In business today, many believe that consumer privacy and business results are mutually exclusive — to excel in one area is to lack in the other. Consumer privacy is seen by many in the technology industry as an area to be managed.
But the truth is, the companies who champion privacy will be better positioned to win in all areas. This is especially true as the digital industry continues to undergo tectonic shifts in privacy — both in government regulation and browser updates.
By the end of 2022, all major browsers will have phased out third-party cookies — the tracking codes placed on a visitor’s computer generated by another website other than your own. Additionally, mobile device makers are limiting identifiers allowed on their devices and applications. Across industry verticals, the global enterprise ecosystem now faces a critical moment in which digital advertising will be forever changed.
Up until now, consumers have enjoyed a mostly free internet experience, but as publishers adjust to a cookieless world, they could see more paywalls and less free content.
They may also see a decrease in the creation of new free apps, mobile gaming and other ad-supported content unless businesses find new ways to authenticate users and maintain a value exchange of free content for personalized advertising.
The truth is, the companies who champion privacy will be better positioned to win in all areas.
When consumers authenticate themselves to brands and sites, they create revenue streams for publishers as well as the opportunity to receive discounts, first-looks and other specially tailored experiences from brands.
To protect consumer data, companies need to architect internal systems around data custodianship versus acting from a sense of data entitlement. While this is a challenging and massive ongoing evolution, the benefits of starting now are enormous.
Putting privacy front and center creates a sustainable digital ecosystem that enables better advertising and drives business results. There are four steps to consider when building for tomorrow’s privacy-centric world:
Transparency is key
As we collectively look to redesign how companies interact with and think about consumers, we should first recognize that putting people first means putting transparency first. When people trust a brand or publishers’ intentions, they are more willing to share their data and identity.
This process, where consumers authenticate themselves — or actively share their phone number, email or other form of identity — in exchange for free content or another form of value, allows brands and publishers to get closer to them.