Data regulations and browser updates that aim to protect user-privacy are upending marketing strategies. With GDPR in the UK, CCPA in the US, the looming deadline for the removal of third-party cookies from Chrome, and additional announcements from Google about what is and isn’t allowed in their ecosystem, marketers are facing a confusing and fragmented market.
Brands that have been collecting and using customer data will need to pivot their strategies to include privacy-by-design. This is especially important as consumers are increasingly aware of how their data is collected, bought, and sold to companies that want to target and follow them around the internet.
At the MAD//Anywhere conference, I had an opportunity to share advice and guidance on the identity challenge with the global marketing community — backed up by research. Here are three things that marketers need to know about building privacy-compliant data-driven marketing campaigns, and how publishers can help:
A survey of 32,000 consumers across 63 markets, by The Conference Board in collaboration with Nielsen, found that 1-in-5 have reduced or abandoned their use of a brand or company because of their data practices. This will have a serious impact on a brand’s ability to hit revenue and retention targets, it’s imperative that marketers keep up with privacy regulation and changes made by browsers.
A Forrester survey of over 100 advertisers in the UK and US, commissioned by Permutive, shows that 58% of brands use authenticated data sources to learn about audience behaviours. But authenticated data only represents 5% of the web. Start collecting first-party data — if you haven’t already — and work with publishers who can access 100% of the Open Web.
Forrester data also shows that 41% of advertisers rely exclusively on third-party data for targeting. Test first-party data activation, create and build 1-2-1 relationships with strategically important publishers, and move away from third-party data.
These steps may seem daunting, but advertisers and publishers have an opportunity to rebuild digital advertising with privacy in mind. By building stronger relationships with publishers that have a deep understanding of their audience, advertisers will be able to reach consumers with personalised advertising post-cookie, and in a way that protects user privacy. In turn, this will build much needed trust with consumers.
To view the full presentation from MAD // Anywhere, including a Q&A moderated by Justin Pearse, Editor of New Digital Age, you can download it here.