In a permission-based marketing economy it is important for brand marketers to build more trust and loyalty, Charlie Silver, Founder and CEO, Permission.io shares some thoughts while discussing the story behind his platform:
Welcome to this MarTech Series chat Charlie, tell us more about Permission.io’s story so far…what inspired this platform?
Permission.io is my second venture into the permission marketing space. Years ago, I launched RealAge, a successful permission marketing company, which helped further solidify the fact that when a brand asks for permission and an individual consents, ROI goes up exponentially.
Since then, technology has changed the marketing landscape quite dramatically; however, the concept of permission marketing continues to be as important as ever.
Since the dawn of ‘big tech’, consumers globally have had their data exploited and used for profit, without the rightful owners of that data being compensated. As these consumers grow savvier and regulations continue to change, pushing for a more transparent internet, advertisers need to adapt. Blockchain and crypto enable advertisers to adopt an efficient “opt-in value exchange” model that benefits both advertisers and consumers. With Permission.io, we are looking to empower individuals to take back control of their data and earn from it through our cryptocurrency ASK whilst helping advertisers deliver more impactful campaigns and increase ROI.
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In a time when permission based marketing and advertising is becoming more crucial, what are some top thoughts you have for marketing and advertising teams of today?
Consumers today are spoiled with choice. Brands need to build trust and loyalty which can be achieved through consent and rewards. Rewarding a customer for explicitly opting in to receive ads and content will build longer lasting relationships with customers. Indeed, by 2027, it’s expected that the loyalty management market will reach USD 10 Billion from 2.4 Billion in 2019, according to Fortune Business Insights – this is a staggering number as businesses are constantly finding new and innovative ways to engage and retain their customers.
According to Seth Godin’s book, Permission Marketing, if you get your prospect’s permission to sell to them, you’ll have won a valuable asset – their cooperation and participation. You and your customer are now collaborating. Today, this also entails complete transparency on how data is used and if you want to go the extra mile, offering rewards in exchange for the use of your customer, or potential customers’ data. Brands that invest in granting consent are going to outperform those who don’t.
Because of this, it is now important for both marketers and advertisers to zero in on zero-party data as well as other data sources? Can you share some thoughts here?
It’s no question that zero party data and data that is delivered directly from an individual to a brand is the most valuable of all. Data collected off of data marketplaces are stale and depreciate in value very quickly, and although they might be easier to access, they are not the best data investment for advertisers or brands in the long run. According to Cheetah Digital, today, only 3.6% of marketers are collecting and using zero-party data and 79% of people said they would share data in exchange for a chance to win a prize. If marketers asked permission and rewarded consumers, this 3.6% would drastically increase and drive better results and ROI.
Marketers now must have a plan to engage directly and ask permission rather than using the dated interruption approach to marketing. And, the best way to encourage a consumer to grant that permission is by offering something in exchange.
A few thoughts on the future of permission based marketing and advertising and how marketing and advertising teams can prepare better for a dynamic future based on this?
According to Bond Brand Loyalty, 87% of Americans are willing to have various details of their activity tracked in exchange for more personalized rewards and brand experiences. Therefore, the next generation of internet advertising will be one in which advertisers compensate users to opt in and share their data. Advertisers that invest this way will have the best results and build long term relationships with their customers.
There are many tech solutions available to marketers today, from digital currencies as rewards/payments for engagement, to expanded loyalty programs, but businesses and advertisers need to find the solution that fits their needs and that resonates with their audiences. The key here continues to be asking permission – forms of interruption marketing should no longer be a part of marketing strategies today.
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A few martech and adtech tools you feel marketers today need to integrate into their overall tech stack and why?
At Permission.io, we have developed a digital currency called ASK which is to be utilized very specifically to power a global digital advertising system built on opt-in data sharing. Users who consent to share their data with advertisers are rewarded with ASK coins.
In addition to this, some tools and businesses that the industry should keep an eye out for include LiveRamp, Unbounce and Outreach.io.
Some last thoughts and takeaways for tech CEOs and Founders to keep in mind through 2021?
We are going through a major wave of disruption, everything tech and finance is rapidly changing and businesses need to keep up. Blockchain and crypto are going to change the way many business practices occur, advertising is just one of them!
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