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<ul><li>B2C marketers have found ways to connect online and offline data, social and mobile data, and household and individual data, all in the name of relevance and budget optimization.</li><li>But this ecosystem faces major challenges from regulators, advocacy groups, and browser makers that promise consumers more privacy, better security, and even a slice of the data marketplace. </li><li>Forrester believes that establishing customer trust and privacy creates a mutually beneficial ecosystem that provides an ideal scenario for both parties. But the question lies in how this can be achieved.</li><li>Ashish Sinha, Managing Director APAC MEA – Epsilon throws light on the primary data concerns for both brands, and customers and how brands can build better relationships while ensuring privacy.</li></ul>Over the years, B2C marketers have found ways to connect online and offline data, social and mobile data, and household and individual data, all in the name of relevance and budget optimization. But this ecosystem faces major challenges from regulators, advocacy groups, and browser makers that promise consumers more privacy, better security, and even a slice of the data marketplace. Today, data has become synonymous to privacy and rightly so. Brand marketers must be held responsible for the data they are extracting and leveraging as this makes marketing more purpose driven, while keeping ethics and consumer sentiment at the center of things. Both brands and consumers are weary about data exchange and the value that is generated through this process. According to the <a href="https://assets.ey.com/content/dam/ey-sites/ey-com/es_es/topics/resilient-enterprise/ey-global-consumer-privacy-study-2020-single-pages.pdf">EY Global Consumer Privacy Survey 2020</a>, 54% of consumers say COVID-19 has made them more aware of the personal data they share than they were before the pandemic. <a href="https://www.gartner.com/en/newsroom/press-releases/2020-09-14-gartner-says-by-2023--65--of-the-world-s-population-w">Gartner</a> says, by 2023, 65% of the World’s Population Will Have Its Personal Data Covered Under Modern Privacy Regulations. Consumers are more conscious of their data than ever before and understand the pressing need for brands to respect their privacy. Concerns for Brands The biggest concern for brands when dealing with customer data is to convert it into a meaningful way which will maintain control of the data and help brands establish a worthwhile relationship with its customers. When there are gaps in understanding consumer sentiments, brands cannot succeed in making a real change. In order to not only create, but sustain lifelong relationships, marketers need to have the right setup to enable relationships, so they can interact with consumers on their own terms. And naturally, more data-driven brands are going to have a competitive advantage for insights and reach vs. those that rely more heavily on walled gardens. It becomes imperative to adhere to regulatory scrutiny and ensuring that your data is safe from any breaches to safeguard the interests of your consumers. Concerns for Customers We all have been victim to those pesky ads that appear on our social media and other platforms which seem to have crept into our thoughts when we think of a particular brand or service. Certainly, makes you think about privacy and boundaries, right? However, imagine you are booking a holiday to an exotic location. You immediately get leads on hotel recommendations, restaurants, tourist destinations, etc. keeping in mind your personal preferences which have been customized to fit you like a well-tailored suit. Doesn’t that sound heavenly? The biggest concern for customers today is that they want brands to respect their wishes for privacy across channels. While personalization is the key element in maintaining customer relationships, marketers need to be cognizant of the kind of data they are extracting when interacting with them. Maintaining the value exchange, they have come to expect with brands is essential in building loyalty. According to a Forrester report, establishing customer trust and privacy creates a mutually beneficial ecosystem that provides an ideal scenario for both parties. But the question lies in how this can be achieved? Better, Fresher, More Relevant Data to Marketers Today, the data exchanges primarily provide marketers with “inferred” data about consumers, which is often flawed. Online profiles are affected by multiple users on the same computer and automatic cookie deletions, while offline information necessarily suffers from lag time. In a world of customer trust and privacy, consumers can tell marketers and data brokers what they’re in the market for, when, and how they want to buy. Relevance and Contextually Desirable Messaging for Consumers We are all bombarded with marketing messages, many of them misdirected, every day. When providing more relevant data to businesses, consumers can better control the flow of marketing, helping to ensure that they actually see the messages they’re interested in on the devices and media they most engage with. And, where appropriate, consumers can actually benefit from the data they’re willing to share, whether in the form of offers, payments, or another value driver. Greater transparency and better governance Global marketers face tremendous risks when they mismanage or fail to protect consumer data. Establishing customer trust with privacy helps mitigate those risks by 1) making data ethics and governance a corporate mandate; 2) helping consumers understand what data is collected about them; and 3) limiting the amount of personally identifiable information (PII) that organizations need to store in order to market effectively. When brands are able to successfully establish a level of trust and privacy between its customers, it leads to better, stronger, and meaningful relationships. Epsilon’s best-in-class identity gives brands a clear, privacy-safe view of their customers, which they can use across their suite of digital media, messaging, and loyalty solutions. Let fear not come in the way of building a mutually beneficial ecosystem where brands recognize and fulfill its customer needs, and consumers feel confident engaging with the brand. Keeping <keyword id="803848" type="General" weightage="20" keywordseo="data-privacy" source="Orion">data privacy</keyword> and transparency at the center of communication, both parties can pave the way for mutually beneficial dynamic.

