The Shift Toward a Privacy-First World
In our increasingly interconnected world, where data breaches, such as credit card information being stolen or personal photos being leaked, become more of a threat, consumers are more careful about how their information is shared online. Our media has reported countless times on how tech conglomerates misuse personal consumer data they have collected. As we can expect, such notable incidents of data breaches over the years have prodded regulatory authorities to re-shape the way businesses can access consumer data.
Media reports have frequently highlighted how tech conglomerates misuse personal data, further fueling consumer skepticism. Regulatory authorities have responded with stricter policies that reshape how businesses, including fintech companies, access and use consumer data. Fintech marketing agencies must stay ahead of these changes, ensuring campaigns align with compliance while fostering confidence in their client’s services.
Among the many new privacy regulations that have been introduced are the General Data Protection Regulation in Europe, the California Consumer Privacy Act in the United States, Apple’s new App Tracking Transparency, and Google’s new third-party cookie policy. There has been growing mistrust on the consumer’s part on how businesses are utilizing their data, and for good reason. Businesses, prior to this new privacy-first movement, largely do not practice proper data governance, resulting in data leaks and breaches that are dangerous to consumers. Conversely, when consumers feel that their information is being mishandled or exploited, they tend to lose trust in a company.
More importantly, privacy is a basic human right; every person should fully own their personal information, and the way it can be accessed. Consumers are now pressing for businesses to respect and protect their privacy.
What This Means for Marketers
Privacy-first regulations now impose restrictions on how consumer data can be collected, used and stored. Marketers must now abide by such laws to avoid huge fines and damage to their business reputation. For businesses, this means mandating that they invest in data governance and compliance frameworks when they collect data.
Some ways business marketers can navigate such laws are secure data storage and transmission methods, and privacy impact assessments. In addition, following the guidance of compliance officers can help ensure that you are keeping to current privacy regulations.
Leveraging First-Party Data
In this privacy-first world we now inhabit, first-party has become invaluable. First-party data generally refers to data collected directly by a business from consumers, through interactions with the company’s wholly owned channels, namely website contact forms, mobile apps, and email subscriptions. This data is fully transparent and verifiable, making it dependable information for marketers. Marketers can gain insight on consumers’ behaviours, purchasing patterns and preferences, and deliver highly personalized experiences and targeted campaigns. On the other hand, third-party data collected from unreliable sources lacks authenticity and accuracy.
Moreover, first-party data remains a lawful and consensual manner of gaining data from consumers. The only thing businesses must do to ensure this data is collected responsibly and ethically, is obtain consent from their consumers and be transparent about data collection. Imposing data protection infrastructures and data governance policies can also help regain consumer trust.
Maximising Possibilities of First-Party Data
In order to harness the possibilities that first-party data can help businesses reach, advanced analytics and customer segmentation strategies should be employed. By dividing their consumer base into sections and subsections, businesses can identify patterns and trends that allow them to chart strategic business moves. Marketing campaigns targeted at each segment can be customized to deliver more relevant, more engaging experiences to the target audience.
Contextual and Interest-Based Advertising
Instead of third-party cookies enabling advertisers to reach consumers by combing their browsing data, advertisers can now reach consumers by placing their ad campaigns on webpages of a similar context. This method will respect consumer privacy, while allowing businesses to perform marketing activities at the same time.
Interest-based advertising which allows businesses to target users based on interests rather than specific tracking, is another marketing route advertisers can explore.
Make Your Marketing Memorable
With newly introduced regulations around privacy, the focus for marketers has shifted from data-driven targeting to stronger branding and advertising. A strong brand can create a lasting impression and relationship with its customer. A brand isn’t just a tagline or a logo; it is the combination of values, promise, culture and proposition to customers. A strong brand creates an impact, evoking strong emotions in its customers through its je ne sais quoi brand quality. With consistent deliverance of its brand messaging through multiple platforms, it is also able to etch into consumers’ minds what it stands for as a brand.
Furthermore, strong brands can unlock consumer trust and loyalty. After securing an opt-in from customers on sharing their data, nurturing the customer relationship with your brand is crucial. To ensure your brand consistently remains at the forefront of consumers’ minds, cultivate branded engagements, experiences, interactions and outreach. This can take place through your new branded digital marketing campaigns. Offer branded experiences to consumers through all platforms, including mobile apps, websites, social media channels and email campaigns. Be sure to keep consumers engaged with interactive content that resonates with their worldview, i.e. seasonal greetings, personalized messaging.
With the dissolution of third-party cookies, brand recall is now more important than ever. The ability of your customer to remember your brand is now a strong ally. Regardless of the constant shifts in the digital landscape, brand resonance in a consumer’s mind can prompt them to choose your brand repeatedly. To aid brand recall, ensure consistent messaging on all your brand interfaces, and deliver compelling narratives on such interfaces. Building prominent influencer partnerships can also intensify your brand’s following. Nurturing a community where your consumers can belong to is another strategy you can take. Community events can occur in the form of closed chat groups and webinars, where customers can convene and discuss topics relevant to your business. This is effective at fostering meaningful interactions and connections.
Moving forward, as we adopt to this new privacy-first era as marketers, we may have to adapt to constant challenges. However, we are given an opportunity to win over the trust of consumers: by offering a safe web space to exist.
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