Category: Actuality

Third-Party Cookies are slowly agonizing, the main browsers have already killed them. But, what would this mean for companies? Are we facing a new Marketing Era? 

All your doubts will be solved in this article. Also we will see the possible alternatives or if there are not feasible alternatives for Third-Party Cookies and companies will have to completely change their consumer-based strategies. 

Privacy 

Third-Party Cookies have been used as an incredibly efficient tool, allowing companies to track their customers to have a complete vision of them. This tool generates value to companies in terms of customer knowledge and segmentation possibilities. However, it was incredibly invasive for many users, who saw it as an attack on their privacy.

Not just that, the fact that, as we mentioned, this type of cookies are going to disappear from the main browsers (if they have not already done so), presents us a scenario in which the future of digital marketing seems to be directly focused on the use of the data that the customer provides you with directly: the First-Party Data.

Differences between using 3rd Party Cookies and 1st Party Data 

Third-Party Cookies are used to recap information about users. They have an analytical purpose, as it registers from socio-demographical data to attitudinal data, allowing companies to obtain profiles and segment the market based on habits or interests from each particular user. This is why this has been an incredibly useful tool for companies until now, when their use has become very limited and will soon be obsolete.

It is at this points where we should look in to the future, into the use of First-Party Data. First-Party Data are data obtained by your company directly from your client. Data shared voluntarily by your client and that would help your company know properly your customer’s insights. By using this tool you would be generating a much more in depth relationship with customers, boosting the engagement.

Currently, due to advances in technology, companies have the possibility of collecting an enormous amount of First-party Data in a relatively simple way. The problem for companies start when this data is not used properly, due to problems in the storage and in the way it is sorted. We must bear in mind that is useless to recap all of this data if we are not be able to analyze it properly with the tools available in order to understand our customers and offer them great customer experiences. 

New possibilities that a CDP could give to your company 

Unlock your customer’s value. With a Customer Data Platform everything is possible. A CDP is a tool that would allow your company to store and structure every single piece of data that your company has available. Also, a CDP would join in the data that your company has stored in different platforms (social media, CRM, etc.), and the sociodemographic data available in the market that you wish (Average rent per district, Nº of babies born per district, etc.). Once stored and structured this data, a CDP would allow you to analyze it gaining insights from your customers. 

There are many types of CDP providing clients with different functionalities, allowing your company to benefit in numerous ways of them. If your main goal is to substitute Third-Party cookies, the best option would be for sure the use of an Inteligent CDP, as it would allow you to analyze your data in depth, and with the support of Artificial Intelligence to benefit from those details that could escape human’s eye.  

Why FLYDE

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

Try it for free with our free trial (with auto-generated fake data)!

In recent years we have seen an unprecedented advance in Artificial Intelligence. ChatGPT, Wall-e, and other models that simulate human behavior and learning. But it has not yet been possible for an AI to develop Emotional Intelligence, the question here is whether it is possible for it to achieve it.

It is complicated to know if a friend or a family member needs a hug, humans use our Emotional Intelligence to read the needs of that person. Could we then know if a person we don’t know directly needs a hug or not?

Emotional Intelligence: how does it work?

In order to move from prejudice to judgment, human beings need information or data that bring us closer to knowledge about a specific issue. Thus, Emotional Intelligence, like any other type of Intelligence, needs to be fed with knowledge. This knowledge is composed of the new information that we have obtained about the concrete issue and the validation of the previous knowledge of similar situations that we have lived.

When a friend tells us about a situation he/she is living, we compare this information with data from the past, we see if it can be something problematic or not for that person and we act accordingly, with a hug or a reprimand, everything will depend on the judgment we make with the information we have.

Emotional Intelligence vs Artificial Intelligence

The obvious question that follows is: Will AI ever be able to do all this? Well, the answer is just as obvious: Who knows?

What we can be sure of is the current capabilities of AI. Artificial Intelligence today can approach and even surpass humans in part of the process mentioned above.

Continuing with the explanation of what Emotional Intelligence is, the part of generating and processing the information prior to making the judgment, can currently be carried out with AI. Even a good AI model, with enough data from a person (basic, attitudinal and behavioral), could perform this data processing better than a human being.

At present, AI still needs the human to make that final judgment with the processed data. AI could tell you that a person is bad and how bad they are, but it is a human who has to decide whether to give them a hug or not, and above all it is the one who has to give that hug.

The need to understand your customers

All of this brings us to a fundamental point for companies in terms of technological evolution. Artificial Intelligence at the current point where it is allows companies to know if your customer wants a hug or not, and how much they want it or if you are going to lose that customer by giving it to them.

Knowing the level of Customer Engagement of a customer, based on the processing of all the data that we companies have at our fingertips, we will be able to locate the point at which a customer is with our brand, and not only that. As we have previously commented, AI can do things in a similar or even better way than humans and, therefore, we could currently predict what our customer is going to do once we embrace him.

