“KYK” It is one of the basic concepts of business. In the digital age, businesses have learned a lot about their customers by creating individual profiles from third-party cookies, social content, demographics purchased, and more. However, in the face of growing privacy demands, companies have the opportunity to reassess their relationships with customer data and focus solely on their data and behavioral patterns.
Enterprises employ digital analytics, advertising, and marketing solutions to track their customers and connect their behavior between touchpoints. This allowed us to create data profiles that were leveraged to provide a personalized experience that resonated through relevance and context.
But now, this practice of customer profiling and identification is being scrutinized more and more. Regulators are adopting new data and consumer privacy legislation. Colorado Privacy Law..In addition, Apple’s privacy implementation on iOS 14.8 and iOS 15 Estimated 96% of users, Who chooses to prevent the app from tracking ad targeting activity.And Google has announced that it no longer supports third-party cookies and Completely stop individual tracking via Chrome browser..
While these developments can confuse the way digital marketing is done today, they show the necessary and effective changes in how brands understand their customers in the future. Prioritizing individual profiles is far from the fastest or most effective way to understand and address customer intents, needs, and struggles. The brand doesn’t need to know who. They need to know what and why.
Rapid advances in artificial intelligence (AI) and machine learning (ML) allow companies to process and interpret their data in real time to develop actionable behavioral intelligence.
Pattern analysis as a way to move forward
The security industry I’ve been involved with for 35 years provides a template for the future. Historically, security professionals have sought to identify an individual’s signature in order to identify, prevent, or at least prosecute a malicious person. However, the last few years have shown the rise of highly promising companies and approaches that leverage signal patterns to proactively surface and thwart threats before they occur.
Knowing your customer in the age of data privacy – TechCrunch Source link Knowing your customer in the age of data privacy – TechCrunch