The Right Data, The Right Analytics, The Right Actions

The Right Data

We are projected to say good-bye to third-party cookies by late 2023 , a date Google moved out a year to give itself more time to create privacy-friendly replacements to third-party cookies and for websites to respond to the new alternatives.?

As the dominant web browser with over 60% market share, Chrome’s move to block cookies will have an impact on marketers who rely heavily on third-party cookies to understand their customer’s needs, behaviors, and preferences.

The disappearance of third-party cookies presents an opportunity to build deeper customer relationships for marketers able to collect and analyze other types of consumer data, including zero-, first- and second-party data.

First-party Data

First-party data is data that is collected first-hand, directly from customers and prospects who have opted-in. It is reliable data for making predictions, marketing effectively with personalized SMS messages, emails and ads based on a customer’s needs, and forecasting future trends. It is comprised of data collected from:

Actions and behaviors across your website and apps

• CRM systems
• Social media profiles
• Surveys, customer feedback and other interactions with your customers and prospects
• Emails, newsletters, and product experiences

Second-party ?Data

Second-party data is data another company collects and sells. It’s essentially another company’s first-party data. It includes data from activity on their websites, apps and social media, surveys, in-store purchase history and more.

There are a number of second-party data providers including AudiencePrime , Lotame ,?Salesforce , and HubSpot to name just a few. ?Purchasing second-party data from a trusted source can help engage more deeply with existing customers and find new prospects. It also allows responding to new second-party data signals and sources to identify new second-party audiences.?

Zero-party?Data

Instead of guessing at what customers want, zero-party data marketers collect preference data and purchase intentions directly from consumers.?Zero-party data is optional information that a customer or prospect chooses willingly to provide in exchange for tailor-made content, relevant product recommendations, and hyper-personalization.

A?survey conducted by Salesforce.com shows that most consumers are willing to share optional information in exchange for something they value.

• 57% of consumers surveyed said they would share personal data in exchange for personalized offers or discounts
• 52% would share personal data in exchange for product recommendations
• 53% would do the same for personalized shopping experiences

To?effectively and accurately power hyper-personalization, marketing departments need a data strategy that includes first-, second- and zero-party data.

The Right Analytics and Actions

To implement this hyper-personalization with these data, a customer analytics solution that works across data silos is needed.?One that spans?customer, product, and operational data.??Also required is real-time AI-driven insights to respond to customers’ changing needs, buying habits and sentiments in in the moment. Pre-built industry-specific use cases for customer analytics will speed time to value.

TCS Customer Intelligence & Insights? (CI&I) leverages AI and core CDP capabilities so you can deliver personalized, relevant experiences that differentiate your offerings, drive engagement, and boost customer lifetime value.

CI&I goes beyond horizontal analytics with pre-built, industry-specific use cases that deliver actionable insights, predictions, and recommendations with modules for banking, insurance, retail, communications, life sciences & healthcare, and travel, tourism & hospitality.

Click here to learn more about how CI&I delivers:

• Improved omnichannel customer experiences and engagement
• Increased loyalty, customer lifetime value (CLV), and wallet share
• Faster time to value with pre-built, industry-specific analytics use cases
• Lower TCO with flexible architecture built with open-source components
• Extensible, future-focused platform designed for connected intelligence

About the author

Kathleen Holm is Marketing Director of the TCS Digital Software & Solutions (DS&S) Group. She has more than 25 years of experience marketing technology software and services to enterprises worldwide.