As the fallout from the ongoing Cambridge Analytica scandal intensifies, Facebook has announced that it will no longer allow third-party data to inform its ad targeting solutions. And although the social media platform regularly shifts it’s content algorithms, layouts, privacy and policies, this is a change that’s here to stay.
With GDPR looming, and users becoming more concerned about their privacy, it’s a tumultuous time for marketers, particularly those that rely on third-party data sets. But for proactive marketers, who are truly focused on giving a personalized experience, it needn’t be.
The problem with third-party data
At Wayin, we’ve been banging the drum on this for years, so it’s great that the industry is finally beginning to catch up.
Third-party data may have been the marketers quick fix for years, but it no longer clicks with savvy, modern consumers. And this has been a large contributor to growing consumer mistrust, the widespread rise in ad-blocking tech, and the rapid decline in click-through rates.
Third-party data is aggregated from a host of unrelated and often unreliable sources, like credit scores, cookies and click trails. It quickly becomes outdated and has no direct relationship with the consumer.
Sure, marketers can load their DMPs at scale with huge amounts of information, but recent studies from Deloitte have shown that only between 0-50% of data is correct. And 64% of marketers admit that bad data hinders their ability to provide a truly excellent personalized experience.
Consumer preferences, budgets, household sizes and the like all evolve and change over time, credit score go up and down, so the data becomes stale and irrelevant. What’s more, it’s not mobile compatible and falls foul of the GDPR legislation that will impact any business that operates in, or markets to anyone in the EU.
The case for declared data
92% of marketers believe using declared data is critical to their growth, allowing them to build direct relationships with consumers, and in turn, better personalize their marketing efforts.
A further 81% of marketers say declared data helps them drive strong ROI from their campaigns. And it stacks up: declared data comes directly from your customers. No intermediaries, no guesswork and no irrelevant data points.
Benefits of declared first-party data:
- Ownership – if you collect the data, you own the data
- Relevance – if you don’t need to know their star sign, don’t ask for it. It’s your data, on your customers so collect only what’s pertinent to your business goals
- Compliance – declared data is actively given by your customers, and therefore passes the GDPR compliance test. No fines here.
- Accuracy – as it comes from direct conversations, interactions and transactions, first-party data is the most accurate category of marketing data
- Custom audiences – you can better segment your database to serve relevant content to encourage purchasing intent
Declared data is information willingly and actively given to you by your consumers. A window into their motivations, interests, intentions, preferences, and what really makes them tick. Uber-relevant information from potential customers that can fuel your marketing and product development and recommendations.
How Wayin solves the declared data conundrum
Every marketer would love to work solely with declared data, but many might think it’s difficult to collect at scale. That’s where we come in. With Wayin’s suite of multi-channel campaign experiences to drive declared data, brands can collect swathes of first-party actionable data at speed and scale.
Wayin has developed revolutionary interactive storytelling capabilities and experiences, specifically optimized to be published in social platforms, ad networks, landing pages, mobile apps, or any digital destinations. These experiences deliver a fun and engaging user experience and offer a value exchange for data, giving your consumers the opportunity to tell you more about themselves.
Putting the theory into action
Take a look at how two of our many clients are fuelling their marketing and collecting huge amounts of declared data by leveraging the Wayin platform.
To celebrate their 20th birthday, Scripps launched a simple sweepstakes competition, that could be completed in one simple form, consisting of a few personal details and lifestyle preferences.
The result was over 300 million unique campaign entries from a single campaign. Loading their CRM and DMP with declared first-party data. Here’s what they had to say:
“Wayin has allowed us to securely collect customer data and activate key audiences. We have experienced an uptick in response rates and customer engagement as a result.”
Bowtech created in excess over 120 experiences with Wayin that they published to an array of different digital destinations to collect declared data.
As result they collected 400+ segments of geo-tagged audiences they could activate with experiences across email, SMS and other traditional marketing efforts. Seeing Bowtech outperform competitors by 20% in revenue as a result of declared data strategy.
“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.”
While the fallout over the Cambridge Analytica scandal continues to focus hearts and minds on data privacy issues across the industry, we believe marketers have a unique opportunity to create a new connection with consumers.
This involves cutting the dependency marketers have on third-party data to power marketing experiences, and instead refocusing on creating experiences that actually allow customers to inform you of their desires, interests, motivations and intentions at the point in time you connect with them.
Collect Multi-channel Actionable Declared Data Today
Get in touch today to see how Wayin can empower you to collect huge amounts of declared first-party data at speed and scale.Request Demo