Although the goal is to generate business with their customers or potential consumers through digital platforms, on the one hand, companies enter into the dilemma of having greater reach or focus on the universe of their data, and on the other hand, is to generate satisfaction or digital experiences of value to users, versus revenue growth.
It is also a problem for users to want good digital experiences, fast and easy service versus the dilemma of protecting their privacy and personal data. They already know that they can share information necessary for some kind of benefit. Sometimes, it is not their priority, or they do not want to establish a relationship with a brand.
This leads to three challenges; the first is the responsibility of securely storing data that is classified as:
- Part zero data – when a user intentionally and proactively gives their information for personal context, purchase intentions, or how they want to be recognized.
- First-party data – obtained directly by the company.
- Second-party data – by exchange with another company with the consent of users.
- Third-party data – data from external parties, such as social media or ad platforms, will no longer be available soon.
According to Boston Consulting, the second is how to deploy the necessary resources intelligently and responsibly, both technical (technological infrastructure, reliable data, and actionable metrics) and organizational (strategic alliances, team competencies, testing, and learning culture) Group-Google Data-Driven Marketing framework.
Finally, the third challenge is to generate an exchange of value for both the user and the business throughout the data process, from the time it is collected, stored, organized, and analyzed until it is activated.
The priority is to build trusting relationships with your customers, with responsibility for privacy, to obtain first-party data, resulting in a win-win for all parties involved.
Take responsibility for your users’ data.
Strengthens first-party and zero data.
Creates strong data governance.
Develops a data-driven strategy.
Enables the necessary technical and organizational resources.
If you need help, contact us!