Building Trust and Driving Growth in the New Era of Data Privacy

Data privacy can often be an afterthought for some marketing organizations. According to Lou Paskalis, President and COO at MMA Global, and Jonathan Joseph, Head of Solutions and Marketing at Ketch, this can ultimately harm brands. During the 2021 CMO Club Innovation and Inspiration Summit Jon Suarez-Davis, SVP, Marketing Strategy & Innovation at Salesforce, came together with Lou and Jonathan to discuss why data privacy should be a value companies use to build and sustain trust.

PRIVACY IS A CONSUMER RIGHT

  • Respecting privacy and data dignity protects a company’s reputation and brand value
  • Companies should have robust privacy and data protection systems in place. If not, they are risking the loyalty and trust of their consumers.
  • Remember: The spirit of the law matters, not just the letter. You could be in strict compliance with regulations around the world, but still miss consumer expectations of their data privacy

If we don’t walk the walk about permission and customer choice and respecting those choices, we not only degrade the methodology in which we make our living, we degrade the larger commerce ecosystem, larger societal ecosystem, and the larger democratic ecosystem. The most important role marketers have today is to adjudicate those issues. We no longer can take those issues for granted. – Lou Paskalis

CMOs ARE GUARDIANS OF TRUST

  • The CMO must serve as the voice of the customer in internal conversations about privacy. Establishing that there’s value in honoring people’s data privacy is essential.
  • Consumers know and understand their privacy rights — companies need to make it a priority or risk looking irrelevant, or worse, insincere. 
  • It takes more than slapping a privacy banner on a website: Marketers need to design privacy experiences, aligned with carefully curated digital experiences. 

We saw the evolution of advertising as it became more programmatic and efficient. In a similar way, privacy can also be programmatic. The key is end-to-end control over responsibly gathered data. – Jonathan Joseph

TAKING PRIVACY SERIOUSLY? THEN TAKE ACTION NOW. 

  • Privacy‘s a team sport, requiring collaboration across legal, technology, data and marketing teams. 
  • Building the foundation of privacy safe, responsibly gathered data also helps with the opportunity and value creation from machine learning and AI. CMOs must understand how AI creates biases and find a way to mitigate that bias.
  • How can a company show ROI for privacy? It can be difficult to quantify the value of consumer trust and buying behavior based on a brand’s data practices, but the value is there and tied to rising consumer awareness. Privacy is about doing the right thing, and it has important implications for brand value.

If you get 33-page terms and services when you get an iPhone, you can either accept it or don’t use the iPhone. That is not an option, that is a hostage negotiation. As an industry, we can do better. – Lou Paskalis

MAKE PRIVACY A COMPANY VALUE LIKE SUSTAINABILITY

  • Convincing leadership privacy is important requires creating a narrative to show why a long-term commitment will ultimately help them differentiate against competition. 
  • Data protection isn’t just about the data within the four walls of your organization. It includes data with third-party vendors like Facebook. Brands have the responsibility to ensure consumer privacy choices are reflected in those systems as well
  • Make privacy part of your company culture. Introduce it into conversations, award efforts to guard personal data. 

If we get the privacy thing right, it will enhance the customer experience and lead to more sustainable growth. A message every CMO wants to deliver to the C-suite. – Jon Suarez-Davis