Intent Data in the Age of Data Regulation

Since the implementation of the Data Protection Act in 2018, the approach behind the use of data has changed dramatically. Our clients and customers don’t just want a great experience, they also want to make sure they can trust us. And it makes perfect sense in the present times.

But as data is considered a key factor in a positive customer experience, U.S. brands and agencies have found it to be increasingly complicated to earn customer trust while remaining compliant.

In an article by John Snyder, CEO at Grapeshot, for AdExchanger, he says that the GDPR will remove 75% of third-party data and what’s left will be more expensive. This has caused the power dynamic between brands and agencies to evolve over time.

The GDPR allows functional and financial incentives to unlock the customer insights that they already have. The only reason most brands have not been able to do it is because of the discrepancy in their data repository, causing agencies to lose ownership of their clients’ data.

To make up for the loss of these revenue streams, agencies must be creative and strategic about how they work with brands in this trend. Digital agencies still play an important role in data—just not a hands-on role. Once a brand collects a mass of information through rewards, loyalty programs or more relevant offerings that make consumers feel comfortable enough to share, the agency can take the lead in designing marketing plans that are best fit for it.

Putting Data-driven Marketing to Work
Brands that set out to make better use of their first-party data often want more control and visibility than they’d typically receive from the agencies who ‘silo it away’ and can’t provide easy access.

To prevent brands from going with their in-house solution, agencies must be prepared to show transparency and provide as much data visibility as possible. Hence, it is key to bring value-added insights and analysis to the table.

Research studies by Sizmek revealed that 88% of marketers agreed they would find it valuable for a partner to take a consultative approach and help them understand and gain insights from data.

While brand executives are capable of getting their hands on basic data services, implementing the proper infrastructure is a different story. Agency’s competence in interpreting and strategizing against data is what makes them valuable to brands as they determine the right kind of data and insights for their marketing efforts.

Typically, agencies may want to be left in charge of brands’ data because they have deep insight into data systems, interpretations, programmatic ad buying, etc. The added financial, operational, and resources needed for bringing programmatic as well as data strategy in-house may be a little too steep for most brands; which is why they let their agencies be in charge of that function.

For more details: https://bit.ly/34V1xz4