38% publishers think that increasing privacy measures have created a new opportunity for monetizing their own first-party data, according to a new report by data management provider Permutive. Further, 50% publishers say that the changes allow them to work more closely with advertisers.
The report, Relieving Data Deprecation And Identity Challenges, is based on a Forrester survey of 100+ advertisers and 100+ publishers in the US and UK. It looks into how brands and publishers are preparing to deal with the reduction in consumer data available for data-driven marketing.
“Marketers must leverage direct publisher relationships”
“Data deprecation is going to completely upend digital marketing,” according to the authors. “Between privacy regulations and the removal of third-party cookies from Chrome, it’s going to be difficult for brands to collect and activate data at scale.”
73% of the brand respondents are worried about increasing privacy regulations and 70% say they are concerned that consumers will decline consent to use their data for marketing.
“Marketers must leverage direct publisher relationships, privacy-compliant identity solutions, and customer signals,” the report suggests, “to gain audience insights, tailor campaigns, and drive their future marketing strategies.”
Amid the chaos, there are opportunities for brands and publishers to adopt privacy-by-design and embrace identity solutions that protect consumer data.Relieving Data Deprecation And Identity Challenges
Publishers are aware of their importance in the future of customer data-driven marketing but they have to overcome a few challenges before they can benefit from the opportunity.
Nearly half (49%), say they need to invest in technology that would allow them to collect data compliantly, as well as to derive and leverage audience insights in an effective, ethical manner.
Most publishers and brands are in the early stages of adopting first-party data. 41% of brands still rely on third-party data for targeting.
Publishers have been faster to adapt with 95% saying that they have started building their first-party data monetization strategies. However, only 28% are ready with an established, implemented strategy.
“Can’t achieve their marketing goals at the expense of customer trust”
“Customer data is the fuel for brands’ modern marketing efforts,” the report states. “But brands have treated data ethics as an afterthought, creating creepy and even harmful experiences as a result.”
Data deprecation is both a reflection and warning of the fact that brands can’t achieve their marketing goals at the expense of customer trust.Relieving Data Deprecation And Identity Challenges
Both brands and publishers realize this and thus building trustworthy and close relationships with consumers has become important. Improving customer satisfaction and trust are top priorities for 42% of the publishers, ahead of increasing subscriptions (38%).
38% of the brand respondents hold gaining consumer trust/consent paramount. 34% say they would like insights that help them understand their target audience. Developing/nurturing direct publisher relationships is important for 28%.
“The heart of marketing strategies”
Brands are focusing on building direct publisher relationships as that would allow access to customer data and insights. 80% say they have direct relationships with at least one publisher and 48% have already developed five or more such relationships.
And that is key in dealing with data deprecation. “Brands and publishers can tackle data deprecation through direct relationships that enable broader customer insights and additional revenue opportunities,” the report suggests.
Customer trust must sit at the heart of marketing strategies. Future marketing strategies must be built on ethical treatment of customer data; as such, customer trust is key to brand strategies.Relieving Data Deprecation And Identity Challenges
The full report is available for download here:
Relieving Data Deprecation And Identity Challenges