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

Presented by Treasure Data

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The digital and regulatory landscape is constantly evolving, which impacts day-to-day marketing strategy and operations. In this VB On-Demand event, learn how to navigate regulatory changes while building consumer trust, leverage intelligent technology to meet marketing objectives, and more.

Watch free on-demand!

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Across the world, the privacy legislative and regulatory landscape is in constant flux — and that’s not great for marketing strategy and operations.

There’s Apple’s tracking transparency framework and Google’s third-party cookies drama. Comprehensive privacy legislation passed in California, Virginia, Colorado, Utah, and Connecticut. The American Data Privacy Protection Act (ADPPA) introduced in the U.S. Congress, plus the Federal Trade Commission proposing sweeping regulations to address commercial surveillance and lax security practices. Internationally, there’s the GDPR taking an interest in Twitter, privacy laws being passed in China and Australia, Brazil’s new cookie guidelines, and more.

Marketers have to protect their brands by complying with these regulations, while at the same time find ways to ensure they’re meeting their company objectives. But that’s an opportunity, says Helen Huang, principal product manager, security and data privacy at Treasure Data.

“Companies are taking a closer look and reevaluating data collection practices because it’s important to listen to what the consumer base is saying,” Huang says. “These changes are worrisome, but provides an opportunity for all of us to work together to be responsible custodians of first-party customer data and earn their trust.”

Identity resolution and customer data platforms

Identity recognition and resolution has become a particularly spicy topic since Google’s recent announcement about the deprecation of third-party cookies. It means that first-party data has become increasingly important to capture.

“First-party data holds more potential and more power than ever before,” said Jordan Abbott, chief privacy officer at Acxiom. “It has the chance to disrupt digital onboarders and substantially reduce what we call the 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 no matter how regulatory issues play out, he added, and the ability to recognize users and tag them with a unique enterprise identifier will be critical to success going forward. 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 resolution will ensure that brands and marketers will recognize the consumer earlier in their journey and allow them to treat the consumer in the best way possible at every step along the way, plus consistently deliver the types of personalized experiences that consumers increasingly come to expect,” he said. “I think it will also increase reach and accuracy, and optimize the MarTech investments.”

The opportunity to secure customer trust

Enforcement actions and class action lawsuits related to alleged privacy violations are incredibly expensive, as well as a substantial diversion of resources — and usually garner a lot of press.

“No one wants to be on the front page of the New York Times,” Huang said. “It’s important for marketers to protect their brand and protect their reputation. When users or customers don’t trust a brand, the ramifications are quite drastic — a large percentage will just choose not to engage.”

“Trust is key and it could stop a transaction dead in its tracks if the consumer doesn’t trust the business,” Abbott agreed. “Conversely, if the business is building trust, it can reduce, if not eliminate friction altogether, the speed in closing a transaction.”

Building trust requires hyper transparency around what data is being collected, why it’s being used, for what purposes and with whom it’s being shared. Credential your data sources, so that you know the data that you’re licensing has been collected with appropriate permissions. Implement an ethical data use framework and privacy impact assessment program to objectively balance the benefits of using the data versus the potential risks and harms to the consumers that may arise, and then do everything possible to mitigate the risks that can’t be eliminated.

“At the end of the day, trust should be about demonstrable accountability, not only saying what you do and doing what you say, but being able to prove it,” he said.

“And if I do trust a brand, I’m going to have a higher propensity to buy more and spend more, so there are just so many benefits, from customer sentiment to bottom line and more,” Huang said. “Data privacy can be a competitive differentiator for the people that embrace it as an opportunity.”

To learn more about the data privacy regulations and requirements that are impacting marketers, real-world examples and a look at the future of the regulatory landscape, don’t miss this VB On-Demand event!

Watch free on-demand here!

Agenda

• How the accelerating marketplace and regulatory changes will impact your marketing strategy
• How to build consumer trust and connected experiences with enterprise level data governance, safeguards and a smart CDP
• Top predictions on regulations and enforcements in 3-5 years

Presenters

• Jordan Abbott, Chief Privacy Officer, Acxiom
• Helen Huang, Principal Product Manager – Security & Data Privacy, Treasure Data
• Victor Dey, Tech Editor, VentureBeat (moderator)

Originally appeared on: TheSpuzz