On Thursday, October 17, the One World Identity (OWI) team hosted a KNOW Identity Forum in New York City. A thriving global business hub, New York City is home to some of the best media companies in the business. So in the heart of Manhattan, we hosted an event for marketing professionals focused on the intersection of digital identity and marketing and what the future of marketing looks like post-GDPR and CCPA.
In a new report, Forrester says that Chief Marketing Officers (CMOs) are in a “desperate fight for survival.” Forrester predicts the key to survival is establishing control over the customer experience. While banking and fintech have been exploring identity solutions for years, the connection between marketing and identity has only recently stepped into the spotlight via data breaches, election security, and new privacy laws.
Yet, identity has always been at the core of marketing. It’s an essential factor for building a brand with a good reputation and creating a trusted user experience. Now that identity and marketing are in the spotlight, the industry is gearing up for big changes. With GDPR, and now CCPA, the way that data is collected, leveraged, and maintained is evolving quickly. Many companies are struggling to keep up with the curve, and data responsibility is becoming as important as corporate responsibility.
With esteemed industry experts, this KNOW Identity Forum dove headfirst into the complexities of marketing in this new era. Our panel included Al DiGuido, a visionary in the email marketing business; Kyle Hollaway, with years of experience in identity and marketings; Joe Yakuel, the founder of Agency Within; and Cameron D’Ambrosi, our resident identity guru.
“How does a marketer leverage data to build relationships with customers?”
The panel kicked off with a discussion around the heart of marketing: customers. The panel agreed that data helps marketers get to know their customers and potential customers, and if leveraged correctly, data can ultimately shape the user experience and help customer retention.
Whether it’s acquiring new customers or retaining them, marketing is the glue that creates a bond between brand and customers. Now the universe of user information is seemingly infinite if your pocketbooks are deep enough. Yet, across the board, the panel empathized that the amount of data is less important than a market’s ability to effectively leverage that information.
The panelists identified a recurring theme of missing opportunities to connect with customers by not leveraging the data that’s available to them.
“Privacy laws should have been in place the whole time. Companies are doing things that never should have been allowed.”
This discussion transitioned into a conversation around the lack of regulations and rules around marketing. Several panelists agreed that most companies don’t actually use the information they collect. And when you’re collecting information that you don’t actively use, that extraneous data becomes a legal liability. There was a consensus that stockpiling information that you don’t actively use to build a better relationship with the customer is generally a bad practice. Key takeaway? Take a deep breathe and delete that data you’re not using!
While there is a lot of anxiety and general gloom around CCPA and GPDA, our panel seemed relatively optimistic. The panel was encouraging, emphasizing that privacy laws are an opportunity to go back to the drawing board and rethink why you’re collecting the data you’re collecting. They viewed CCPA and GDPR as an opportunity to be more diligent about data collection practices.
Our industry experts expect that CCPA will cause the quality of data to go up and scale to go down, and that’s not necessarily a bad thing.
“We think we know the consumer, but the measurements are not precise.”
The panel ended by talking about the fact that marketing is more than just data. Data can certainly provide insight into customer expectations and the customer experience, but ultimately, the more we collect data, the more likely data sets are to be incomplete or misleading.
We’re entering an epic paradigm shift in the marketing world. As Joe said, “The days of reach are over.” We’re entering an era of relevancy; marketing teams and strategies will need to shift. Instead of focusing on growth and increasing marketing funnel, marketing will become more about experiences that not only drive conversions but also develop brand loyalty. Data is just a primary indicator – communication between a brand and a customer will remain paramount in marketing.
We walked away from the evening with a better understanding of CCPA and GDPR. A world without cookies sounds scary, but it really funnels marketers to focus on the most important part of their work: authentically connecting with customers.
If you want to learn more about what CCPA means for your business, check out this The California Consumer Privacy Act Explained from the One World Identity advisory team!
The KNOW Identity Roadshow Continues
New York marks our 6th Forum this year, and we have four more KNOW Identity Forums coming up before the end of the year. We’re talking about healthcare in Boston, payments in Atlanta, data privacy in Seattle, and open banking in London.
It’s enlightening to travel around the country and see how the evolution of identity is impacting business, industries, and individuals across the globe, and we’re thrilled to have the opportunity to drive impactful conversations and learn from inspiring leaders through the identity community. We hope to see you as our roadshow continues, and don’t forget the KNOW Identity roadshow culminates in the annual KNOW Identity Conference in Las Vegas, April 5 – 8, 2020. Take advantage of Early Bird Pricing while you still can!