Cory Munchbach, CEO at BlueConic, discusses the evolution of marketing analytics, moving away from cookie-tracking with the advent of GDPR and CCPA. They explore alternative technologies like fingerprinting and privacy-centric marketing strategies. The podcast also delves into success stories of data impacting customer experience, the changing landscape of customer experience with Geronative AI, the importance of customer segmentation, data clean rooms for privacy compliant data analysis, and the challenges and benefits of adhering to privacy laws in customer analytics.
Read more
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
Privacy as a competitive differentiator is important in customer analytics.
Using customer and marketing data effectively can improve the customer experience and drive revenue.
Successful companies leverage data to create innovative customer experiences and personalize offers based on customer life cycles.
Deep dives
Privacy as a competitive differentiator
Privacy as a competitive differentiator is an important concept to watch in customer analytics. Brands that prioritize privacy and bake it into their operations will have a remarkable advantage in the market.
The power of customer and marketing data
Using customer and marketing data effectively can significantly improve the customer experience and drive greater revenue and market expansion. With improved tools and increased data availability, more sophisticated analyses are becoming mainstream.
Success stories of data-driven customer experiences
Successful companies have leveraged data to create innovative customer experiences. For example, Mattel used first-party data to understand and engage with collectors, resulting in the launch of the Mattel Creations digital channel. Talia, a Nordic telco, utilized data to personalize offers based on customer life cycles, increasing customer engagement and satisfaction.
Understanding different types of data
Different types of data include first-party data, which is directly provided by consumers, and can include demographic information, transactions, and behavioral data. Second-party data involves sharing first-party data between two organizations, while third-party data refers to aggregated data from various sources. Organizations must prioritize consent and thoughtful data collection to ensure compliance and build consumer trust.
Using customer data throughout the customer lifecycle
Customer data plays a crucial role in every stage of the customer lifecycle. From acquisition to retention, data insights help tailor marketing efforts, improve targeting precision, and enhance customer engagement. Data segmentation, personalization, and continuous data integration across different stages contribute to a more effective customer journey.
Cookies were invented to help online shoppers, simply as an identifier so that online carts weren’t lost to the ether. Marketers quickly saw the power of using cookies for more than just maintaining session states, and moved to use them as part of their targeted advertising. Before we knew it, our online habits were being tracked, without our clear consent. The unregulated cookie-boom lasted until 2018 with the advent of GDPR and the CCPA. Since then marketers have been evolving their practices, looking for alternatives to cookie-tracking that will perform comparatively, and with the cookie being phased out in 2024, technologies like fingerprinting and new privacy-centric marketing strategies will play a huge role in how products meet users in the future.
Cory Munchbach has spent her career on the cutting edge of marketing technology and brings years working with Fortune 500 clients from various industries to BlueConic. Prior to BluConic, she was an analyst at Forrester Research where she covered business and consumer technology trends and the fast-moving marketing tech landscape. A sought-after speaker and industry voice, Cory’s work has been featured in Financial Times, Forbes, Raconteur, AdExchanger, The Drum, Venture Beat, Wired, AdAge, and Adweek. A life-long Bostonian, Cory has a bachelor’s degree in political science from Boston College and spends a considerable amount of her non-work hours on various volunteer and philanthropic initiatives in the greater Boston community.
In the episode, Richie and Cory cover successful marketing strategies and their use of data, the types of data used in marketing, how data is leveraged during different stages of the customer life cycle, the impact of privacy laws on data collection and marketing strategies, tips on how to use customer data while protecting privacy and adhering to regulations, the importance of data skills in marketing, the future of marketing analytics and much more.