Privacy-first world is here! The writing is on the wall. The era of customer privacy is top priority. It is extremely critical that marketers are constantly aware of ever-evolving privacy regulations and adhere to them in their marketing interventions.
On one hand, 80% of consumers would rather do business with brands that offer hyper-personalization. On the other hand, their demand for privacy is reaching high decibels. Balancing personalization with privacy is one of the marketers’ biggest challenges. We are here to prepare them for a privacy-first world.
Privacy is not a fad – and it is time to be prepared
One of the first things marketers must understand is that consumer privacy is not a fad. It is not a challenge that is going away any time soon – or ever! Collecting data responsibly, resourcefulness in how to reach audiences, and upskilling for privacy are critical must-do’s in this era.
Simultaneously, it is a time when marketers must re-evaluate the quality of content they are able to offer to customers. At a time when tracking customers across websites, devices, and channels is a big no, engaging them in delightful experiences is the only way forward. Marketers might also have to increase the frequency of communication with customers to enhance brand recall.
It is time to overhaul your metrics
At this time of flux and change, the only marketers who will thrive are those that are able to embrace integrated brand metrics for the long haul. They must start looking at campaign effectiveness at a macro level instead of a micro level. Overall ad spending, ROI, and customer satisfaction are going to be key elements of a renewed measurement strategy. Marketers will have to go over and beyond traditional metrics like cost per click.
When they view the bigger picture, they will enhance the overall message resonance and long-term strategy over just short-term efforts.
Focus on value exchange for high-quality first-party data
Deliver high value to your customers in exchange for their time on your website and other assets. Gated offers work well in this context.
For example, you want to understand the customer satisfaction index when someone visits your website. Instead of shooting the plain old survey form their way, why not offer a coupon code that persuades the customer to respond to your survey?
But give your customers the option to click the cross on the pop-up if they don’t want to share their opinion or their data. This choice is at the core of new-age privacy – and is something marketers just can’t do away with.
Work with tech stack partners who are privacy-compliant and yet, deliver
Eventually, much of the media planning and activation will happen at the end of your tech stack partners. So, it is critical that you choose the right ones. Your partners must understand privacy and should be reliable in delivering privacy-compliant advertising interventions. Your tech stack partners must also be transparent in how they acquire and share customer data. Eventually, the choice to engage them or not should always remain with you.
Most importantly, your tech stack partners should be well versed in behavioral insights and contextual advertising while also being privacy compliant. Privacy should not have to mean low ROI on advertising. Find partners who deliver.
Everything’s changing. But the basics remain the same in Privacy-First World
We will tell you this. While demands for privacy are at an all-time high, the basics of human nature remain the same. Instead of going behind customers’ backs to collect their data, it is time for brands to focus on building a personal connection with each consumer. A single view of the customer, value exchange, and opt-in solutions will go a long way in building these renewed relationships.
Talk to Rebid and prepare yourself with what you need to thrive in the privacy-first world. We’re here to help!