The ultimate goal of any business is to generate revenue, and companies are constantly looking for opportunities to boost their revenue stream. This can be achieved through product innovation, but it can also come from monetizing data resources. While businesses gather and use consumer data to boost conversions, it’s imperative that companies also protect the data privacy of their consumers. By making data protection a priority, businesses can integrate data privacy into their monetization strategies.
Why Should Consumers Care About Data Privacy?
Data collection can be a mutually beneficial practice. Businesses can learn more about their customers to provide a tailored experience that results in sales and conversions. Consumers can return to a business and place a reorder with ease or avoid re-entering contact information, because their information has been stored from their previous visit.
Because there are so many positive experiences with data collection and storage, it’s easy for customers to become complacent and put too much trust in businesses to safeguard personal information. But it’s essential for consumers (and companies) to consider how much sensitive information is collected online, and what could happen if it fell into the wrong hands.
In today’s technologically advanced world, we perform countless everyday activities on the internet. From online banking to online shopping, we share payment information, account numbers, and phone numbers and mailing addresses. If this information was intercepted or hacked for nefarious purposes, consumers could become victims of identity theft or face financial ruin.
Eighty-six percent of consumers say data privacy is a growing concern, and rightfully so. To continue to build trust and loyalty, businesses must find ways to protect consumer data while still finding ways to monetize the information for continued success.
What is Data Privacy’s Role for Advertisers and Publishers?
Between consumer concern and government regulations, data privacy falls to the responsibility of advertisers and publishers. Until recently, third-party cookies (bits of code) helped track website user behavior and interests. However, with the growing concern for data privacy, more browsers are getting away from this practice, including Google who recently announced third-party cookies will be banned on Chrome. As a result, advertisers and publishers will have to be creative in how they go about collecting user data in a cookieless world.
Whether they use first-party methods or rely on second-party partnerships, advertisers must provide full transparency when it comes to data collection. Consumers should know how their information is to be used, and they ought to be able to opt-out of any data gathering with which they’re uncomfortable.
Advertisers and publishers should also ask permission before collecting consumer data, and only use data when necessary. It’s important to understand consumer behavior and history to help shape marketing and advertising strategies, but this doesn’t require every bit of possible data. Advertisers and publishers should determine which information is essential and only seek permission to gather that data.
To truly protect their customers, advertisers and publishers should closely examine all technology and data partners to be sure they use ethical practices when gathering, storing, and using personal data. No matter how diligent advertisers are, if their technological partners aren’t following best practices, their efforts are futile.
4 Ways to Integrate Data Privacy into Your Strategy
Although the end of third-party cookies creates a challenge for today’s advertisers, it’s still possible to drive quality traffic to your site in a cookieless world. Here are four techniques advertisers can use to overcome the latest obstacle in digital marketing.
1. Build a Culture of Integrity
Build a culture of integrity among your team to give each employee a sense of importance. Rather than keeping sensitive information a secret from your workers, include them in the protection of user data. Explain the importance of data privacy, what it means to your customers, and how a data breach could harm your company. After all, once you lose your customers’ trust, it’s nearly impossible to get it back.
When each individual feels responsible for the safeguarding of valuable information, they’re more inclined to take the role seriously and help protect data privacy. Entrusting this kind of responsibility to your team helps to motivate them so they can thrive in their role. They’re also likely to speak up when they notice others who aren’t taking their responsibilities seriously.
Fostering a culture of integrity helps keep everyone working as a team to adhere to company ethics and ensure they don’t cut corners when it comes to protecting sensitive information.
2. Incorporate Quality Control
Even the best laid plans can go awry. It’s important to incorporate a practice of quality control to ensure that people and protocols are compliant and continuing to protect the privacy of your customers’ data. You might assign roles to your team so that everyone is responsible for a different element of privacy protection.
Data stewards can monitor resources to ensure there are no errors, glitches, or breakdowns in your protection systems and practices. IT workers can be in charge of screening data integrity in your security systems. By delegating various roles and responsibilities, you have more eyes on your systems to ensure everything is working as it should.
3. Follow 3-2-1 Backup Rule
When it comes to data protection, advertisers and publishers should adhere to the 3-2-1 backup rule as follows:
- 3: Make a primary backup and two copies of the data
- 2: Save the backups on two types of media
- 1: Keep one backup file offsite
Protect your data on-site, whether you use hardware to store information on a private cloud, or a separate device with backup on the cloud. Information on the cloud should use authentication identity, secure detection, encryption, and data masking to help protect the integrity of the information. All of this will make it harder for others to interpret the data and use it in ways it isn’t meant to be used.
4. Conduct Regular Audits
A privacy audit is an internal examination to determine how well your company is protecting your customers’ data. Begin by taking inventory of current records and data practices. Look at the areas of your company that gather, use, and disclose private data and evaluate how it’s managed. Then, assess all the points of contact for customer data. When you understand what information you have and where it’s held, you can begin to know why and how it’s used.
Document and assess your practices to decide whether the data you’re gathering is necessary and who can see this information. Questionnaires, group discussions, and interviews can provide valuable information to help you learn about your company practices. These audits are an effective way to minimize data integrity risks and ensure your company is in compliance with data privacy regulations.
Navigate a Cookieless World
RevContent’s goal is to increase your market influence and revenue through effective ad monetization strategies that work. We keep it simple. Rather than relying on cookies, we use information like interests and geographical location to help you create targeted native ads that resonate with your audience. These strategies help to ensure the success of revenue growth, relevant traffic, and effectiveness.
Contact us today to learn how we can help you navigate a cookieless world.