Has Martech Made Things Too Complicated?
The arrival of martech was heralded as the next step in marketing. These platforms have allowed marketers to collect endless amounts of data so they can reconfigure their approach and increase conversions. The theory is that the more companies know about their customers, the more appealing services they can offer.
What really happened was that companies collected an overwhelming amount of data and struggled to determine what was really valuable. Martech and its vast amounts of data have created undue complexity around determining consumer preferences and intentions. Every brand has an opportunity to use digital spending to get closer to its customers, but most fail to take advantage of it. Reported data platform Jebbit argues that the key is what martech doesn’t do: build relationships with customers.
Behavior Doesn’t Necessarily Indicate Intention
After all, marketers know when customers buy something, how much they will pay, and what the product is. But they don’t know why he bought the item or how likely he is to buy it again.
So it’s perhaps no surprise that the idea behind Jebbit – talking directly to consumers – came from two founders outside the industry. Coburn and Lacoste, realizing that most marketers today rely on third-party data, have studied the inaccuracies of third-party data and the problems associated with its collection. from the consumers themselves. Most online options are unappealing, only requiring consumers to fill in points for a chance to win a prize; Offline methods, such as focus groups, have faced the challenge of falling into the group mindset. And, perhaps most importantly, scale matters:
Everyone is trying to reach the Holy Grail of 1:
1 marketing, but companies cannot do this based on insight or inferences from a focus group that applies to an entire external audience.
However, face-to-face questions and interactions don’t generate misinformation – there’s no one to impress and no potential prizes to lose. What’s at stake, however, is something consumers don’t want:
products that lack important features or advertise items that consumers will never buy again. Jebbit’s team sought to gather the information that seemed informative and non-invasive; they know that allowing consumers to register will allow brands to capture psychological information truthfully. And with that trust, its platform can ask questions to learn the underlying motivations behind any purchase a consumer has made or is considering making.
Why Declared Data Stands to Change the Data Vendor Landscape
Jebbit’s focus on reported data, or actively provided data by consumers, envisions a future in which marketers have less data but the data they have is high quality. By removing concerns about data misuse, the platform aims to create a seamless experience that delivers personalized content and offers to consumers.
Jebbit recently conducted a small consumer survey to gauge how accurately consumers think marketers are using data to provide them with offers. Result? Not too accurate. This damages their trust in these brands and ensures that neither side gets what they want. Coburn says the strength of the reported data comes from two factors:
how it collects information and what it responds to.
Jebbit has worked with brands like Cathay Pacific Airways. Cathay Pacific Airways has run several Jebbit Experiences to capture where travelers might want to go next to provide them with personalized sets of routes that Cathay Pacific runs. The airline has gone beyond the destinations consumers seek when exploring. By combining recommendations with personalized offers, the company has seen its consideration increase.
Martech is perhaps considered the savior of marketing, bringing the art of marketing to meet science. But martech platforms have provided so much data that they can become more of a hindrance than a help. Declared data seeks to simplify what has become so complex and make consent marketing the rule, not the exception.
