As true as the saying ‘data is the new oil’ may be, it is true these days. Especially for sellers.
However, there is no doubt that the location of these oil spills is a concern today, as is the amount of oil being extracted and where it is being stored. Not to mention the possibility of losing dangerous fat. In fact, traders are on a very slippery slope.
Data-driven marketing is the holy grail of marketers. But so is gaining the trust of consumers.
Google’s privacy playbook reported that 48 percent of people worldwide have stopped buying or using services from the company because of privacy concerns. It’s time for companies that haven’t gone private in their marketing yet, to realize that consumers aren’t being fooled yet.
For example, on September 22, 2022 Facebook users sued their parent Meta in the US for allegedly tracking them through the internal browser on iOS devices. Mind you, Apple’s privacy policies were pretty good. What went wrong, is still a question.
This is just one of many examples of why consumers are worried. What are these companies doing to reduce their customer base?
Go to each brand’s website and navigate to the T&C or Policy section. You can find more information under ‘Information we collect from you’, ‘Who we share it with’ and more.
While transparency is important, is the process the right one?
As a consumer, how many of you would open a Domino’s website or app and navigate to the policy section to find out if your data is secure? Like to just order a pizza and close the tab.
Instead of making privacy a ‘textbook’ for consumers, why not make it part of their daily interactions with the brand?
One may wonder, why. Ask carefully.
Consumers want more control over how their data is used. A LinkedIn spokesperson shared with ETbrandEquity, how the platform did the same.
“Our privacy settings allow members to adjust how they share their information based on where they are on their business trip,” the person said. “For example, when they are looking for a job, they want to tell others or show potential employers that they are ready to work, but when they finish, they may want to go back to what they were doing before.” We strive to make this process simple and easy. “
When you deal daily with a brand, consumers know that they have control over their data, building trust does not seem like a difficult task.
Users are also becoming more aware of third-party cookies and are not happy with how they work. And as required by law, brands must disclose whether they use third-party cookies to collect data.
Another problem with faith formation. Does the answer lie in switching to first-party data in this case?
PepsiCo witnessed three times more ROI by building direct relationships with consumers, using first-party data, Google’s secret playbook said. ETbrandEquity recently spoke with marketers and digital marketing experts, who also shared that marketers who have switched to third-party data from third-party data, stand to benefit in this changing world.
Experts believe that this will not only help create personal experiences, but also inform consumers that the brand is not compromising their privacy or collecting data using third parties that consumers do not voluntarily provide.
It all revolves around building and maintaining consumer trust.
At ETbrandEquity’s Martech Asia Summit 2022, Google India’s Roma Datta Chobey, general manager – marketing made an impressive statement that functionality and privacy can coexist in the world. Only time will tell if Chobey’s voice ages well or if between action and mystery, one succumbs.
Needless to say, if the latter happens, then the loss of the brand is simply a loss.