New privacy and regulatory requirements are an opportunity to build consumer trust | So Good News
Provided by Treasure Data
The digital and regulatory landscape is constantly changing, affecting daily business processes and operations. In this VB On-Demand event, learn how to drive regulatory change while building consumer confidence, use smart technology to achieve business goals, and more.
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All over the world, privacy and regulatory laws are constantly changing – and that’s not good for marketing and performance.
There is an Apple display screen and a third-party cookie display by Google. Privacy laws have been passed in California, Virginia, Colorado, Utah, and Connecticut. The American Data Privacy Protection Act (ADPPA) which was established in the US Congress, including the Federal Trade Commission aims to enforce stricter laws against commercial surveillance and unscrupulous practices. Globally, there’s GDPR taking a toll on Twitter, privacy laws being passed in China and Australia, new guidelines in Brazil, and more.
Marketers need to protect their brand by following these rules, while at the same time finding ways to ensure they are meeting their company’s goals. But it’s an opportunity, says Helen Huang, senior director of product, security and data privacy at Treasure Data.
“Companies are taking a closer look and reassessing their data collection methods because it’s important to listen to what consumers are saying,” Huang says. “These changes are troubling, but they provide an opportunity for all of us to work together to become better stewards of first-party customer information and trust.”
Identity resolution and customer data platforms
Identification and control has been a hot topic ever since Google announced the ban on third-party cookies. It means that first-party data has become more important to capture.
“First-party data has more potential and power than ever,” said Jordan Abbott, chief privacy officer at Acxiom. “It has the opportunity to disrupt the digital world and dramatically reduce what we call the ad tech tax by working directly with on-demand platforms. , community platforms and publishers.”
First-party data will give brands flexibility in the future no matter what, he added, and the ability to identify users and tag them with a unique business identifier will be critical to future success. Customer service platforms (CDPs) are important here, gathering and coordinating customer information in real time, and helping to shape the overall customer experience.
“I think a foundation of recognition and authentication will ensure that brands and retailers recognize consumers earlier in their journey and allow them to treat consumers in the best possible way at each stage, and continuously provide the kinds of personalized experiences that consumers expect more and more,” he said. “I think it will also increase reach and accuracy, and increase MarTech investment.”
Opportunity to earn customer loyalty
Enforcement actions and class-action lawsuits related to privacy violations are extremely expensive, disruptive and often costly to the media.
“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 protect their reputation. When users or customers do not trust a brand, the consequences are huge – many simply choose not to engage with it.”
“Trust is important and it can stop sales if consumers don’t trust the business,” Abbott acknowledged. “On the contrary, if a business creates trust, it can reduce, if not eliminate conflicts altogether, the speed of closing the deal.”
Building trust requires clear transparency about what data is being collected, why it is being used, for what purposes and with whom it is being shared. Verify your source, to ensure that the data you are licensing has been collected with the appropriate permissions. Establish a social data use policy and privacy impact assessment process to assess the benefits of data use and the potential risks and harms to consumers that may arise, and do everything possible to mitigate the risks that cannot be addressed.
“At the end of the day, trust has to be accountable, not just saying what you do and doing what you say, but proving it,” he said.
“And if I trust the brand, I will have a tendency to buy more and use more, so there are many benefits, from the customer’s perspective to the bottom line and so on,” said Huang. “Data privacy can be a differentiator for people who embrace it as an opportunity.”
To learn more about privacy laws and requirements that affect retailers, real-world examples and see the future of the industry, don’t miss this VB On-Demand event!
Watch it for free on demand here!
- How market dynamics and word changes affect your marketing strategy
- How to build consumer confidence and experience with business management, security and smart CDP
- Top predictions for legislation and compliance in 3-5 years
- Jordan AbbottChief Privacy Officer, Acxiom
- Helen HuangChief Information Officer – Information Security & Privacy, Financial Services
- Victor DeyTech Editor, VentureBeat (moderator)