IAB Tech Lab’s Board this month committed to collaborate to achieve privacy-centric solutions to preserve addressable advertising as part of their Project Rearc initiative. Key principles include having device agnostic solutions that put consumers first; offering consumers predictable privacy; providing user-friendly, transparent privacy controls; and ensuring ongoing adherence to consumer privacy choices.
The UK has a new code of practice to protect children’s data, including for apps, toys, educational material and those that use children’s data [See our article]. Intent is to have high levels of privacy built in by default. Firms have 12 months to comply or risk huge fines from the Information Commissioner’s Office.
In a survey conducted by Transcend, 98% of 1,000 consumers agreed data privacy is important to them and will be even more critical in the next five years. The Luxury Institute views the management of privacy as a missed opportunity for companies – viewed more as a legal task than a marketing opportunity. They say companies must reverse that and play to win by creating “personal data pods,” so consumers can actively manage their data assets.
Martech keeps taking larger bites out of marketing budgets: 17.3% last year, 19.9% this year, 23.5% next year, and 30.9% five years from now, according to the latest CMO Survey. This despite barely more than half (56.4%) of current tools being used and nearly half (48.8%) of the survey respondents reporting worse-than-expected results. Oddly enough, marketers rate selecting marketing technologies as the thing they do best.