First-Party Data Transformation in the Age of Compliance
With evolving privacy policies and technology changes facing organizations of all sizes, the operative strategy is getting back to basics and building an ecosystem of trust with your stakeholders. This ecosystem strategically focuses on building and deepening first-party data and shifts a culture to be data driven. The value proposition you offer your customers, members, clients, and employees serves as the greatest opportunity to deliver quality and a relationship that is authentic, credible, empathetic, and relevant.
What Is Your Ultimate Value?
To survive in today’s marketplace and grow into the future, an organization must evaluate, update, and ensure its value proposition for it to remain relevant to current and prospective customers. A focus and reliance on creating a relationship of trust strategically and tactically matches the expectations of today’s customers. It is foundational and non-negotiable. If you try to find a workaround, you will lose the loyalty of your current stakeholders and your credibility with prospective customers.
Whether you are B2B, B2C, B2G, B2I (Business to Individual), B2B2C or B2P (Business to Professional) a clear value proposition is based on a long-term, career spanning relationship with your stakeholders. To avoid churn, disinterest – or worse, irrelevance – your true value is critical to sustaining and growing your organization and its revenue.
Relationship of Trust
A trust relationship promotes and encourages your current and future customers to share their interests, demographics, and other data freely and safely with you since they believe in you and expect something valuable in return.
This symbiotic relationship ensures value across all touchpoints and creates personal experiences that are meaningful and memorable. It also ensures you retain customers over time, further deepening what you know about them by maintaining active data updates as you build layer upon layer of intelligence to offer service and products that are most relevant to them. If you want to learn more about relationships of trust, value propositions and B2P strategies and tactics, please explore 2040’s thought leadership articles and Ideas and Innovations Newsletter.
A holistic, omnichannel customer strategy is a basic principle of delivering trust and value. Omnichannel is the touchpoint relationship with a customer that spans physical, telephonic, text, digital, app and even social media focused experiences. If an organization fails to deliver a highly consistent experience with a customer at any point in the omnichannel journey, it can lead to permanent loss.
Word of mouth remains the most fruitful generation of new customers. An inconsistent and negative experience can kill a referral. A solid, consistent omnichannel experience not only feeds the referral engine, but it also builds the base of first-party customer data across all interaction points with an organization. Omnichannel insights are invaluable and become even more important in adapting to the new Google cookie-less and Apple pixel-less landscape, triggering a higher level of mastering the power of first-party data. Learn more on first-party data here.
The Omnichannel Experience
At 2040, we often find that organizational systems are disparate and disconnected across omnichannel. Some organizations have attempted to establish downstream data lakes. But with this model, data is unconnected to the rest of the organization. Insight, intelligence, and data collection often happens upstream and resides in the hands of those who interact directly with the organization’s systems and operational processes. This is also not an integrated systems approach to understanding customers. There is no one complete view into the omnichannel experience a customer has with an organization, therefore, operations and accountabilities remain disconnected and siloed.
Enhancing Value and Trust
Organizations must transform to deliver value-based relevance to the marketplace, or they will be sidelined by others who will take their place. Customers, members, clients, and stakeholders have clear expectations, and every organization needs to rise to the occasion.
Technology remains critical to transformational plans and strategies. But remember technology is only a tool to enable transformation of a culture, value proposition, workforce, and processes. Using technologies to connect iterative data and insights across the Omnichannel will help establish longstanding customer trust and produce the first-party data an organization needs to make evidence-based decisions and become data driven.
An omnichannel practice requires discipline as well as innovative thinking in making your value proposition contextual and relevant. An omnichannel approach ensures that your ability to remain valuable and relevant to your stakeholders is authentic. It leads to an ever-evolving view into how your organization’s “system” is working by allowing a continuous outside-in perspective. It also provides checks and balances to deliver personalization while also adhering to new compliance policies and protecting privacy.
In today’s changing ecosystem, transformation becomes critical to adaptation for sustaining and growing any organization. Transformation of an organization, its people, its processes, its culture and its technology aligned to current and prospect customers is today’s table stakes.
2040 helps organizations navigate the sea changes of finding their new normal. We offer actionable expertise in the strategy and operations of digital growth and engagement, empowering an empathetic workplace culture, strengthening your value proposition and driving revenues. We’ve been in your shoes and we know what impedes transformation … and what unlocks it.