Marketing is the process of discovering, developing, and delivering value in the form of goods and services to fulfill the demands of a target market; it may also include the selection of a target audience.
Imagine yourself years from now, sitting at your work, gazing back at the year 2020.
Setting aside pandemics and politics, 2020 will most likely be remembered as the year when data security became a major worry for organizations.
In reality, it’s rather large.
Whereas high-profile data security catastrophes have made data security more popular in recent years, solutions have remained a low simmer of slow-moving laws and much slower business implementation.
Then there was 2020.
With the recent privacy issues with Zoom making headlines and Marriott’s under-the-radar exposure of over 5 million customer details,
2020 will remembered as the year when data security became a hot topic for corporations.
So, what does this rise in privacy awareness imply for businesses and marketers eager to leverage cutting-edge technology to impress customers and keep their brands relevant?
2020 may be the year when data privacy problems eventually boil over unless we modify how we gather and use customer data.
While the days of data collecting in the wild west may be over, there are still just a few effective regulations safeguarding consumer data privacy in place throughout the world.
If you conduct business in Europe, you’re already familiar with the General Data Protection Regulation (GDPR) (GDPR).
However, in the United States, the California Consumer Privacy Act provides the most comprehensive protection for customers (CCPA).
It’s also solely for California as if that wasn’t clear enough.
States may be embracing data privacy regulations ahead of federal legislation.
The issue is that businesses should not wait for rules to take effect before implementing what will eventually become a national answer.
Businesses that wait for legislation to pass before making the transition risk putting their customers – and their brands – in danger. Businesses that wait for regulations to pass before making the move risk putting their consumers – and their brands – at risk.
People like receiving tailored content from firms on a variety of platforms, including websites, emails, and paid advertisements.
Knowing this, we marketers are eager to deliver
Since it typically results in a higher return on investment and some type of bragging rights.
However, these experiences are built using data from the same consumers who are clutching their pearls at the prospect of their data being stolen, exploited, or looked over carelessly.
Businesses have a significant marketing difficulty in this type of atmosphere.
It’s a delicate balancing act.
Brands and their consumers may have the best of both worlds if the necessary measures are taken: extremely enticing marketing and a clear commitment to data privacy.
People trust businesses that make openness a part of their corporate culture, especially when it comes to personal information.
Here are some practical actions your company can take to make data and marketing plans more transparent.
Users already trust you to protect their personal information.
It goes a long way toward establishing the confidence and openness that people want when you disclose how you use the data you gather.
Your company is already ahead of the curve by informing users that their data is only used for above-board marketing methods like tailored experiences and that it will never be sold to a third party.
While the CCPA allows users to opt-out of data gathering,
The GDPR goes a step further by mandating businesses to provide consumers the option of opting in with “explicit consent.”
Pre-checked boxes and default agreements, in other words, may bring EU enterprises into trouble.
It’s time to implement an opt-in strategy in your email marketing if you don’t currently have one.
Sending emails to people who have previously opted out
Or even people who haven’t intentionally opted in – is a certain way to lose confidence.
User data is a seductively strong elixir that tempts firms to collect more personal data than they require.
Taking a page from the GDPR, a better strategy is to only ask consumers for information that is relevant to their experience right now, rather than information that may be useful in the future.
If circumstances change, your policies will have to alter as well.
Meanwhile, this is an excellent approach to demonstrate to customers that you are deserving of their confidence.
With Google Chrome’s recent statement that third-party cookies would phased out in two years.
Now is the time to cease utilizing them to power your brand’s efforts.
Though the inflow of new consumer data privacy regulations may seem overwhelming or restrictive,
It should not prevent us from embracing new technology and ways to engage and amuse audiences.
The lack of federal legislation might provide brands with a competitive edge.
By bringing this high-pressure subject to the surface at your company,
You’ll open the door to more possibilities to earn client trust and loyalty.