AI, as we can see, is not simply a Chat or Image generator, AI brings a series of infinite possibilities to humans, and companies should not take long to start benefiting from these.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

Artificial Intelligence, or AI, is the simulation of human intelligence in machines that are programmed to think and learn like humans. It is a branch of computer science that deals with creating intelligent machines that can think, learn, and adapt like humans.

AI is used in a variety of applications such as image recognition, natural language processing, decision making, and many other fields.

Types of AI that can be useful for marketing teams

Artificial intelligence (AI) is increasingly being used in marketing to help businesses better understand their customers and target their marketing efforts more effectively. Some specific ways that AI is being applied in marketing include:

• Personalization: AI can be used to analyze customer data and create personalized marketing campaigns that are tailored to the individual.
• Chatbots: AI-powered chatbots can be used to engage with customers in real-time, providing them with information and answering their questions.
• Predictive analytics: AI can be used to analyze customer data and make predictions about future buying behavior, which can help businesses make more informed decisions about their marketing strategies.
• Image and video recognition: AI-powered image and video recognition technologies can be used to analyze visual content and extract insights, which can be used to inform marketing strategies.

Data-Driven Marketing

Data-driven marketing is a strategy that uses data and analytics to inform marketing decisions. It involves collecting, analyzing, and interpreting data about customer behavior, demographics, and other factors to gain insights that can be used to improve marketing campaigns and drive business growth.

The goal of data-driven marketing is to use data to understand customer needs and preferences and to develop effective marketing campaigns that will reach and engage the right audience. This approach allows businesses to make data-driven decisions, such as which products to promote, which channels to use, and how to allocate budget.

Customer Data Platform to unify Marketing and Artificial Intelligence

A Customer Data Platform (CDP) is a system that allows businesses to collect, integrate, and manage customer data from a variety of sources in order to gain a single, unified view of the customer. CDPs are used to support data-driven marketing by providing a centralized location for storing and managing customer data, which can then be used to inform marketing decisions. A CDP for it to be useful, needs of Artificial Intelligence models to be run in order to process this huge amounts of data correctly, and to drive predictive models.

Here are a few ways that a CDP can be used for marketing:

1. 1. Customer segmentation: CDPs can be used to segment customers based on their behavior, demographics, and other factors, which can be used to create targeted marketing campaigns.
   2. Personalization: CDPs can be used to create personalized marketing campaigns that are tailored to the individual. This can be done by analyzing customer data and identifying patterns that can be used to create targeted messaging and offers.
   3. Campaign optimization: CDPs can be used to analyze the effectiveness of marketing campaigns and make adjustments as necessary. This can be done by tracking the performance of campaigns and identifying areas where they can be improved.
   4. Data Governance: CDPs help to ensure data governance by providing a central location for storing and managing customer data, and also help to ensure that data is accurate and up-to-date
   5. Cross-channel marketing: CDPs can be used to coordinate marketing efforts across multiple channels, such as email, social media, and web.
   6. Attribution: CDPs can be used to identify which marketing channels are most effective in driving conversions and revenue, which can inform future marketing investments.
   7. Predictive modeling: CDPs can be used to analyze data on customer behavior and make predictions about future buying behavior, which can inform marketing decisions.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.

2022 has been a key year for Customer Data Platforms. According to data provided by Deloitte, high growth brands are leading this change, with 61% moving to a first-party data strategy, while just 41% of low-growth brands are doing so.

The prohibition of third-party cookies and the obligation to use own data or customers who demand increasingly personalized experiences are some of the reasons that have driven this growth, which is expected to continue in 2023. 

But what else can we expect? Here are 4 trends that will shape CDPs in 2023: 

1. Increased adoption of CDPs by companies

Omnichannel strategies

The arrival of COVID-19, the new ways of buying (ROPO, Showrooming), or the constant raise of online buying, are some of the causes of the increased need of companies to develop omnichannel strategies, in order to unify their channels and their customer data through the whole brand.

Customers demand a better customer experience

Communication and generalized customer treatment is a thing of the past. Customer experience has positioned itself as a key factor for customers to stay with a brand or abandon it to the point where 86% of consumers would be willing to pay more if it meant a better and more personalized customer experience.

Obtaining relevant insights from Customer Data

Personalization and digital transformation also means receiving much larger amounts of data from our customers. Therefore, it becomes necessary to have a system that stores, organizes and processes data properly.

2. The Customer Data Platform (CDP) concept takes hold and is divided into subcategories.

While it is true that there are markets such as the U.S. where this type of platform is already well established, there are others where CDPs are just beginning to gain momentum.

At the moment, according to the CDP Institute’s Member Survey 2022, more than 60% of clients understand that the main functionalities of this type of platform are unified views of clients and the loading of data from different sources.

