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13.03.2024: HIGHLIGHTS FROM THE DIGITAL CONFERENCE TALKS

CURRENT TRENDS IN CUSTOMER DATA


Susanne Ullrich on 13.03.2024


Data is our passion. It helps us to understand what makes users tick, what their needs and wishes are. But the world of data is fast-moving. With the support of AI in particular, there are new developments relating to customer data and its use almost every day. In order to keep our finger on the pulse and always be able to provide our customers with the best possible advice, we follow all innovations and updates on this topic with interest. Last week, we also took part in the digital conference “Customer Data Trends 2024” organized by marketing-BÖRSE. In this blog post, we share our highlights with you on the latest developments in marketing data.

CUSTOMER DATA TRENDS 2024

The online conference highlighted the need for companies to adapt to the constantly changing nature of marketing and focus even more on the customer. This was clear throughout the presentations. Companies need to use innovative strategies and new technologies to meet expectations, gain competitive advantage and remain relevant to their customer groups.

We have crystallized the following key messages from the presentations for you.

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1. PERSONALIZATION BECOMES THE BE-ALL AND END-ALL

“What’s in it for me” is a question that marketing managers will increasingly have to ask themselves in the coming months when thinking about marketing activities, campaigns or website optimizations. Thanks to platforms such as Netflix, Spotify, Amazon and delivery services, customers are now very accustomed to service providers knowing their exact preferences and expect suitable suggestions in real time. In addition, personalization is currently one of the main use cases of artificial intelligence, which is why the topic is gaining momentum. More and more brands are using (generative) AI to offer their users the best research and purchasing experience along the funnel and thus gain an edge over the competition. At the same time, however, there are many examples that make personalization seem like an unfulfilled promise on the market – be it due to technological challenges, a lack of expertise in marketing departments or a lack of agility and speed in implementing new methods. These challenges must now be overcome as efficiently as possible and customers must be provided with the information that motivates them to add the product to their shopping cart or use the service through targeted and timely personalization across multiple channels.

2. AI AS A GAME CHANGER: NOT A CHOICE, BUT A DUTY

As marketing guru Seth Godin recently said in a podcast, marketers should spend at least 30 minutes a day using AI. Only if you accept, learn, understand and actively use the new technology will you be able to do your job well in the medium and long term. Artificial intelligence will replace mediocrity. In future, marketing managers will have repetitive tasks performed by AI, giving them more time for planning and strategic decisions. 71% of marketers believe that AI will help them to focus more on strategic tasks (source: Salesforce Generative AI Snapshot Survey 2023).

AI also helps to get more out of customer data. For example, artificial intelligence is already being used to predict customer behaviour, optimize marketing campaigns, make personalized recommendations, automate customer service, perform sentiment analyses, enrich customer data and ultimately acquire new customers.

Various recent studies show that the most common AI use cases in marketing are as follows:

  • Personalization
  • Segmentation of customer data
  • Content creation
  • Chatbots for customer service

3. FIRST PARTY FIRST

Another topic that was a common thread running through almost all of the presentations at the conference was the 1st party data strategy. The “cookieless future” has begun with the phasing out of 3rd party cookies by Google Chrome. The impact of the phasing out of 3rd party cookies means loss of data and therefore loss of revenue for those who do not react quickly enough. Especially when you realize that currently 60% of all personalization cookies are still based on 3rd party cookies. In order to continue to create a seamless user experience and/or persuade consumers to buy their own products, companies must respond to their wishes and preferences at all points of the customer journey. First and foremost is 1st party data acquisition. This means that you should obtain consent for information about your users at all points in the customer journey. The good news is that you don’t need that much data to begin with. Instead, marketing managers should think carefully about what data they really need in the customer journey in order to tailor their activities and personalization accordingly. You should also consider data collection across multiple channels so that you have a 360° view of the customer.

4. SIMPLIFICATION OF THE TECHNOLOGY INFRASTRUCTURE AND DATA STRATEGY

The need for a simplified system architecture and a clear data strategy was clearly emphasized at the Customer Data Conference. An effective data strategy requires breaking down data silos to ensure a comprehensive view of customers and users and ensuring that ‘fresh’, complete and qualitative data is always available in real time. Intuitive user interfaces and clean data management are also crucial to ensure that marketers can work with customer data quickly and efficiently. In particular, the increasing transition from the physical to the digital shopping experience requires all the more the breaking of data silos and the use of new identification methods to make data-driven decisions and provide a seamless shopping experience. The implementation of new technologies such as Customer Data Platforms (CDPs) enables companies to break down data silos and create a consistent customer experience across all channels.

TAKE YOUR CHANCE!

If you have read this article up to this point and are still at the beginning of most of the topics, you are not alone. The new customer data trends present companies with major challenges, but also offer opportunities and previously unimagined potential for greater customer loyalty. With a strong data strategy based on zero and first-party data, you can boost your customer loyalty and activation and set yourself apart from the competition.

Contact us if you would like to find out how you should set up your customer data strategy for 2024. We have a wealth of experience and will be happy to help you.