At a time when data privacy issues are putting pressure on the use of third-party data most recently highlighted by Facebook’s decision to remove third-party data from its ad targeting solutions, brands must be wondering how they can better personalize their marketing in the future, given what is going on in the industry around privacy.
The answer for many savvy marketers is to refocus on a ‘declared data’ strategy, where through the collection of information directly from consumers in return for a clear value exchange, marketers get to understand consumers motivations, intentions, desires and characteristics, without relying on risky third-party data sets, which are often wildly inaccurate. Experian in their Global Data Management Research 2017 report stated that 64% of marketers admit that bad data hinders their ability to provide a truly excellent personalized experience*. Google and eConsultancy with their research ‘An Audience of Individuals’ reported that 92% of marketers believe using first-party data is critical to their growth.
Companies, large and small are turning away from a dependency on bad third-party data to adopt new ways to connect to the consumer directly and better understand their customers in order to personalize their marketing.
Wayin CEO, Richard Jones sat down with Tim Glomb, the Director of Digital at outdoors brand Bowtech to understand his challenges and how they’re using Wayin campaign experiences to capture declared data in a variety of exciting and unique ways.
$80k annual savings on Marketing Research with Personalized Experiences
Through using Wayin’s library of multi-channel campaign experiences to drive declared data, Bowtech have managed to scrap the budgets they traditionally put towards market research by going direct to market themselves with speed, efficiency and personalization.
As a result, they have a far better understanding of the interests, motivations and desires of their customers, which informs the marketing content they create, the products they manufacture and the marketing offers they make.
A recent study by Accenture backs this notion, as 43% of U.S. consumers are more likely to buy from companies that personalize experiences, and Bowtech’s Directors of Digital reaffirms this stat:
“We’ve found that if we put the energy into better experiences, dollar for dollar, we get better data, we get better market research, and it informs our creative and product lifestyle which is amazing! We’re absolutely seeing the return.”
Value of declared data to drive conversions and revenue
Bowtech have a very clear opt-in strategy to collect first-party data and they love the clarity exchange and transparency this provides their audience. And this bold strategy based on declared data, Bowtech say “absolutely drives the dollars”. In fact, eConsultancy say 81% of marketers say they get better results from marketing outreach/promotions/campaigns driven off first-party data rather than third-party data.
As a result, Bowtech have stopped buying display ads and instead embed interactive experiences on different channels which helps them create hyper-targeted segments to target consumers with promotions, offers and new stock alerts in local retailers around the country because they are collecting zip code information and much more.
Results and benefits:
- 120+ experiences published in the last 14 months with 1 dedicated resource
- Rapid cloning of campaign experiences with unique themes created across 7 brands
- 400+ segments of geo-tagged audiences they activate with experiences across emall, SMS and other traditional marketing efforts
- Outperforming competitors by 20% in revenue as a result of declared data strategy
What next? Social Stories to collect declared data, brand direct and via Outdoor Industry Influencers
With the likes of Facebook restricting the data that you can scrape from social APIs, Bowtech plan on using Instagram, Facebook and Snapchat stories across their brands and influencers to drive conversions and capture first-party data, using Wayin’s latest Social Stories functionality.
Benefits of Wayin powered Social Stories versus traditional social stories include:
- Mobile first, not just mobile responsive
- Lightening fast load times compared to website landing pages
- Collect PII data within the story
- Users feel they still connected natively within the social channel
- Up to 36x increase for time on media
- 18% lift on CTR to website landing page
Collect Multi-channel Declared Data Today
Get in touch today to see in practice how to drive first-party data acquisition from interactive marketing experiences.Request Demo