Presented by Treasure Data
The digital and regulatory landscape is constantly evolving, impacting day-to-day marketing strategy and operations. At this VB On-Demand event, learn how to navigate regulatory changes while building consumer trust, using intelligent technology to achieve marketing objectives, and more.
Around the world, the landscape of privacy laws and regulations is constantly changing – and that is not good for marketing strategy and activities.
There’s Apple’s tracking transparency framework and Google’s third-party cookies drama. Comprehensive privacy laws passed in California, Virginia, Colorado, Utah and Connecticut. The US Data Privacy Protection Act (ADPPA) introduced in the US Congress, plus the Federal Trade Commission proposing sweeping regulations to address commercial oversight and lax security practices. Internationally, there’s GDPR taking interest in Twitter, privacy laws being passed in China and Australia, Brazil’s new cookie guidelines, and more.
Marketers must protect their brands by complying with these regulations, while finding ways to ensure they meet their business goals. But that’s an opportunity, says Helen Huang, chief product manager, security and data privacy at Treasure Data.
“Companies are scrutinizing and re-evaluating data collection practices because it is important to listen to what the consumers are saying,” says Huang. “These changes are concerning, but provide an opportunity for all of us to work together to be responsible custodians of first-hand customer data and gain their trust.”
Identity resolution and customer data platforms
Identity recognition and resolution has become a particularly hot topic since Google’s recent announcement about deprecating third-party cookies. It means that first-hand data is increasingly important to capture.
“First-party data has more potential and more power than ever before,” said Jordan Abbott, chief privacy officer at Acxiom. “It has the opportunity to disrupt digital onboarders and significantly reduce what we call the ad technology load by working directly with demand-side platforms, supply-side platforms and publishers.”
First-hand data will give brands more flexibility in the future, no matter how regulatory challenges arise, 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 customer view.
“I think a foundation of identity recognition and solution will ensure that brands and marketers will recognize consumers earlier in their journey and allow them to treat consumers in the best possible way every step of the way, plus consistently identify the types of personalized experiences that consumers are increasingly expecting,” he said. “I think it will also increase reach and accuracy and optimize MarTech investments.”
The ability to secure customer trust
Enforcement actions and class action lawsuits related to alleged privacy violations are incredibly expensive, as well as significant resource diversion – and usually get a lot of press.
“No one wants to be on the front page 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 consequences are quite drastic – a large percentage will simply choose not to get involved.”
“Trust is key and it could stop a transaction if the consumer doesn’t trust the company,” Abbott concedes. “Conversely, if the company builds trust, it can reduce, if not eliminate, 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. Identify your data sources so that you know that the data you are licensing has been collected with the correct permissions. Implement a data use ethics framework and a privacy impact assessment program to objectively weigh the benefits of using the data against the potential risks and harm to consumers that may arise, and then make every effort to mitigate the risks that are not can be eliminated.
“Ultimately, trust should be about demonstrable accountability, 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 be more inclined to buy more and spend more, so there are so many benefits, from customer sentiment to profit and more,” Huang said. “Data privacy can be a competitive differentiator for the people who embrace it as an opportunity.”
For more information on the regulations and data privacy requirements impacting marketers, real-world examples, and a look at the future of the regulatory landscape, don’t miss this VB On-Demand event!
Watch here for free on demand!
agenda
- How the accelerating market and regulatory changes will affect your marketing strategy
- How to build consumer trust and connected experiences with enterprise data management, safeguards, and a smart CDP
- Top predictions on regulation and enforcement in 3-5 years
Presenters
- Jordan AbbottChief Privacy Officer, Acxiom
- Helen HuangPrincipal Product Manager – Security and Data Privacy, Treasure Data
- Victor DeiTech Editor, VentureBeat (moderator)
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.