These capabilities are particularly business-critical for a global, omnichannel brand like Shiseido, whose business depends on presenting customers with the products they want, in the channel they most prefer, the company said.
Consumer Data’s Changing Tides
The way brands approach and use consumer data is in constant flux, spurred largely by the need to adapt to changing privacy laws, cookie depreciation, and shifting customer attitudes to sharing their information.
As data regulations become more stringent, crafting an effective data strategy has become increasingly challenging for brands. In response, many brands are opting to consolidate, unify, and segment their consumer insights under one umbrella.
“What consumers feel about privacy is constantly a moving target. [...] In the long run, firms will benefit most when they are transparent about how they collect and utilize consumer data and give consumers some say in what is collected, analyzed, and shared,” J. Andrew Petersen, associate professor of marketing at the Smeal School of Business at Penn State, shared in a recent conversation with CGT.
This need is particularly pronounced for large, global companies that have a number of different brands to their name — including Shiseido.
Authentic Brands, for example, recently embarked on a new data management strategy aimed at unifying consumer insights and leveling up digital experiences across its roster of brands.
Similarly, Tapestry, the parent company of Kate Spade and Stuart Weitzman, has implemented a consumer data platform that allows the company to harness consumer data across the entire value chain, integrating insights into their day-to-day decision-making, product development process, and overall understanding of the consumer journey.
Learn more about how companies are harnessing data and analytics to give their sales and marketing teams a competitive advantage at the 2023 Consumer Goods Sales & Marketing Summit!