Marketers looking to future-proof identity management in a post-cookie world need an intensified focus on what we at Infutor call “the four Cs,” which state consumer identity data must be:
● Current: Change is constant among consumers. Each year, 36 million people change their address, 50 million change their phone number, and 1.5 million add new addresses. Identity management efforts must keep pace to prevent data decay.
● Correct: Incorrect or “bad” data costs between 15% and 25% of revenue for most companies, according to data quality expert Thomas Redman. Every outgoing message that misses its target comes with its own cost, calculated by wasted time, wasted money, or the lost opportunity to convert a viable prospect.
● Complete: Effective identity management solutions require only a fractional piece of information to instantly create a complete consumer profile. Identity completion allows marketers to recognize consumers wherever they are in the buyer’s journey, in any channel, and to reduce friction in transactions.
● Compliant: A slew of regulations make data quality even more vital, as the threat of fines and other penalties looms larger. With so much change and movement among consumers, it doesn’t take much to violate compliance laws.
How important is data quality? In an October 2020 survey from marketing tech consultancy DemandLab and marketing research firm Ascend2, marketing professionals said data quality was the primary barrier to successful revenue attribution. That’s significant considering that more than 84% of US companies with at least 100 employees will use some form of a digital attribution model this year, according to eMarketer’s report.
The bottom line: There’s no need for a post-cookie panic. By partnering with consumer identity management specialists on a holistic strategy, marketers can achieve scale with their initiatives while realizing greater data accuracy and completeness.
— Kevin Dean, COO, Infutor Data Solutions