In an era where digital privacy is taking center stage, brand marketers find themselves at a crucial juncture. Consumers are increasingly vocal about their desire for enhanced data privacy rights, prompting global shifts in regulations and attitudes. It’s not just a compliance matter; it’s becoming a brand differentiator. Here’s what brand marketers need to know and do to thrive in this privacy-centric landscape.
1. The consumer call for control and the evolving regulatory landscape
A recent global study revealed that eight in ten adults desire more control over their online identity, advocating for increased data privacy rights. This includes the right to be informed about collected data, the ability to delete it, and the option to take legal action in cases of misuse. Compliance with these rights is becoming a focal point for businesses.
Insider Intelligence notes a surge in state laws restricting the collection of personal information, favoring privacy protection over aggressive ad targeting. Progressive brands will allow customers to openly own and decide the use of their data.
2. The value exchange
Customers are willing to share data if there’s a true benefit. It’s not just about monetary value; customers want knowledge and insights into their desired lifestyle. Brands need to communicate how they will protect data, as consumers increasingly vote with both their dollars and their data.
Think of how you can provide value to your customers – it doesn’t always have to be discounts or coupons. Sometimes it can be experiences or exclusive access to brand content. Stay true to your brand and share your value, consumers will appreciate it.
3. Privacy-first marketing approach
With the rise of privacy concerns, marketers and data teams are collaborating more closely. A privacy-first approach integrates data privacy principles throughout the marketing process, respecting consumers’ personal rights and adhering to regulatory requirements. This approach ensures data is handled responsibly, mitigating the risk of mismanagement or security breaches.
As data breaches become more common, businesses prioritizing data privacy are likely to remain competitive. Marketers need to become privacy champions, understanding data privacy to navigate the evolving digital marketing landscape responsibly. This not only safeguards consumer interests but also protects the reputation and longevity of the business.
4. The Slow Adoption of Alternatives
Despite the impending removal of third-party cookies for data collection, marketers have been slow to adopt alternative solutions. Internal stakeholder consensus is cited as a key reason for this delay. But there are many solutions out there for overcoming and moving beyond reliance on the third-party cookie, including exploring the benefits of an identification network. Based on first-party data like email as an identifier instead of third-party cookies, an identity network can quickly scale your marketing efforts.
5. Harnessing First-Party Data
With the eventual demise of third-party cookies, B2C marketers are expected to turn to alternatives to reach their audiences. Brands are now focusing on technologies and methods to make better use of first-party data, gaining more control over what data they gather and how it’s used.
Embrace privacy-centric marketing
In conclusion, the era of privacy-first marketing requires brands to not only comply with regulations but also proactively embrace a privacy-centric approach. By doing so, marketers can build trust, differentiate their brands, and thrive in an environment where consumer data protection is paramount. The time to invest in martech solutions that prioritize data privacy is now.
This was one of our 10 predictions for 2024, want to see more of our predictions for 2024?