Brands must adapt to the changing consumer sentiments around privacy and transparency.
With more consumers taking steps to protect data privacy and rethinking brand interactions, marketers must create data-driven practices addressing privacy and transparency concerns in 2021. As regulations like GDPR and CPRA regulating the collection and use of data, usual data-driven practices can be affected.
Joanna O’Connell, VP and principal analyst at Forrester says, brands must communicate their data collection processes and how they use data to consumers. Industry bodies like W3C are developing new standards for targeted advertising to overcome challenges like limited tracking identifiers.
However, brands must make fundamental changes to how consumer data is accessed and used, while respecting privacy and being transparent, adds O’Connell. Companies with direct consumer connection and access to first-party data, like Disney, are in a better position to tackle data collection complications.
[2 minute read]