Balancing Marketing Strategies with Preference Management
When you brainstorm a marketing strategy, you focus on engaging existing customers and new users in order to drive revenue. A digital strategy is critical to meeting marketing goals. How can you balance marketing strategies with customer preference management?
To meet these goals, brands have leaned heavily on gathering browser behavior to fuel targeted digital advertising campaigns. Historically, third-party cookies have been used to track various attributes of website visitors. These attributes include website, marketing, and consent preferences.
That was the past. With Safari’s ITP updates it is no longer an option to rely on the use of third-party cookies.
The importance of first-party data cannot be understated. The restriction of third-party cookies within Safari (today) and Chrome (by 2022) highlights the difficulties of leveraging third-party tools versus an embedded solution with the ability to integrate with your first-party data.
As the tide of privacy standards swells and technology changes in response, it’s now more important than ever for brands to balance their marketing strategies with preference management tactics. In doing so, they can create a complementary relationship between the value of their products and services and what their customers value.
A Comprehensive Preference Center
A preference center is the key to bridging the gap between a money-making marketing strategy and remaining compliant. When well-executed, a comprehensive preference center benefits both marketers and the customers they serve.
In order to still serve highly targeted messaging that fuels their marketing strategies, brands must now ask users to willingly provide personal information about their likes, interests, and motivations. The good news is, consumers actually want to do just that. According to an Accenture Strategy report, two-thirds of customers will share personal information with brands, but only in exchange for some kind of value.
Sending users to one centralized location to update their personal information, opt-in to additional marketing messages and tracking, and understand what data you’re collecting about them is efficient and effective. A preference center should be where all actions related to privacy compliance, preference management, and individual rights are displayed and managed.
The concept of opting down is especially important when building a modern preference center. When customers are wary of a particular type of messaging or frequency of brand content, opting down allows them to choose options that better suit their lifestyles. A preference center should include opt-down categories such as how many times consumers receive messaging, what days and times they receive messaging, and what topics their content covers.
Perhaps most important for your marketing strategy is asking users to provide detail about their interests, likes, dislikes, and preferences. Also known as first-party data or declared data, user-generated information is essential to balancing a marketing strategy with privacy compliance.
Integrating First-Party Data Capture
Brands rely heavily on data to power their marketing strategies. In fact, 65% of companies say improving their data analysis is very important to delivering a better customer experience. If you can gather granular data about your target market – and as much of it as possible – the better your messaging and advertising become.
The problem is, more than two-thirds of marketing executives report conflicting information coming from third-party sources or inferred from online activity. That can lead to customers switching brands because of poor personalization efforts and a lack of trust.
First-party (or declared) data capture solves this lack of accuracy and clarity. It’s a preference management best practice where consumers willingly volunteer personal information to brands. Intentions, motivations and preferences come straight from your audience, generated by a direct interaction between a brand and a consumer.
With this first-party data, brands can tailor their messaging perfectly to consumer desires while remaining fully compliant with privacy requirements. Customer engagement and loyalty will increase, and ROI naturally follows. There’s no doubt embracing declared data capture is critical to balancing your marketing strategies with your customer preferences.
Invest in A Strong Preference Management Program
The best way brands can balance their marketing strategies with customer preferences is by seeing the two as equal counterparts. In the new age of privacy-first operations, smart brands can use customer preferences to power their marketing strategies and drive higher quality interactions than ever before.
A preference center and declared data capture play pivotal roles in this new way of doing things. They are the legs a strong preference management program will stand on.
If you want to win customer trust for your brand, preference management is the smart way to do it. OneTrust PreferenceChoice gives marketers the technology toolset to operationalize preference management. To learn more, check out our eBook “Building Customer Trust: The Stages to Leveraging Preference Management.”