CMOs own the customer experience, but too often they overlook the role privacy plays in building trust and brand loyalty. As a privacy professional, have you ever considered the role marketing stakeholders should play in your privacy program?
Research shows that when marketing gets involved in privacy strategy, there are positive outcomes across the business: from customer values, to brand differentiation, and even revenue growth. Rather than sit on the sidelines, CMOs belong at the table when privacy and compliance are discussed.
Let’s look at three reasons why the marketing perspective is important to consider as part of a successful privacy program.
Interested in a deep dive into this topic with marketing and privacy experts? Register for our February 3rd IAPP-hosted webinar: Marketing and Consumer Experience Perspectives to Enhance Your Privacy Program.
Consumers value privacy; show them you do too
Today’s consumers are more enlightened than ever before. They consider the impact that manufacturing processes, source ingredients, hiring practices, and carbon footprints have on the world, and they favor brands that align with their values.
According to the Ipso Global Trends Report 2021, 70% of consumers in 25 countries say they prefer to purchase from brands that align with their values and priorities.
Research shows us that respect for privacy is one of those values. According to a 2021 KPMG survey of consumers:
- 86% of the respondents say they’re growing more concerned about data privacy
- 78% expressed fears about the amount of data being collected
- 40% of the consumers don't trust companies to use their data ethically
A brand’s commitment to privacy should do more than meet the letter of the law; it should demonstrate to the consumer that the company sees privacy as a fundamental human right, and will treat all data shared accordingly.
Marketing data utilization is too big to ignore
Many ethical brands are committed to privacy—in principle. When it comes to real world implementation, complexity is the challenge.
The average brand has 30+ point solutions in their marketing and consumer experience tech stack. When a consumer updates his or her privacy preferences, the data in every one of those point solutions must be updated. If your brand does this manually, it takes a massive amount of effort. And mistakes and delays, which are unavoidable, send a message to the customer that your brand doesn’t value privacy.
As a privacy professional, you know how critical data control is to privacy. Without a thorough understanding of how your marketing department stores, transfers, and uses customer data, you have a gap in your privacy program. Forging a relationship with your marketing counterparts will get you closer to having a full understanding of your data systems.
Still thinking about the manual data subject request process across all of those point systems? This is where Ketch’s Programmatic Privacy approach shines. When consumers express their privacy preferences, Ketch matches that user to the unique IDs assigned to them within each system. Then, using an API, Ketch updates each system automatically and in real time.
From that point forward, each system will create a customer experience that fully complies with the individual user’s jurisdiction and preferences. That’s how brands can walk the privacy talk.
Consumers reward brands that respect privacy with more business
Privacy has a real, beneficial effect on a brand’s bottom line. According to Gartner, “Rapidly maturing regulations and consumer desire to deal only with trustworthy businesses mean privacy materially affects financial results.”
Gartner estimates that by 2023, brands that earn and maintain consumer trust will earn 30% more profits from their digital commerce revenue initiatives that their competitors. A commitment to privacy enables organizations to participate in “50% more ecosystems to expand revenue generation opportunities.”
Given the revenue that’s at stake, every brand should view having a strong, public privacy stance as an opportunity to win consumer respect. Marketers can provide thought leadership input on how to translate your privacy program from an internal compliance necessity to a cornerstone of your brand’s consumer experience.
Tune in on February 3rd for our webinar with IAPP, Forrester, & UM Worldwide
I’m excited to moderate an IAPP-Hosted Webinar, Marketing and Consumer Experience Perspectives to Enhance Your Privacy Program, where we’ll discuss these topics even further. I will be joined by Arielle Garcia, Chief Privacy Officer at UM Worldwide and Stephanie Liu, Privacy and Marketing Analyst from Forrester. Join us to hear even more about:
- Understanding consumer privacy behaviors and what it means to “humanize” the privacy experience
- How privacy decisions can affect the marketing tech stack, and how to collaborate with marketing teams
- Building solutions that ensure data utilization and privacy compliance are compatible, including future-proofing your privacy program for AI and Automated Decision-Making initiatives
Registration is free, and I hope to see you there.