Intent Data in the Age of Data Regulation

1. Intent Data in the Age of Data Regulation Since the implementation of the Data Protection Act in 2018, the approach to data use has changed dramatically. Our customers and clients not only want a great experience, they also want to make sure they trust us. And that makes perfect sense nowadays. But as data is a major factor in a positive customer experience, US brands and agencies have found it increasingly complex to gain customer trust while continuing to comply. In an article written by John Snyder, CEO of Grapeshot, for AdExchanger, he said that the GDPR will remove 75% of third-party data and what remains will be more expensive. This has led to the evolution of the power dynamics between brands and agencies over time. The GDPR provides job and financial incentives to unleash the insights that customers already have. The only reason most brands can't do this is because of inconsistency in their data warehouse, which has caused agencies to lose ownership of their customers' data. To compensate for the loss of these revenue streams, agencies must be creative and strategic about how they work with brands in this direction. Digital agencies still play an important role in data - not just a practical role. Once the brand collects a large amount of information through rewards, loyalty programs, or more related offers that make consumers feel comfortable enough to participate, the agency can take the lead in designing the marketing plans that suit it best. Putting data-driven marketing to work Brands that aim to make better use of first-party data often want more control and visibility than they would normally receive from agencies that "cut it off" and cannot provide easy access. To prevent brands from using their in-house solutions, agencies must be prepared to demonstrate transparency and provide as much data visibility as possible. Hence, it is essential to bring value-added insights and analysis to the schedule.

2. Research studies by Sizmek reveal that 88% of marketers agree that they will find it beneficial for a partner to take a consultative approach and help them understand and gain insights from the data. While brand executives are able to obtain basic data services, implementing the right infrastructure is a different story. The agency's efficiency in interpreting and strategizing data is what makes it valuable to brands as it identifies the right kind of data and insights for its marketing efforts. Usually, agencies may want to be left in charge of the trademark data because they have deep insight into data systems, interpretations, automated ad buying, etc. The house might be a little steep for most brands; That is why they allowed their agencies to be in charge of this function. The biggest challenges for brands and agencies when it comes to data “For decades, the industry has turned a blind eye to the ways in which consumer data is obtained. As such, most of the data used to feed vendor technology today has a layer of mystery covering it,” says Raphael Rodier of Ogury, an agency that specializes in advertising technology. When, where and how was it collected? Was it taken with permission from the consumer or not? This is no longer acceptable, or in fact legal. The ability to demonstrate unambiguous traceability of consumer consent is mandatory. Any advertiser or agency should spend money with partners Advertising Technology to request evidence that the vendors they work with comply with all global privacy laws. Advertisers can still do a lot of targeted marketing without using third-party data. The General Data Protection Regulation and Consumer Privacy Protection Act (CCPA) require brands to extract first-party data to pre-qualify audiences and it is difficult for agencies to adapt to this change. Because increased audience identification efforts and targeting with third-party data is an income-generating tool that will not be in place anymore. Intent data from third parties is a key asset if marketers are running ABM campaigns. In fact, 45% of a B2B buying cycle involves independent search of buyers, and that's basic information that most brands cannot access.

3. Today, just having a lot of consumer data doesn't equate to success. Instead, having a well-defined data strategy will ensure that brands provide sources and use the data that best matches their business requirements. It is about building trust and credibility among consumers. This strategy will allow you to improve your marketing efforts and messaging. To do this, agencies must ensure they have the best data talent or partner with trusted companies that can support their data capabilities. Building trust and credibility The best way for agencies to be compliant is to say what they're going to do and maintain that transparency. Agency operating standards must align with GDPR and CCPA guidelines that incorporate legality, fairness, transparency, accountability and accuracy, both in law and in principle. This is to ensure that what we are doing is not only legally right but also the right thing to do, from a cultural and organizational point of view. This is not a new challenge though. It's just an advertisement, ”says Brendan Greenwall of the Initiative, a global media agency. One digital one did not have to be resolved until privacy laws came to regulate it. When you look at traditional advertising media, most of them require an independent governing body to approve the ad before the public can see it. Next, you must carefully consider the time and place of the ad placement to comply with specific market regulations Now compare that to the efforts required to display a live ad in almost entirely self-regulating online video space ... To encapsulate this all Data was an integral part of marketing and unleashing hidden visions of success. It changes the way agencies deal with their potential clients. One of the most powerful ways that advertising and marketing agencies can grow their bottom line at scale is by leveraging intentional data and marketing analytics. But in a post- GDPR world, this has become a challenge. In the race to catch up with major tech disruption and respond to changing buyer expectations, the lines are somewhat blurry about how marketers can be data driven while data is protected.

4. While most agencies are now honest about their data sources, there is always a chance that names from inappropriate sources or other personal information will end up on file. Brands can come under scrutiny for not being held accountable when their messages and profits are linked to the identifiers. Agencies that are already rated as trusted partners will be able to nurture these relationships in the future. Whether they reimagine their strategy or become more innovative through their consulting model, these initiatives are essential for them to thrive.