Marketers have long faced an interesting challenge: how are we to reach and connect with a consumer in an environment where traditional media has been disrupted and replaced by tech giants monopolizing customer data? Today’s marketers must weigh the benefits and drawbacks of relying on walled gardens. Not only are they limiting access to customer data, but the customer experiences they create don’t always take into account privacy and transparency.
The insights and data-driven marketing strategies that drive success require data compatibility and access. Google, Facebook and Amazon account for nearly 64% of U.S. digital ad spending, which speaks to their massive inventory of first-party user data—a huge perk, but turning a blind eye to privacy and transparency can have far-reaching negative impacts on consumers and brands.
To achieve a more satisfactory customer experience, marketers are starting to explore data solutions that provide bi-directional data flow, portability of data and customer identification. A Universal ID solution allows for easier sharing of information among approved partners in the ecosystem, creating deeper insights into customer behavior, providing more personalized marketing and giving people more control and privacy over their data.
Apple’s Hide My Email feature is an example of how complicated the relationship between consumers, publishers and marketers has become. While users may think this feature is all about protecting their inbox, it also prevents brands from building a unified profile on the consumer, creating a barrier between the consumer and the company they wish to interact with.
It’s time to challenge the status quo. Consumers have demands for privacy, transparency and control that can be respected without handing control of the pipes and the data to tech giants like Apple. It’s possible to create an open and interconnected digital ecosystem through strategic collaborations among tech giants, brands and publishers. Imagine a future where consumers can actively opt-in to personalized advertising and accepting or declining privacy policies.
Global Privacy Control (GPC) is aimed at allowing internet users to notify businesses of their privacy preferences, such as whether or not they want their personal information sold or shared. By having difficult conversations that address the exchange of data between consumers and brands, true transparency can be created, and the consumer’s data can be thoroughly protected.
Google, Facebook, Apple, Amazon and other major players in the tech industry should be proactive to ensure that the consumer doesn’t suffer from lack of access to their data. As CMOs of these companies, it is possible to disrupt the status quo of walled gardens and focus on empowering consumer ownership of their identity, providing tools for data control and facilitating partnerships that enable the industry to drive success.
The ultimate goal is a modernized, responsible, open internet and, with the right attitude and practices, we can make it a reality. Join top executives in San Francisco on July 11–12 to hear how leaders are integrating and optimizing AI investments for success.
