Tech Giants is rebuilding the way businesses leverage data

Tech Giants is rebuilding the way businesses leverage data

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In addition to the way we get consent to use personal data, the area of ​​how businesses distribute content to consumers is evolving right in front of us. iPhone and iPad maker Apple recently announced a major change in the way it handles user privacy. Specifically, we plan to give consumers more say about the personal data they provide to businesses by giving them more control over their privacy settings.

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This, of course, offended Facebook management, saying that the change would limit and significantly reduce its ability to deliver targeted content and ads to users. A message for a more personalized and effective experience.

in addition, GoogleHas established itself as number one Digital advertising The platform recently announced through search engines that it will change the way personalized content and ads are delivered. Technology giants are proposing their own new technology that allows Google to personally track users, but with respect for privacy. Google states that you can do this by grouping consumers into groups of interest on your device and using tools that don’t send your browsing history or information to the server.

What’s at stake – how marketing data is currently used

Many things are at stake, including how companies use algorithms and technologies to track individual users. For example, if Google masks customer data to enhance privacy, businesses will need to purchase ads through Google. This means that you will eventually need to access your targeting data and send those messages to the specified user base.

These online ads, driven by big data, have helped businesses target people with the characteristics of people who are likely to be interested in content and promotions. Big data is the process of purchasing data from a third-party provider, collecting online activity, purchase history, social media content, and more to identify who is most likely to be interested in the promotions your company offers. ..

However, one of the key issues is that companies make inferences based on this data, and often the estimates are based on outdated or inaccurate data. For example, when a person searches Google for a particular phrase or topic, it creates a targeted digital ad for the exact same product and targets that user.

Because of this, big data is often inaccurate and lacks customer transparency and control, making big data unpopular. Meanwhile, companies such as Apple and Google have the goal of keeping their customer data more private while continuing to provide users with a customized Internet experience.

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There has been a war for some time over the individual’s right to data privacy. In addition, there are personalization / privacy issues. This means that consumers want their data to be private and secure, while at the same time wanting content directed to them to be curated based on their daily interests. We live in the digital world and many feel overwhelmed by the amount of messages they receive each day, so finding a balance between the two is paramount.

Future changes in data usage

That said, there is a fundamental change in the way businesses collect and use customer data. As mentioned earlier, big data is not always accurate and often feels like a privacy breach to consumers, ultimately creating distrust.

Companies are now adopting zero-party data collection to strengthen customer trust. Zero-party data is information that customers are willing to share with trusted companies or brands. Information includes everything from preferences, feedback and profile information to interests, consents and purchase intents.

The result of data management is greater consumer trust and empowerment

This is a step in the right direction to give consumers better control over their data. Some of the benefits of using zero-party data include:

  • It is the uniqueness of a brand or company that no other brand has the same data.
  • Being the ultimate source of truth in that consumers provide their own insights rather than making assumptions based on big data.
  • It is relationship-based and relies on a higher level of trust with consumers. That is, brands need to be transparent about their use of data, and relationships need to be mutually beneficial.

The key to all of this is that companies in every industry, regardless of size or location, need to change the way they interact with and interact with their customers. We need the trust of both our current and prospective customers. That way, the customer wants to share zero-party data with the brand.

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Building this trust gives businesses access to the data they need to better interact with their customers, while at the same time enhancing value in return, such as improved customer service and a personalized customer experience. Can be provided. By making it easy for customers to update and edit their data, they build trust and build mutually beneficial relationships while keeping their data up-to-date.

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