If You Don’t Know Me By Now: The Rise of Consumer Identity
With all the economic headwinds, CPGs are facing a double crisis – costs are up, demand is down in many markets, and consumers are hunkering down for a recession. Meanwhile, the supply chain is still in disarray after COVID, and geopolitical trends are volatile. It’s tough out there for marketers – it looks a lot like hurricane season in these kind of conditions.
That means marketers face more scrutiny, and need to demonstrate the value they will get for every penny they spend.
CPGs are notoriously data poor – they have much less data than their key collaborating sectors, the media ecosystem, and retail. Yet, conversely, Nielsen found that 69% of marketers agreed first-party data was essential to their strategies.
Epsilon research found that:
- 86% of digital relies on third party cookies
- 83% anticipate moderate to significant impact on their digital advertising efforts when cookies deprecate
- 53% are not fully prepared
- 70% are not confident their partners will provide a comparable solution
Customer identity and access management software creates a single cloud platform that enables brands to do three things:
- Capture and manage customer identities to remove friction at registration and log-in
- Build robust customer profiles based on first-party, permission-based data
- Orchestrate and govern customer profiles in near real-time to other customer engagement solutions to deliver personalized experiences
Tracking has allowed marketers to cost-effectively zero in on specific consumers on Facebook and customize ads for the most success. Without access to IDFA, marketers will have a limited view of the consumer, restricting their ability to personalize ads, making customer opt-in and consent critical.
Relevant Content:
CIAM: What is customer identity and access management?
Benefits of CIAM: Better security, slick CX, and more revenue
SAP Customer Identity and Access Management for B2C
Zero-party data: Definition, examples, and marketing benefits