Interview with Sav Khetan
With two decades of digital marketing experience, Sav Khetan knows how to use first party data to gain valuable insight. This skill will be especially helpful for others, as privacy laws change across the country, limiting what was accomplished by the third-party cookie.
“Attribution, targeting, look-alikes, media buying and impression tracking were all driven by the third-party cookie,” said Khetan, head of product strategy at Tealium. “Brands could engage consumers from acquisition to conversion without establishing a direct relationship with them. This approach is not viable once the third-party cookie is gone.
He added that customers feel good about collecting data and are more likely to sign up for it as long as they trust the organization collecting it.
“Some organizations clearly present options and are transparent about the impact of unsubscribing, and let the customer choose a lower than normal experience or a more relevant opt-in experience,” he said. declared. “The main point to remember is that trust has to be earned and built over time. If the organization is consistent, says what it intends to do, and does what it says, customers will trust them more with every interaction.
Tealium is a sponsor of the CMSWire DX Summit Fall Event, which will take place online October 28-29. Khetan will deliver a keynote titled “Ready for the Future: Top Trends Driving Your Data Strategy” on the first day of the conference. It will explore topics such as how to prepare a robust data strategy and how to leverage the power of customer data. Khetan spoke to CMSWire about what’s changing in the privacy law landscape, what customers want in CX, and how to keep data up-to-date and useful.
A radical change in the data landscape
CMSWire: How big or subtle should organizations expect change in the data environment, and how should they adapt their data strategy appropriately?
Sav Khetan: The data environment is subject to significant external forces causing great changes on many sides. Technology platforms are changing the amount of data available to advertisers and publishers with changes to third-party cookies and device identifiers. Privacy authorities around the world are putting in place regulations that give consumers the ability to limit what data can be collected and where it can be used. And, finally, because privacy has been a big topic in recent years, consumers themselves are starting to protect their data using ad blockers, opting out and signing out. [by] using privacy-focused apps. Collectively, these strengths mean a sea change in what data is available, how it can be collected and where it can be used.
What makes it more difficult is that these are moving targets right now. Google has yet to decide what their changes will look like; there is no clear solution to cookies; and many regions have not yet finalized and implemented their regulations. As a result, the world is currently divided between Apple and Google and between the EU and other regions. Advertisers and brands are stuck navigating different environments and opportunities and are forced to experiment and adapt on the fly.
This all means one thing: Data and advertising strategies from the past won’t work in the future. One of the main pivots that organizations will need to do is begin to build direct relationships with their customers and benefit from an authentic, personalized experience while asking them for information with permission in the value exchange. This should become the core of their first party database, which is needed to drive engagement and deepen relationships.
CMSWire: When it comes to data depreciation, how much data do organizations keep even when the value has declined too much to be useful? Is it common for organizations to accumulate old data? How can they change their strategy to keep the data as fresh as possible?
Khetan: Most organizations have multiple data silos, with years of data without proper data retention and hygiene practices. Driven by the reduction in data storage costs and the client-side beacon that collects data for most martech tools, data silos containing data that is beyond its usefulness and without the required privacy checks and balances are common.
As data privacy regulations become global and pervasive, these data silos will come with risk and expense. The strategy we recommend for most organizations is to collect only the data for which it has clear use and ensure that it is cataloged as it is collected. Ensure that clear retention policies are in place; ensure compliance by connecting data to privacy policies and tools; and perform regular audits to ensure that no new data silos are created.
Bridging the gap between customer expectations and brand experiences
CMSWire: What do customers want in their customer experience and what do organizations think customers want? Where is there overlap and where is disconnection?
Khetan: [This] that’s what customers hope brands can achieve: get to know me, then use that information to give me a relevant experience: content, products, offers and services that match my needs. If I tell you that I prefer communication by SMS, do not call me. If I prefer curbside pickup, make this the default. It is a commitment focused on personalization and customer experience.
For the most part, brands understand this from their customers’ needs. The importance of personalization and the bespoke customer experience has increased over the past decade and the pandemic has brought it to the fore. Most brands have a good understanding of the general approach to a good customer experience.
However, there still seems to be a disconnect. 94% of brands think they are doing good [or] outstanding job to deliver excellent CX. However, on the customer side, 55% of customers feel invisible and 48% feel undervalued by the brands they interact with. The Harris poll shows that the gap between customer and organization’s perception of delivering a great customer experience has fallen to 26% in 2021.
The main solution here is a data driven strategy. When it comes to cross-channel execution and customer understanding, the main bottleneck is a first-party database and tools to connect cross-channel experiences. The more brands invest in data quality and delivery, the better their CX will be throughout the customer journey.
CMSWire: How does the changing privacy law landscape impact an organization’s ability to create the ideal customer experience, if at all?
Khetan: The biggest impact of privacy regulations is that there needs to be transparency about what data is collected and why. The [also] must be a possibility for the customer to subscribe or unsubscribe according to his preferences and a mechanism allowing the customer to request that all data concerning him be available and / or deleted when he so requests.
From an organizational perspective, they should ensure that all the data they collect has privacy permissions or consent associated with that data with the ability to honor customer preferences for different types of data. . And the organization must have an infrastructure configured to delete all customer data on demand. Other than that, they are able to use the data they collect with compliance in the same way they do today.
Customers who voluntarily accept and share data are likely interested in a relationship with the organization, and this gives the organization a clear measure of which customers value the brand and [which ones] are not interested.
Looking to the future of customer experience
CMSWire: What trends do you see having a big impact now or in the near future, and what predictions do you have for the longer term future – in 5 years?
Khetan: Data infrastructure, automation, and ML will become more central to business outcomes as they foster agility in decision making and the ability to pivot on information. Bain and McKinsey both pointed out that the top 20% of all industries are highly tech-driven and are able to launch twice as many products or services as their peers who have invested less in technology.
Resource skills, training, and partnerships will be the next battleground, as most industries try to achieve similar technology goals from the same pool of resources and tools. Demand far exceeds supply, which is currently leading to a brutal labor market in these roles.
Data hygiene and fragmentation will get worse before it improves as organizations move from “collecting and storing what you can” to an intentional, data privacy-focused approach.
Finally, brands that prioritize CX and relationships will outperform their peers and systematically retain their customers.
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