The current challenge for marketers is to proactively build trust with consumers by being more transparent and giving consumers autonomy over their own data.
With the decline of third-party cookies and the increasing number of changes in technology, government regulation, and consumer awareness of privacy, it has become a challenge for marketers to track a user.
The need for explicit consent for placing cookies and new privacy initiatives now removing first-party cookies after seven days, has forced marketers to find new ways to track conversions and attribute value to each touchpoint.
Data privacy has become a significant concern for businesses, particularly now that they have access to vast customer information. Unfortunately, recent data scandals have cast an unflattering light on how companies manage customer data and protect customer privacy. When companies fail to adequately protect the integrity and privacy of their customer’s data, it can result in severe reputational and financial consequences.
Also Read: Data Privacy 2022 – Complying and Competing in the Privacy-First World
Adopting new tracking methods for Google Analytics 4
The introduction of Google Analytics 4 has been one of the biggest changes to the privacy landscape (GA4). In addition to the numerous changes in regulation and technology, the manner in which we browse the internet has also evolved significantly, which has altered how marketers track users in analytics.
Monitoring returning customers
It is difficult to connect the dots between a user who visited a website, left, and returned two weeks later to convert. Gartner estimates in their recent press release that approximately 85 percent of mobile device users reject cookies. Due to these changes, marketers are aware of the lack of accuracy in the data, which can easily have a negative impact on businesses.
The changing cookie policies across the globe
The implementation of new cookie policies varies widely between countries and regions. Given the vast amount of information that will be lost with the demise of cookies, many businesses are implementing a simple option to accept all cookies and a much more complicated path to decline or modify cookies.
Data privacy guidelines for marketers
Clearly, data privacy has significant implications for developing and implementing digital marketing strategies. When collecting and using personal information, marketers should always be transparent about their intentions. The data belongs to the customers, so treat each customer with respect. And exhibit ethical behavior at all times. The more marketers can demonstrate that they are effectively utilizing customer data, the simpler it will be to establish a relationship of trust with their customers.
Also Read: Good Data Privacy Practices is Key in Creating Excellent Customer Experiences
Here is a list of recommendations for ensuring that data privacy policies are as robust and effective as possible:
Utilize a Gold Standard data protection approach: Determine which aspects of the digital strategy call for the strictest data protection regulations, then make this approach the “Gold Standard” for all other aspects.
Step through the personal data journey: Identify the roles required to ensure data protection at every stage.
Make the privacy policy a differentiator in the market: Show that privacy concerns are taken more seriously than those of competitors. Demonstrate that data protection is a fundamental business value.
Data relationship management (DRM) programs: These programs can assist marketers in comprehending the various data types and their relationships. They can also help marketers demonstrate accountability for data protection.
Keep abreast of technological advancements: As new technologies emerge (such as the metaverse, AI, and the Internet of Things, for instance), new data privacy concerns emerge.
Be prepared for contextual advertising: The shift from cookies and third-party to first-party data will result in the emergence of contextual advertising, accompanied by associated data privacy concerns.
A growing emphasis on privacy and new regulations are altering how brands interact with consumers. The challenge for marketers will be to build trust with consumers proactively by being more transparent and open about their data collection practices and by granting consumers control over their own data.
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