This is the second blog in our Customer Data Best Practices Series - here is part 1.
There's no doubt that data is invaluable across every part of your business. It informs your decision-making. It proves the ROI of your efforts. It helps you understand your customers better.
However, the paradigm of customer data is shifting for 3 reasons
But what if the solution to this paradoxical problem was actually simple – focus on less data, not more!
For well over the last decade, the name of the marketing game has been to collect as much data as possible now and then figure out what to do with it later. Everything customers search for, click on, share, and look at is collected, stored, and sometimes analyzed – extensively.
Marketers spend billions of dollars collecting this data, millions of hours figuring out how to organize, clean, and analyze it, and then tear our hair out trying to figure out why the ads and campaigns get so little interaction from our target audience.
But data is only as valuable as the actions you take from it — and holding on to your data is unhelpful and becomes a liability with new privacy laws. We have overcomplicated this data-driven marketing process, and it's time for marketers to rethink how they use data.
Even with new data protection laws and the demise of third party cookies, it’s still pretty easy to collect customer data. But that is thinking about it wrong! Collecting data you aren’t going to use is just going to waste time and possibly get you in trouble down the road!
So let's start with data minimalism. The idea is that data is a precious resource, so we should treat it that way.
Simplify the data you gather and how you gather it to build more efficiency and effectiveness into your marketing processes.
Minimizing data collection is a win-win for marketers and customers alike. Focusing on data minimalism allows you to save money and time and build trust because you are transparent with customers.
Our purpose at Wyng is to help brands rebuild trust. This starts with a software platform that marketers can use to collect and use zero-party data to personalize experiences, give customers transparency and control over their profiles, and integrate easily with all of their existing technologies.