I recently had the pleasure of joining DMCNY for The Emerging Role of Ethical Data Governance: What’s New and Concerning in Data Privacy.
This panel focused on future of data legislation and best practices for protecting consumer privacy and promoting a healthy, competitive ad-driven marketplace.
Privacy laws are being adopted around the world, as 107 countries have either adopted or are in the process of adopting regulations regarding consumer data. Most states in the U.S. have demonstrated intent to implement regulations in 2020, starting with the California Consumer Privacy Act (CCPA).
At the core of these regulations is the idea that consumer data represents individuals—each piece of data is about a person, their preferences, their life, their motivations.
When used correctly, data can help marketers communicate with real people in a way that makes transactions easier and more effective for all parties involved. It not only allows marketers to identify the audience most likely to want their product or service, but it connects people with brands that are operating with their preferences in mind.
Brands that focus on providing a rich, personalized experience for their customers are going to earn and keep consumers’ trust. Treating data as an interpretation of the human experience allows you to find ways to connect people with the right product or service in a way that will resonate.
It boils down to: Businesses who look at data as humans, and use that information to serve people and provide benefits for their customers will be better at marketing to their audience.
As we continue through a new era of increasing regulations surrounding data privacy, keeping this top of mind will make it easier to comply with a new slate of laws.
As new regulations essentially require that companies use higher quality data, your ability to understand your customers and their preferences simply allows you to communicate with them in a more personal and accurate way—which, in turn, drives customer trust and brand loyalty.
Instead of feeling limited or intimidated by the new regulations, view this as an opportunity to run more personalized marketing campaigns. Your customers—and ultimately your bottom line—will thank you.