Ok, let\u2019s stop here, because of course, when we say “cookie” we mean your customer data. In this blog, we\u2019ll show you some risks of not owning such data and how to prevent falling into those pitfalls.<\/p>\n
TABLE OF CONTENTS<\/h3>\n
The price of your data<\/a> <\/a><\/p>\n Have you ever given away your personal data for a discount?<\/p>\n Like the time you went to a fashion store to buy some new clothes at a reasonable price. When you reached the register, the cashier offered 10% off in exchange for your , date of birth, and some additional data. Sweet! But what\u2019s the price of that data exchange? How is your data going to be used?<\/p>\n Not so long ago, data was perceived as something so abstract that consumers would just give it away without care – and so did many companies. Fast-forward to now, businesses understand that data is their gold mine. It\u2019s become so valuable that companies started to buy more of it and leveraging it in their marketing.<\/p>\n While not being as tangible as money, many companies are tolerable with having a third-party data service or analytics provider owning the data they collect. They probably would not behave the same with their own money. But since the correlation between data and profit is getting stronger, many businesses now treat their customer data as their precious capital and their new motto is: \u201ctake your hands off my cookies!\u201d<\/p>\n So why are these businesses trying to take ownership of their data back?<\/p>\n As you continue your read, you\u2019ll see that there are three main reasons why businesses want their data back:<\/p>\n <\/a><\/p>\n Just like any MarTech solution, when you sign with a new analytics provider, you don\u2019t usually think about the possibility of moving away. It\u2019s almost like talking about divorce when you\u2019re getting married \u2013 no one wants to think about that!<\/p>\n Yet, further down the line there may be a few reasons why you may want to switch to another analytics provider. Some common reasons could be:<\/p>\n It becomes almost likely that you\u2019ll at least consider changing your data analytics provider. Before buying any solution, it\u2019s only natural if you ask yourself the following questions.<\/p>\n Before committing to a contract, you should always be questioning every potential scenario possible. This point alone tells you that you need to own your customer data, but there are two more you need to be aware of.<\/p>\n You\u2019re giving away the ownership of fundamental business information. Your revenue and profits depend on your customer data – with the only exception that it\u2019s not really yours anymore. Many marketers are becoming concerned about giving away the ownership of important customer data and how it could be used, so you need to take extra care when thinking about analytics providers.<\/p>\n Be inquisitive, pay attention to detail and ask plenty of questions about data ownership when assessing an analytics provider. It\u2019s best to not leave any stone unturned, so always ask and get visibility over how your data is going to be stored and treated.<\/p>\n What if your customers find out that you share access to their personal data? What if they ask you how that data is used?<\/p>\n Until recently, nobody really cared about their personal data, and everybody was giving it away for discounts and rewards. A KPMG survey reported<\/a> that consumers are now more concerned with giving their personal data away. Data transparency has become a priority for your customers. And while they may trust your brand, they may not be so comfortable with 3rd<\/sup> party companies that can access their data.<\/p>\n After spending so much time and money on building trust with your customers, why risk damaging your relationships over an analytics service? Afterall, there are many platforms out there that let you own your customer data. It\u2019s important to think about what your analytics provider can actually cost you. Spending a little more in your budget can be worth it if it helps you maintain trust between your customers and your brand, while delivering outstanding experiences at the same time.<\/p>\n
\n3 risks of giving away the ownership of your customer data<\/a>
\nHere’s why it’s worth owning your customer data<\/a>
\neGuide: How to Optimize Your Marketing Technology Stack<\/a><\/p>\nTHE PRICE OF YOUR DATA<\/h2>\n
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3 RISKS OF GIVING AWAY THE OWNERSHIP OF YOUR CUSTOMER DATA<\/h2>\n
1. You cannot take your data with you<\/span><\/b><\/h3>\n
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2. How will your customer data be used?<\/span><\/b><\/h3>\n
3. Customers are getting more concerned about their personal data<\/span><\/b><\/h3>\n
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