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The first-party data strategy still has its privacy and security risks, as businesses that hold vast amounts of personal customer data are increasingly being targeted by cybercriminals intent on stealing and exploiting that data.
To securely leverage their first-party data, many businesses have invested in a customer data platform (CDP). Such a platform combines data from multiple sources across the organization, then cleans and organizes that data to create a single profile that contains all touchpoints and interactions with each customer. This is different from a customer relationship management system, which manages customer interactions.
Using machine learning and artificial intelligence, CDP enables businesses to derive actionable customer insights without the need for in-house data science expertise, says Jennifer Killian, director of marketing and experience at XPON Technologies Group, a provider of marketing and customer experience solutions.
XPON is a sales partner for Google’s marketing solutions and cloud platform, but also develops proprietary CDP solutions on top of this infrastructure to help businesses achieve greater return on their marketing and customer experience strategies.
“At the end of the day, people want a personal, relevant digital experience from businesses and brands, but they don’t want the experience to feel intrusive on their privacy.”
— Jennifer Killian, Director of Marketing and Experience for XPON Technologies Group
According to Kilian, once Google’s Chrome browser starts blocking third-party cookies, the cornerstone of many businesses’ online marketing and advertising “will crumble,” unless they’re ready to shift their focus to first-party data.
“Marketers are already getting less and less money from relying on third-party cookies, but often don’t realize there are alternatives,” she says. “Using first-party data allows businesses to offer personalized, relevant experiences without customers feeling like they’re being chased.”
Jennifer Killian, Director of Marketing and Experience for XPON Technologies Group. XPON
When customer data is spread across the business, it can result in a fragmented customer profile and a disjointed customer experience. CDP eliminates the heavy reliance on manual processes traditionally required to make sense of that dispersed data.
“A customer data platform is the key to leveraging your first-party data to create an authentic, rich customer experience,” says Killian. “CDPs are becoming critical for any organization serious about adopting customer-centric business and marketing strategies.
“Going forward, CDP will be a key component in the company’s ability to deliver a holistic, consistent customer experience that customers truly want to engage with.”
One of the key benefits of CDP is the ability for businesses to gain insight while anonymizing data to protect user privacy while making that data far less attractive to cybercriminals.
At the same time, a CDP can mitigate data governance and compliance risks by ensuring the business complies with its obligations under Australian law, as well as international obligations such as the European General Data Protection Regulation. Up-to-date regulatory requirements can be fed into the system to ensure compliance regardless of who uses the data and how it is used.
“At the end of the day, people want a personal, relevant digital experience from businesses and brands, but they don’t want the experience to feel intrusive on their privacy,” says Killian.
“People are becoming increasingly wary about handing over their data, but using a CDP to make the most of your first-party data allows your business to exchange value with customers in a way that makes them feel valued, not exploited.”
To learn more, visit https://kpon.ai/.
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