The year 2023 is expected to serve as a turning point and leave behind doubts about what these platforms are, what they do and how they can help a company. In the same way, it is estimated that a greater expansion of the knowledge of these platforms and their benefits will help the implementation in companies to understand how they can fit them into their MarTech strategies.

It is also expected that vendors will begin to differentiate into subcategories (pure data, analytics and campaigns) to help customers quickly identify capabilities and benefits.

3. Increased concern for data privacy

41% of consumers globally say their trust in digital service providers’ ability to keep personal data secure has decreased. By storing data in a Platform regulated under the strict GDPR protection will ensure a much safer environment for Customer’s Data.

We know how important it is to protect your customers’ data. That’s why at FLYDE we comply with legal and data protection obligations. You can find out how here.

4. Easy to use CDP platforms

The complexity of analyzing large amounts of data from different sources and processing them has made most of the CDP platforms on the market very technical. While it is true that there are companies with large IT teams, we can also find others in which the burden of these actions falls on teams with little technical knowledge that make it very difficult to use these tools properly.

Some suppliers are opting to facilitate some of the tools that make up their platforms, although there is still a long way to go as these changes require time and investment. However, it is still important: CDP platforms are becoming more and more transversal to all company departments. Sharing unified profiles, sharing data, cross-referencing and processing them in real time or generating strategies from them are just some of the common processes that we can find in any company on a daily basis.

For this reason, marketing and sales professionals, among other departments, are looking for greater autonomy when generating campaigns, cross-referencing data, etc., and thus avoiding funnels and waiting times.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximize the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them. 

It seems obvious that an economic downturn is coming. How does this affect on Marketing strategies, and what can those marketing teams do to minimize the damages of an economic downturn?

In this article we would explain how through the correct use of Customer Data you could optimize your resources in order to minimize damages of an economic downturn.

Current Situation

After the global pandemic, the war and at the high inflation rates that western countries are facing, it seems quite obvious that we are facing an economic contraction. We are quite experienced with this type of situation after 2008, but our current possibilities to face it are different from those we had in 2008.

Today, we have new solutions that could help our company be one of those companies that suffer the least out of the recession. The adoption of Artificial Intelligence and Big Data helps every department of companies to develop data-driven strategies, really useful especially in time where your company would need to gain efficiency against your competitors. The problem comes for those companies that aren’t yet implementing this type of solutions, as their techniques are becoming obsoletes.

In this article we will focus on the main problems and possible solutions that a Marketing team could be facing in this situation.

How does an economic downturn affect marketing teams?

Budget Cuts

When economic contractions start, companies tend to lower down each department’s budget, but as seen always, marketing budget tends to be the most affected one. When the marketing budget is noticeably cut your strategies would surely suffer, and what is more important, your customers tend to realize this, which would end resulting on loosing customers.

Lack of purchasing power from customers

Economic recessions affect on every single member of the society and your customers would not escape from it. Your customers won’t be able to continue spending as before and they would start choosing more wisely where to spend their money. Competence would start becoming more fierce as the demand would decrease, so your ability to overcome your competitors must be better than ever.

Higher prices for resources

Inflation, and specially in the current situation, raises up the prices paid by your company to produce goods or services. So margins become much smaller, and marketing gets much more complicated, offers and discounts need to be measured to the nearest, and prices can’t raise up for a weaker experience as customers would notice and leave your company for your competitors.

Loosing Customers

It’s the moment where you lose customers and it’s 7 times more expensive to gain a new customer than to retain one. As we have seen in the points described before, loosing customers is a typical thing in economic downturns, this can suppose a complete breakdown to a company as loosing customers is the most expensive matter for a company.

The need for companies to retain customers and gain unhappy customers from their competitors goes through boosting your marketing efficiency, and your customer experience, in order to lead the market in an uncertain moment.

How can marketing teams face economic downturns?

Know where to cut off by knowing your customers

Cuts in budget are going to happen, the crucial point resides in knowing where to make those cuts so that customers don’t realize it. With the use of an Intelligent CDP you would be able to track your customers journey to know where and what they expect from your company. With this analysis done you would be able to cut off just the thing you where doing and that affected the least to your customers.

Stock management with demand forecast to optimize resources

Big Data and Artificial Intelligence bring unlimited opportunities for companies. Your company could start to know and understand your customer to the extent of being able to forecast your customer’s next movement. In this way with the historical data and Machine Learning, you would be able to have predictions of demand up to a 95% or above preciseness on the demand of each product, and each customer.

With this detail of forecast you would be able to reduce to minimums losses or surpluses of stock, saving huge amounts of money for the company.

Offers and discounts depending on each individual situation

Attitudinal segmentation, know which customers are looking for offers and which ones are not in order to prioritize discounts and maintain those customers. By tracking your customers attitudinal and behavioral contacts with your company, you would be able to know if they are looking for discounts or not, in this way you would optimize your marketing strategies, and use your budget more wisely.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.