Change is inevitable and is impacting marketing organizations at a fast pace. Marketers need to navigate the choppy privacy waters, facing big waves made by strict privacy legislation, increased consumer privacy sensitivity and market-shaking actions by Google and Apple to limit cross-site and cross-device tracking. And all this in a world that is becoming completely data driven.
You either undergo the waves or anticipate them.
Marketers are currently facing multiple challenges and threats, driven by privacy (both legislation and consumer concerns), leading to the fast emergence of new solutions to face the threats to their business.
To make this new reality of the ‘New World of Data’ more tangible, Real Story Group, a US based company providing neutral technology vender research and advice, published following reference framework :
From left to right:
- key factors fueling change
- what's under threat
- the resulting challenges
- emerging responses
Read the full article HERE.
Massive business impact
Marketers will fast be confronted with a massive business impact.
- Reduced return on advertising investment, due to the fade out of surgical user-level targeting
- Reduced revenue, because it’s getting harder to acquire new customers, again because of reduced ability to fine tune ad placements and messaging
- Fewer analytic insights: loss of data will impact business decision making, possibly throughout the entire company.
- But also, less quantifiable elements are impacted, like consumer experience and brand trust.
Fueled by five important privacy drivers :
- the imminent disappearance of the third-party cookie
- the consequences of GDPR
- the consumer's raised privacy awareness
- more consumer control over data shared with apps
- the threat of data breaches
RSG groups emerging responses into 3 clusters, 2 of those being directly in the hands and the scope of the advertisers and marketers, with the help of the right technology and service partners; data acquisition and the collection and management of owned data. Ethical data, to be more precise, we believe at Black Tiger Belgium.
Collecting, managing and deploying your owned, first (and zero) party data in a qualitative, compliant and ethical way is key to becoming a future proof business. Onboarding your own prospects and consumer hyper targets in media will allow you to continue to reach your target groups in an effective and relevant way, in full respect of the individual consumer.
Owning data also is the road to successful data sharing partnerships, as your first party data in someone else’s second party data.
A true challenge, for sure, but with the help of the right technology and service partner to support you in your journey you can turn these challenges into a future-proof solution, tailor-made to your specific business and marketing needs.
From awareness to competitive advantage
As Black Tiger Belgium’s current solutions and innovations for the Belgian and European market cover quite some of the described emerging solutions, we find it important to share this knowledge, to raise awareness and make sure marketers start preparing, in order to keep doing profitable, ethical business and even gain competitive advantage over industry peers.