What Data Privacy Initiatives Tell Us About the Importance of Solid First-Party Data Strategy
Between Apple’s App Tracking Transparency (ATT) feature to Google’s plan to eliminate third-party cookies, data privacy initiatives have experienced significant acceleration in the last few years. Advertisers have had to swiftly pivot their existing strategies, sourcing and executing privacy-safe alternatives. So, what’s the most effective way to go about targeting and engaging consumers, while simultaneously respecting present and future privacy principles? It all boils down to an adaptive first-party data strategy, with some helpful tips below.
Establish Trust
Privacy concerns are top of mind for consumers. According to Salesforce’s 2020 State of the Connected Customers, 83% of buyers are apprehensive about sharing their personal information online, and 72% would discontinue a service or stop purchasing from a company if they felt their privacy was at risk. To successfully collect first-party data, brands must establish a foundational level of trust, executed through transparent communication and secure data governance. Consumers will feel at ease if they know what data is being collected and how it will be used. And, to further solidify the trust component, it’s critical for brands to capture the consumer’s consent, establishing permission for communication opportunities.
Leverage Multi-Channel Opportunities
Whether it’s social media privacy updates to Google display retargeting, data privacy is no longer a one-size-fits all. The majority of advertisers are forced to rely on the policies of tech giants to dictate what they can and can’t do. But, you don’t have to be one of them. You can obtain strong first-party data without being impacted by constant changes. How? By leveraging omnichannel opportunities. As demonstrated by FLEX, it’s all about collecting first-party opt-ins on owned and operated websites, and leveraging those opt-ins in the form of omnichannel communications ‐ a capability that FLEX also executes. By owning both the data collection and messaging, advertisers are able to ensure a streamlined process from initial collection to seamlessly continuing communication.
Demonstrate A Clear Value Exchange
While data privacy is still a top priority, consumers are fundamentally open to providing their personal information if there is an apparent value exchange. Publishers can execute this by creating a steady flow of high-quality content. As for advertisers: it’s about presenting exciting offers and deals. When successfully executed, the value exchange is mutually beneficial. Consumers get access to exclusive offers and curated opportunities, while publishers and advertisers learn more about consumers preferences and interests.
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