Permission.io is second enterprise space marketing venture. Years ago founded RealAge, a successful consent marketing company, which further reinforced the fact that ROI increases exponentially when a brand asks for permission and an individual asks for permission.
Since then, technology has fundamentally changed the marketing landscape; however, the concept of authorized marketing remains as important as ever.
Since the advent of “big technology”, consumers around the world have exploited their data and used it for profit, without compensating the legitimate owners of the data. As these consumers become smarter and regulations continue to change and they urgently need to migrate to a more transparent Internet, advertisers need to adapt. With Blockchain and coding, advertisers can use an efficient options trading model that benefits both advertisers and consumers. With Permission.io, we aim to empower people to regain control and benefit from their data through our cryptocurrency ASK, helping advertisers deliver more effective campaigns and increase ROI.
At a time when consent and consent-based advertising are becoming increasingly important, what are the key ideas you have for today’s marketing and advertising teams?
Today’s consumers are full of options. Brands need to build trust and loyalty, which can be achieved through consensus and rewards. Rewarding a customer for explicitly choosing to receive ads and content will create lasting relationships with customers. In fact, according to Fortune Business Insights, the loyalty management market is expected to reach $10 billion in 2027, up from $2.4 billion in 2019.
According to Seth Godin’s Permission Marketing book, if you get permission from your potential customer to sell to them, you will gain a valuable asset: their cooperation and participation. You and your customer work together. Today, it also involves full transparency about how your data is used and whether you want to go further by offering rewards in exchange for using your customers’ or potential customers’ data. Brands that invest to grant permission will perform better than those that don’t.
As a result, it is now important for marketers and advertisers to focus on third-party data and other data sources. Can you share some ideas here?
There is no doubt that third-party data and data provided directly by an individual to a brand are the most valuable of all. Data collected outside the data markets are becoming obsolete and losing value very quickly, and while it’s easier to access, it’s not the best data investment for advertisers or brands in the long run. According to Cheetah Digital, today only 3.6% of marketers collect data from third parties, and 79% of people said they would share the data in exchange for the chance to win a prize. If marketers ask for permission and reward consumers, 3.6% will dramatically increase and produce better results and ROI.
Marketers must now have a plan to get involved directly and ask for permission, rather than using the outdated approach of marketing interruption. And the best way to encourage a consumer to grant permission is to offer something in return.
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 want various details of their businesses tracked in exchange for more personalized rewards and branded experiences. The next generation of Internet advertising will therefore be one where advertisers will reward users for accessing and sharing their data. Advertisers who invest in this way achieve the best results and build long-term relationships with their customers.
There are many technology solutions available to marketers today, from digital currencies such as rewards/engagement payments to comprehensive loyalty programs, but businesses and advertisers need to find the solution that meets their needs and matches yours. The key here remains to ask permission: disruptive forms of marketing should no longer be part of marketing strategies today.
Some Martech and Adtech tools do you think marketers should integrate into their overall technology stack, and why?
At Permission.io, we have developed a digital currency called ASK, which is to be used specifically to run an optional data-sharing global digital advertising system. Users who agree to share their data with advertisers will be rewarded with ASK Coins.
In addition, there are some tools and activities the industry should pay attention to, LiveRamp, Unbounce, and Outreach.io.
Are there any final thoughts and conclusions that technology CEOs and founders should keep in mind in 2021?
We are experiencing a huge wave of disruptions, everything in technology and finance is changing rapidly and businesses need to keep pace. Blockchain and cryptocurrencies will change the way many business practices are conducted, advertising is just one of them!