BIMA’s virtual summit on June 17th was all about data privacy, new privacy regulations, the shift in marketing strategies and why it’s important to be prepared.
One session was about the rise of first party data featuring speakers from Jebbit and Bliss. The cookieless world is just around the corner and now is the time to determine how best to collect meaningful data based on audience wants, needs and online behavior.
- First part data is great for consumer targeting. It can be used to create personalized user experiences which lead to stronger engagement, smarter remarketing strategies and drive brand loyalty.
- Bliss’ latest strategy in getting more specific data from their website visitors is through personalized quizzes. They created a special section on their site in which users take a quiz all about what they need, what their skin goals are and how Bliss can help. Post quiz completion, Bliss collects user data and the user receives a discount on a Bliss purchase – both parties win! Another quiz that they distributed was structured like a game of trivia, testing the audience to see how much they knew (or thought they knew) about skincare. The quizzes were also distributed across e-mail, social and paid media.
- When it comes to privacy disclaimers, it’s all about transparency. Bliss has disclaimers throughout their site but because they have developed personalized marketing strategies (particularly with these quizzes), having the disclaimers everywhere did not have an adverse effect on engagement. These quizzes have generated high completion rates (93%), high lead rates and increased traffic across their entire site.
Another session was about responsible advertising in the age of data privacy, featuring a speaker from Hybrid Theory.
- According to a recent HBR study, advertising and social media trust are at their lowest (61% and 56% respectively). It’s critical to not let these stats get any lower by disregarding these new privacy regulations or worse, by being unethical. Target, Facebook, Google and TikTok all used data unethically in the recent past for marketing and consumer profiling purposes. Some were sued for millions and billions of dollars. Privacy acts are being passed left and right – ignoring them won’t help anybody.
- According to 2021 Ad Spend report, global spend on digital is set to outpace traditional media for the first time, ever. New digital channels are driving its growth, particularly on social (new platforms like TikTok), video (new distribution methods like OTT/CTV) and streaming audio/podcasts. Just like global spend is not going to slow down, digital regulation isn’t either. All browsers have ended cookies already except for Chrome, which will end cookies next year.
- In summary, privacy regulations are shifting across the globe and will change the state of digital marketing. Accepting these regulation shifts will not only force brands to adjust how they market but could ideally lead to an uptick in brand credibility and trust in advertising overall.
- Give first party data the love and attention it deserves.
- Don’t turn a blind eye to these privacy shifts.
- Be smart (and creative!) with your future digital marketing strategies.