The security of consumers’ data privacy is no longer a differentiator between tech companies competing in this digital age — it is a necessity that has already begun to change the way we create and use technologies.
The importance of data privacy has become a major priority for everyone who uses the internet. In fact, according to a recent study by Cisco, 86% of people are very interested in data privacy protection. So, how do we as marketers stay on top of competitive marketing trends while honoring people’s data privacy? Read on to learn more about data privacy and its importance in this ever-evolving digital age.
Step One: Monitor and Assess Your Current Marketing Initiatives
To monitor and assess the impact of data privacy regulations on your marketing operations, consider tracking data security as an assessment in its own right. In order to effectively prepare your company for future regulations, it helps to understand where you stand today.
The first step towards growing data privacy practices is establishing a baseline by measuring your current level of data security. Even if you are not legally obligated to track it, doing so will help you better understand the potential consequences of being caught in a breach. For example, if you are a global organization that collects personal information from customers around the world, it’s important to know what specific laws exist in the countries where you do business.
For example, US-EU Privacy Shield regulations: As a US company that handles European customer data, you need to understand the ground rules. The EU General Data Protection Regulation (GDPR) is a set of rules designed to give individuals more control over their personal data. Under GDPR, companies must have explicit consent from users before collecting their personal information. GDPR also requires companies to report data breaches within 72 hours and gives users more control over what data can be collected.
Second Step: Strategize How and What Data to Use for Your Marketing Initiatives
The second step towards better understanding the importance of data privacy is to understand what data you can currently leverage and how this data might be useful to your marketing strategy.
For many marketers, cookies and pixels have long been the source of information and insight used to deliver targeted ads and content. However, as the amount of third-party data usage by major companies is coming under scrutiny, more and more companies are turning to first-party data, leveraging their own customers’ data to create better experiences. For marketers without the budget for first-party data collection, there are other options like batch audience uploads.
A Cookie-less World
Like other web browsers, Google will ban cookies altogether in 2023. This means that marketers need to reaccess how they can differentiate between different groups of users. Another factor of concern is reconfiguring outreach to anonymous, returning, and new users. The bottom line is, as the digital world shifts away from third-party data and tools, each marketer must assess their needs and seek the tools and means to honor data privacy, and investing in a cookie-less world is a great first step.
Tips to Keep the Importance of Data Privacy Top of Mind:
- Data ownership is better than renting third-party data
- Consider gated offers as opposed to cookies
- Be sure to have your privacy policies plainly visible on your website
As data privacy laws and best practices continue to evolve, marketers should be cognizant of both their marketing strategies as well as the importance of respecting users’ data privacy… because let’s be honest, don’t we all want our data to be private?