Presented by Treasure Data
The digital and regulatory landscape is constantly evolving, affecting day-to-day marketing strategy and operations. At this VB On-Demand event, learn how to navigate regulatory changes while building consumer trust, leverage smart technology to meet marketing objectives, and more.
Watch for free on demand!
Around the world, the legislative and regulatory landscape of privacy is constantly changing, and that is not good for marketing strategy and operations.
There’s Apple’s tracking transparency framework and Google’s third-party cookie drama. Comprehensive privacy legislation has been passed in California, Virginia, Colorado, Utah, and Connecticut. The American Data Privacy Protection Act (ADPPA) introduced in the US Congress, plus the Federal Trade Commission proposing sweeping regulations to address business surveillance and lax security practices. Internationally, the GDPR is taking an interest in Twitter, privacy laws being passed in China and Australia, new cookie guidelines from Brazil, and more.
Marketers must protect their brands by adhering to these standards while finding ways to ensure that they meet company objectives. But that’s an opportunity, says Helen Huang, senior manager of data privacy, security and products at Treasure Data.
“Businesses are taking a closer look and reassessing data collection practices because it’s important to listen to what the consumer base is saying,” says Huang. “These changes are concerning, but they provide an opportunity for all of us to work together to be responsible custodians of customer data and earn their trust.”
Identity resolution and customer data platforms
Identity recognition and resolution have become a particularly hot topic since Google’s recent announcement to disapprove of third-party cookies. It means that own data has become increasingly important to capture.
“First-party data has more potential and more power than ever before,” said Jordan Abbott, Acxiom’s chief privacy officer. “You have an opportunity to disrupt digital users and substantially reduce what we call the ad-tech tax by working directly with demand-side platforms, supply-side platforms, and publishers.”
First-party data will give brands more flexibility in the future, no matter how regulatory issues play out, he added, and the ability to recognize users and tag them with a unique business identifier will be critical to future success. Customer Data Platforms (CDPs) are crucial here, to collect and unify data about customers in real time and to help create a more holistic view of the customer.
“I believe that a foundation of identity recognition and resolution will ensure that brands and marketers recognize the consumer earlier in their journey and allow them to treat the consumer in the best possible way every step of the way, in addition to consistently providing the types of personalized attention. experiences that consumers increasingly expect,” she said. “I think it will also increase range and accuracy, and optimize MarTech investments.”
The opportunity to secure customer trust
Enforcement actions and class action lawsuits related to alleged privacy violations are incredibly costly, as well as a substantial diversion of resources, and typically attract a lot of press attention.
“Nobody wants to be on the cover of the New York Times,” Huang said. “It is important for marketers to protect their brand and reputation. When users or customers don’t trust a brand, the ramifications are pretty drastic: a large percentage will simply opt out.”
“Trust is key and it could stop a transaction dead in its tracks if the consumer doesn’t trust the business,” Abbott agreed. “Conversely, if the company is building trust, it can reduce, if not completely eliminate friction, the speed of closing a transaction.”
Building trust requires hyper-transparency about what data is collected, why it is used, for what purposes and with whom it is shared. Credit your data sources, so you know the data you’re licensing was collected with the proper permissions. Implement an ethical data use framework and privacy impact assessment program to objectively balance the benefits of data use against the potential risks and harms to consumers that may arise, and then do everything possible to mitigate risks that cannot be eliminated.
“At the end of the day, trust has to be a demonstrable responsibility, not just saying what you do and doing what you say, but being able to prove it,” he said.
“And if I trust a brand, I’ll have a higher propensity to buy more and spend more, so there are a lot of benefits, from customer feedback to the bottom line and more,” Huang said. “Data privacy can be a competitive differentiator for people who embrace it as an opportunity.”
For more information on data privacy regulations and requirements affecting marketers, real-world examples, and a look into the future of the regulatory landscape, don’t miss this VB On-Demand event!
Watch for free on demand here!
- How market acceleration and regulatory changes will affect your marketing strategy
- How to build consumer trust and connected experiences with enterprise-level data control, safeguards, and intelligent CDP
- Main predictions on regulations and compliance in 3-5 years
- jordan abbottPrivacy Officer, Acxiom
- helen huangSenior Product Manager – Data Security & Privacy, Treasure Data
- Victor Deytechnical editor, VentureBeat (moderator)