Establishing consumer trust and privacy for a mutually beneficial ecosystem between brands and consumers

<ul><li>Many adtech companies and publishers are concerned about <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword>'s decision to remove support for <keyword id="10433270" type="UNKNOWN" weightage="20" keywordseo="third-party-cookies">third-party cookies</keyword> on <keyword id="182214" type="COMPANY" weightage="20" keywordseo="Google-Chrome">Google Chrome</keyword>.</li><li>While marketers have been struggling to get to a single unified view of their customers across online and offline interactions, this is not a time to despair but a time for brands to focus on building their most valuable asset – first-party data, writes Ashish Sinha, Managing Director, APAC &amp; MEA, Epsilon.</li></ul>Ever since Google announced its intent to remove support for third-party cookies on Google Chrome, many adtech companies and publishers are seeing this as a season of uncertainty. It’s inevitable that third-party identifiers – such as cookies and mobile ad IDs -will fundamentally change the marketing ecosystem—for better or worse. But what do marketers think of these changes? And, more importantly, how are they preparing? Knowing and understanding their customers has always been a holy grail for marketers. With third-party cookies deprecating, it is now making the already ‘bad’ situation worse. Marketers have already been struggling to get to a single unified view of their customers across online and offline interactions. This is not a time to despair but a time for brands to focus on building their most valuable asset – first-party data. <cmsannotation type="cmsannotation" annotationid="Unlocking the potential of first-party data" text="Unlocking the potential of first-party data">Unlocking the potential of first-party data</cmsannotation> First-party data has always been at the heart of marketers’ efforts to deliver meaningful, <keyword id="11249643" type="UNKNOWN" weightage="20" keywordseo="personalized-interactions">personalized interactions</keyword>. It’s increasingly important to construct a single, clear, actionable view of customers across online and offline touchpoints, while also acknowledging and understanding the barriers that stop brands from bringing this to life. Without third-party cookies, it makes the problem even more challenging. But brands are forging right ahead with their quest for identity. Third-party cookie deprecation has forced many marketers to relook and revisit their first-party data strategies and many are discovering that they are already sitting on a goldmine of data – data that will help them create the end-to-end view of their customers and their journey. A comprehensive identity strategy leverages a mix of first-, second- and third-party data. When a person’s unique attributes attach to their accurately resolved identity, it creates rich portrait of a person, and brands are in a position to drive personalization. Google’s announcement to phase out third-party cookies, in the name of privacy, has left marketers who haven’t invested enough in a robust identity strategy, reeling. But third-party cookies have always been flawed. They are not people-based and may not accurately identify people over time. So, what will marketers do once they’re missing a peg in that three-legged stool? The third-party cookie deprecation move has also, rightly, put the limelight back on first-party data. Brands could ultimately emerge from this transition with a stronger view of their customers than they’ve ever had before. Brands that are able to build out and better utilize their first-party data asset are realizing there’s more potential than they understood. <cmsannotation type="cmsannotation" annotationid="Building a comprehensive CDP strategy" text="Building a comprehensive CDP strategy">Building a comprehensive CDP strategy</cmsannotation> <keyword id="9500691" type="COMPANY" weightage="20" keywordseo="customer-data-platforms">Customer Data Platforms</keyword> (CDPs) are appealing because they promise to help marketers see a single view of their customers that can power omnichannel personalization. The CDP market is projected to grow to over $10 billion by 2025 and according to Gartner, CDP technology companies have received more than $1.8 billion in venture capital funding. The CDP market is constantly evolving. Effective CDP offerings need an identity management and resolution component, and quality data for advanced personalization. You need that strong reference data and data hygiene to build each profile from the most accurate data set. If marketers or CDP technology providers don’t have that in their arsenal today, they should be figuring out how to get it if they want to support complex enterprise brands. The future of brands lies in deeper understanding of customers and their needs. While third-party cookie deprecation throws a spanner in the works, it’s actually a great opportunity for marketers and brands to create the right setup to understand customers on their own terms. And brands that are data-driven will naturally have an edge over competition and are in a great position to drive contextual and personalized customer experiences.

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Establishing consumer trust and privacy for a mutually beneficial ecosystem between brands and consumers

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