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Technology Featured Global

To drive optimal CX, businesses must leverage data strategies, first-party data

Singapore – As the future of cookie-based customer engagement is slowly crumbling, businesses must learn how to leverage their own data strategies, including the implementation of first-party data use to optimise their customer experience, the latest survey from outcome-based marketing organisation Epsilon shows.

According to the global survey, over 60% of surveyed brands suffer from incomplete customer profiles relating to gaps in first-party data held on customers, while only 17% of surveyed brands have advanced first-party data strategies that give a holistic, near complete view of their customers. In addition, about 24% of respondents have data that is fragmented and siloed by channel or business function, disabling their ability to adapt to changes in customer behaviour quickly.

Patrick Sim, senior VP of APAC and MEA at Epsilon, said, “The decay of cookie technology is now forcing many brands to alter their strategies to meet changing customer expectations. Moving forward, CX practitioners and marketers should conduct frequent assessments of their data management and customer engagement strategies to deliver loyalty-winning customer experiences and boost customer lifetime values.”

The survey also noted that over 40% of those surveyed are in the early stages of rolling out first party data capture strategies, indicating a shift in identity data management. In terms of considering the effects of cookie deprecation, 61% of respondents plan to alter their engagement strategies. In selecting a solution provider and identity resolution partner to assist in managing customer identity data more effectively, accuracy (77%) and compliance (68%) emerged as the most desired traits, beating cost (2%).

Sim added, “Campaigns run on third-party platforms rarely provide customer intelligence to companies, and this lack of intelligence in the system leads to a vicious cycle of continued dependency on these platforms. The solution is to invest in owned platforms and software for customer engagement, allowing for relevant, timely and compelling communication.” 

He further noted, “Businesses need to prioritize gaining an understanding of their data footprint and enhancing their data strategies, which must include capturing and leveraging first-party data to drive optimal customer experiences.”

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Technology Featured ANZ

Audience360 secures first-party data partnership with financial comparison site Mozo

Sydney, Australia – First-party data provider Audience360 has announced that it has entered a partnership with financial comparison site Mozo, allowing brands to engage audiences currently looking for personal finance and retail energy products with a purchase intent on Mozo.

This means that any advertiser seeking to reach Mozo audiences will be able to access the complete suite of Audience360 media buying tools. Audience360, which has first-party data partnerships with carsales.com.au, Webjet, and the AFL.com.au said the importance of transparent, premium first-party audience data has ‘never been greater’.

Furthermore, the partnership which delivers audience extension capabilities across the wider Internet, will allow brands to be able to target users beyond the Mozo website. The core editorial finance areas on Mozo are banking, insurance, loans, and utilities, and provide advertisers with a strong ‘intention to buy’ audience.

“We believe that by partnering with Audience360 we’ll give advertisers better reach of audiences and brands will have the benefit of connecting with people that have the intention to soon buy retail finance, energy, and other services,” said Neville Daniels, managing director for APAC at Mozo.

Mozo compares more than 1,800 products from more than 200 banking, insurance and energy providers to help Australians find a better deal each month via its comparison tools and calculators, and is a trusted source of financial rates and information with Australian consumers, the media and industry. 

Meanwhile, Jenny Parkes, managing director at Audience360, commented, “Mozo’s website users are ready to transact and are actively looking for products and services. We are seeing first party data rise to the fore in digital advertising, and we are thrilled that Mozo has joined our growing stable of publisher and vertical brands.”

Parkes added that branded audiences enable advertisers to reduce media wastage and target users with more precision, as digital ad campaigns are based on first party deterministic data.