It is crucial for advertisers to comprehend the significance of cookie-less marketing at a time when major tech companies like Apple and Google are being pressured to prioritise customer privacy and governments are attempting to control social media platforms.
Data security and personalization in a privacy-first world: A marketer’s guide to future-proofing data was published by the MMA, a marketing trade association with 800 members worldwide.
According to the study, marketers need to do a better job of informing customers about how their data is used and tracked. It states that they must discover ways to make sure that consumer privacy is not a barrier to offering superior goods and services. However, putting privacy first may help build brand trust with customers. The report also includes privacy-related opinions from top marketing and data organizations.
Personalized advertising is at the core of the digital advertising system, which fuels the digital economy and is crucial to overall economic growth, claims Snehi Mehta, Head of Marketing for India at Meta.
This makes it crucial for companies of all sizes to strike a delicate balance between the changing regulatory landscape, increasing customer demands, and existing and forthcoming growth opportunities. People might encounter a totally different digital environment, driven by fewer personalised ads, causing a bad experience for consumers and raising expenses for advertisers if businesses can’t adapt to meet this time. Additionally, this could have a significant economic impact.
She went on to discuss how Meta is assisting advertisers in navigating this circumstance. She said that significant investments are being made in all ad systems, including the installation of some of the most cutting-edge industry infrastructure, including privacy-enhancing technologies and transition modelling approaches.
With these expenditures, they hope to support businesses on their platform and ensure that users don’t perceive advertisements as invasive or suspicious. Although they only recently coined the phrase Performance on People’s Terms, it nevertheless serves as their guiding principle and is important to what they are creating despite changes in the business.
They have also introduced two new solutions dubbed Post conversion optimisation and Outcome-driven ad experience to assist advertisers in measuring their campaigns.
Managing Director of Strategy and Consulting, Accenture India, Vineet R. Ahuja, who is also a member of MMA India, discussed Accenture’s approach to privacy and noted that research shows that while the vast majority of consumers are willing to pay more for customization, just one in three brands can provide customised offerings or messaging. On the other hand, due to rising consumer awareness, stricter laws, and efforts by technology platforms, there is a greater than ever level of sensitivity about the privacy of consumer data.
Marketers have used cookie-based analytics to improve their spend and customise experiences online up to this point. However, third-party cookies are about to become obsolete. The loss of signals could be one effect of the future without cookies. And this signal loss makes a difficult task even more difficult. The transformation in consumer habits brought on by the pandemic that markets are now grappling with corresponds with the transition to a world without cookies and adds complexity to it.
According to the survey, advertisers continue to rely largely on third-party data. It asserts that gated gardens like Google, Apple, Facebook, and Amazon will maintain their domination over the online advertising economy despite the inevitable demise of cookies and new privacy-focused initiatives.
As per the report, consumers want to feel secure when revealing their personal information. There is no one approach that works for everyone, though, when it comes to giving customers a secure and private experience. Over 150 marketers from the Indian market’s retail, finance, auto, media, healthcare, and other industries provided feedback to the MMA’s India chapter, which also included EY.
According to brand consultant Abhimanyu Mishra from Brandfizz, data-driven marketing should be approached in a new way. It’s not just about using workarounds or fixes for technological issues. Instead, the secret to a long-lasting, successful data strategy may be a solid, trust-based engagement with customers.
