New regulatory and privacy requirements are an opportunity to build consumer confidence

Presented by Treasure Data

The digital and regulatory landscape is constantly changing, impacting day-to-day marketing strategy and operations. In this VB On-Demand event, learn how to navigate regulatory changes while building consumer confidence, leveraging smart technology to achieve marketing goals, and more.

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Around the world, the legislative and regulatory privacy landscape is constantly changing, which is not ideal 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 US Data Privacy Protection Act (ADPPA) introduced in the US Congress, along with the Federal Trade Commission proposing sweeping regulations to combat commercial surveillance and lax security practices. Internationally, GDPR looks at Twitter, privacy laws being passed in China and Australia, new cookie guidelines in Brazil, and more.

Marketers need to protect their brands by complying with these regulations, while also finding ways to ensure they are achieving their business goals. But it's an opportunity, says Helen Huang, senior product manager, data security and privacy at Treasure Data.

"Companies 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 provide an opportunity for all of us to work together to be responsible stewards of first-party customer data and earn their trust."

Identity and customer data resolution platforms

Identity recognition and resolution has become a particularly hot topic since Google's recent announcement to discontinue third-party cookies. This means that first-party data has become increasingly important to capture.

"Proprietary data has more potential and more power than ever before," said Jordan Abbott, chief privacy officer at Acxiom. "It has the potential to disrupt digital integrations and significantly reduce what we call 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, regardless of evolving regulatory issues, he added, and the ability to recognize users and tag them with an ID unique business will be essential for success in the future. Customer data platforms (CDPs) are crucial here, to collect and unify real-time customer data, and to help create a more holistic customer view.

“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 at every stage. of the process, in addition to consistently delivering the kinds of personalized experiences that consumers increasingly expect," he said. "I think it will also increase reach and accuracy, and optimize investment MarTech."

The opportunity to gain the trust of customers

Law enforcement and class action lawsuits related to alleged privacy breaches are extremely costly, as well as a substantial misuse of resources, and are usually widely reported in the press.

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“Nobody wants to make the front page of the New York Times,” Huang said. “It is important for marketers to protect their brand and protect their reputation. When users or customers don't trust a brand, the ramifications are quite dramatic: a large percentage will simply choose not to engage."

"Trust is key and it could stop a transaction in its tracks if the consumer doesn't trust the business," Abbott agreed. “Conversely, if the company builds trust, it can reduce or even eliminate friction altogether, the speed of closing a deal.”

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 you know that the data you are licensing has been collected with the appropriate 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, then do whatever you can to mitigate risks that cannot be eliminated.< /p>

"At the end of the day, trust should be about demonstrable accountability, not just saying what you do and...