The report highlights conversations around responsible utilization of consumer data becoming the need of the hour. The report unravels the new age customer’s need for personalisation without compromising their need for privacy. Marketers need to put more effort into educating consumers about data usage and tracking. They need to find ways to ensure privacy is not a hindrance to providing better products and services to the consumers. Rather, how a privacy-first approach to data can facilitate consumer trust in the brand.

Voicing their needs and opinions, the report brings forth the strategic recommendations of industry experts from AdTech and MarTech giants such as Google, Meta, AppsFlyer, Dentsu and Accenture. The report also offers tips and tricks on how to accelerate brand growth and delivery performance without compromising the privacy concerns of consumers.

Key Highlights:

• A Meta POV says personalized advertising is at the heart of the digital advertising ecosystem, which drives the digital economy and is consequential to economic growth.
• A Meta POV states if businesses can’t evolve to meet this moment, people may face a different digital world, dominated by less personalized ads and increasing costs for advertisers.
• Meta advocates that personalization and data privacy can co-exist.
• Accenture research shows that while a majority of consumers are willing to pay a premium for personalization, only one in three brands can offer an individualized offering. On the other hand, sensitivities around consumer data privacy are at an all-time high.
• A study by Salesforce in 2020 shows how advertisers are still heavily reliant on third-party data, most of which is collected using third-party cookies.
• Dentsu believes advertisers need to develop strong first-party data fortresses, data clean rooms and novel ways to stitch together audience intelligence.
• Dentsu recommends that brands invest in a privacy-first customer data platform (CDP) that can securely connect to data partners and other AdTech vendors without the need for third-party cookies.
• Google’s all-new marketer’s playbook reveals PepsiCo improved ROI up to 3X by building direct customer relationships. Asos, a U.K.-based retailer, observed 31% more conversions by using first-party data, and Rituals, a bath and body retail company, was able to increase conversions by 85% by surfacing powerful insights from its first-party data to find more valuable customers.
• MMA’s India chapter along with EY received inputs from over 150 marketers from retail, finance, automobile, media, healthcare, education, and other sectors in the Indian market and found that:

1. 89% of respondents believed they had policies and processes to safeguard consumer data.
2. 58% had defined ownership & management strategies for 1P consumer data.
3. 60% had little or no integration of their 1P and 3P data with limited employee access.
4. 24% had cross-fishing rules defined for sharing of consumer data between brands.