfully build long-term, meaningful relationships,” said Choi.

The new capabilities are now available on the ServiceNow Store and the Qualtrics Marketplace. Qualtrics said that the partnership will be rolling out additional integrated capabilities in 2022, targeted at helping teams visualize sentiment and profile data directly on the Now Platform, giving agents and frontline teams a more holistic view of the customer and employee. 

Categories
Technology Featured APAC

Optimizely boosts DXP with launch of ‘Data Core Service’

New York, USA – New York-headquartered Optimizely, a provider of digital experience platform solutions, has launched ‘Data core service’ which enhances its digital experience platform (DXP) to provide deeper analytics and unified data insights across its suite of products. 

With Data core service, Optmizely aims to provide companies a greater understanding of their customers, as well as their overall digital business performance. The new service will be available to Optimizely cloud customers by Q1 2022, and will be included at no charge, subject to 250K MAU’s usage limit, for customers who are implementing one or more of its solutions which include Content Cloud, Commerce Cloud, B2B Commerce Cloud, and Experimentation. 

Optimizely said that Data core service will serve as the ‘connective tissue’ for its users, unifying data to serve as the ‘underlying force’ across content-centric, commerce-centric, and experimentation use cases, as well as customer profiling. 

Data core service also provides common context, helping companies bring data across Optimizely into a centralized place and gain access to dashboards and analytics on how their digital business is performing. Ultimately, data core service aims to help companies deliver the right experience at the right time by providing visibility into their digital properties. 

During the company’s virtual Opticon21 event, Justin Anovick, Optimizely’s chief product officer, said that the best DXP must be adaptable and that organizations shouldn’t have to manage disparate data sets or question where the single source of data truth is when developing their tech stack. 

“With the launch of Data core service, we’re giving customers full visibility into their data without sacrificing composability,” said Anovick. 

The service launch follows the company’s unification of the Optimizely and software Episerver brand and the acquisition of customer data platform Zaius in March 2021. 

Optimizely has a global presence with offices in APAC including in Australia, Singapore, and Vietnam.

Categories
Platforms Featured ANZ

Lexer, customer data platform for retailers, lands A$34M funding

Melbourne, Australia – Australian-based startup Lexer, which provides a customer data platform for brands and retailers, has raised AU$33.5M in Series B funding, bringing its total funding to AU$43M. The funds will be used to bulk up its team, accelerate product development, and expand globally.

The platform provides data, software, and services that deliver all the tools required to understand and engage with customers, aiming to help brands and retailers drive sales. Lexer collects and enriches fragmented data sources into a single customer view, Brands like Quicksilver, Zimmermann, Billabong, Optus, and The Iconic are some that are already using Lexer.

The company said that with its team expansion, the funding will go into adding 50 people to the team over the next 12 months. It revealed further that it is aiming to hire a person per week for the next year, doubling its headcount across Australia, the United States, and Southeast Asia. 

Dave Whittle, CEO of Lexer, commented that the platform exists to help brands orient their business around the customer with its software, using data to deliver human experiences.

“Brands are awash with data these days, but it’s siloed, and they have no way of sorting, managing, gleaning insights, and taking action from it. Using Lexer, a business can provide its customers the personalized experience they deserve. We call this genuine engagement,” Whittle said.

The round was headed by Blackbird Ventures and King River Capital, with Series A investor January Capital.