Focus on consumer trust, not the quest for perfect data, to solve the privacy puzzle
Privacy is one of the most talked-about topics at the boardroom table
High profile privacy cases, such as Cambridge Analytica, have brought data collection and usage into the spotlight, and consumers are concerned about their data. Equally, technology providers are making regular updates to protect consumer privacy, such as Apple's iOS 14 IDFA update, which changed how apps natively track users, as well as the recent iOS 15 update that gives users the option to prevent open tracking on emails.
It’s imperative that all businesses adopt a privacy-first business strategy, and ideally, one that is agile enough to factor changes in laws, legislation and technological developments that will happen in the next few years.
Below, are the three key considerations for any privacy-first business strategy:
People
It’s absolutely critical to center any privacy strategy around two different groups of people: consumers and employees. Privacy rules and regulations now and in the future will be set based on what is required for consumer privacy. Focusing efforts on ensuring customer respect and trust is at the heart of what you do means your strategy will be agile enough to adhere to the changes. In terms of employees, optimize teams based on their skills to deliver the best outcomes in a privacy-first environment, and invest in learning and development opportunities.
Data
The quest for perfect data is a myth and does more harm than good. The truth is that the quest for perfect data is an inefficient use of time, as most, if not all, decisions can be made with imperfect data.
As an industry, we need to get more comfortable making decisions based on real-time data, which is unlikely to be perfect. Any good marketing or data analyst should be able to make strategic decisions based on real-time data and remain agile to changes that happen. Many people incorrectly believe that data is at the heart of privacy changes. Data is merely a strategic tool. If you're looking to gain the most of the data that you have, invest in the skills of your analysts.
Technology
Avoid the temptation to implement or find quick fixes. Don't look for technology that will solve today's privacy challenges. Take a look at your current technology stack and understand all the features and capabilities you have access to, then see where you have gaps. Where you have gaps, look to invest in new technology that will last the test of time. It will pay dividends if you invest in the right technology now to save both time and money in the future. It's important to remain agile.
Privacy is much more than a compliance concern. It’s an opportunity for brands to maintain consumer trust and loyalty. The privacy challenges ahead are a chance to rethink and find better ways of working. As an industry, we've been caught up chasing the technology and regulations, and we've forgotten what really matters - the consumer. Let's start tackling the privacy challenge with brand purpose. If we can honestly say that our high-value consumers are happy with how we're collecting, storing and using their data, then we're on the path to success.
For more information on creating a privacy-first business strategy, download our recent whitepaper, What Business Leaders Need To Know About Privacy. Our experts will navigate you through the challenges, with emphasis on how we can be better marketers, leaders and specialists. It focuses on three key areas outlined above; Data, Technology & People, and you’ll learn what’s changing, what’s not and how to identify the best solutions for your business.