I had the privilege of speaking at the MarTech West virtual event last week to share a case study around enterprise identity management and our Real Identity™ story. I presented along with other speakers from sponsors including Blueconic, Merkle, Redpoint, Salesforce and Tealium, among others.
As I listened to sessions and looked through materials from more than 35 educational sessions, I was struck by one thing above all others:
Identity is critical to a majority of marketing use cases and solutions. If brands don’t first solve for identity, they can’t optimally deploy a customer data platform or build the right tech stack. You can’t win, keep or reactivate customers if you can’t recognize them. You can’t work collaboratively across an enterprise unless you have a single, accurate view of the customer. In the midst of this pandemic, you can’t respond to customers’ changing circumstances unless you have a way to recognize them over time as details about them change. Even delivering on “Data for Good” measures requires a foundational mastery of identity.
At MarTech West, I shared how we solved the identity challenge for a globally recognized financial services brand. You can watch a summary video here. I shared four key phases of solving for identity.
Optimize: Start with correct, complete and consistent data
Like going to the dentist for a cleaning, employing hygiene services for contact data (email addresses, phone numbers, names and postal addresses) at least annually is imperative. Identity can only be as good as the quality of data it relies on.
Resolve: Unify disparate data to create a single customer view
First-party private enterprise graphs combine digital and offline first-party data with additional third-party insights to create a unified consumer view.
Enrich: Add insights to better understand and engage people
Knowing your customers’ and prospects’ attributes and intent helps you deliver relevant experiences.
Comply: Navigate an evolving regulatory landscape and honor consumer privacy and preferences.
GDPR, CCPA and more regulations to come have created the need for a framework and identity capabilities that help brands build trust with consumers and allow them to honor their choices about the use of their data.
Acxiom Real Identity enabled this financial services company to recognize customers and prospects anywhere, anytime across all channels, touchpoints, devices and systems. It also helped maintain that identity over time as consumer attributes changed – because they will change. Moves, marriages, divorces, and job changes ensure that. The net result for this client was improved match rates by an average of 25% and millions of dollars in savings with more predicted as the solution expands.
I am more convinced than ever that every brand and enterprise must face the identity management challenge. A brand’s first-party data and subsequent private identity graph is critical to its business success in the months and years ahead. Despite changing cultural, privacy, economic and public health trends, one thing brands can directly influence and use to differentiate themselves is their ability to know and build relationships with consumers.
When you get identity right, everyone wins. I invite you to watch my MarTech West session and consider your own identity challenge. We are here to help.