The global digital economy is undergoing a seismic shift as consumer expectations heighten around data privacy and security. As the third-party cookie crumbles, investment in privacy-enabling data management tools will pay dividends in delivering differentiated and personalised customer experiences. In the Asia-Pacific (APAC) region, the acceleration of changes in the data privacy landscape has led to greater consumer awareness of data privacy rights.
Navigating the Privacy-Conscious Era
Tealium and Meta’s report highlights the critical role of digital leaders in steering their organisational ship amid the tides of marketplace change. Executives that anticipate the impact of upcoming regulatory changes and future-proof their organisation can capitalise upon the market opportunity that awaits. For example, adopting a customer data platform (CDP) that enables data protection, whilst enriching customer profiles can give companies the competitive edge through building CX innovation capability. This is especially important as brands brace for a cookieless future amid an increasing volume of online consumers.
In Australia, 83% of consumers have expressed concerns over cookies that monitor their online activity for targeted marketing. Coupled with scepticism of inauthentic experiences and an increasing demand for omnichannel personalisation, consumers now expect seamless and tailored experiences at every touchpoint throughout their buying journey. Data is central to the creation of hyper-personalised and frictionless experiences, so it’s vital that companies earn the trust essential to first-party data acquisition to meet their customers’ personalisation expectations.
Marie-Louise Dalton, Vice President of Marketing, Asia-Pacific and Japan at Tealium confirms, ‘As brands rely more heavily on first-party data in their marketing strategies, establishing a trusted value exchange with consumers will be more important than ever.’
The encouraging news for brands is that consumers display a high willingness to share their data to receive customised and timely experiences in exchange. The ball is now in a brand’s court to protect the data entrusted to them, in order to continually innovate and elevate the customer experience.
Importantly, privacy and personalisation do not have to be at odds. Approaching personalisation with a privacy-first mindset is the gateway to the future of customer experience.
Technology-Enabled CX Innovation
Adopting a best-of-breed technology stack is central to powering data-driven CX innovation. This is where Tealium’s trusted CDP, in conjunction with Meta’s Conversions API, can enable companies to streamline data from multiple sources within a single secure location to stitch together a unified customer view. Companies can then activate enriched customer profiles in real time to deliver meaningful and timely experiences.
Well-known Australian internet service provider, Dodo, worked with Tealium CDP and Meta’s Conversions API to improve its campaign measurement and performance. With the right technology infrastructure, Dodo achieved a notable 26% increase in sales and 23% higher conversion rate.
Nadia Tan, Director of Business Ecosystem Partnerships for Asia-Pacific at Meta, states ‘We understand that businesses are dealing with various challenges, including the decline in online performance and difficulties in attribution; businesses need to strike a balance between driving performance, while respecting people’s privacy.’
Shifting to a First-Party Data Strategy
Companies that invest in a CDP-enabled first-party data strategy will be those that lead their industries into a new era of privacy and personalisation.
Accenture Interactive surveyed 8,000+ consumers globally in 2021, and found that nearly three-quarters (73%) of respondents indicated a willingness to share personal information if brands were transparent about how it is used. Transparency is key to delivering a trusted value exchange between the brand and the consumer.
Tealium and Meta’s report recommends five key actions that companies can take to establish a privacy-compliant data collection and management strategy:
To delve deeper into privacy-first CX innovation, read Tealium and Meta’s report, ‘Privacy and Personalisation: A Balancing Act to Innovate the Customer Experience’.