The internet has long been proclaimed as the harbinger of a new era of hyper-personalized, targeted, and effective marketing. However, L2’s data and targeting report makes clear that digital is struggling to realize this potential.
In exchange for offering up personal data, customers deserve (and increasingly expect) relevant and personalized content, both during the site experience and when viewing ads across the web. However, digital media is increasingly riddled with irrelevant and abrasive promotional content, and high-profile data breaches of companies including Equifax, Yahoo, and Uber have rendered information privacy a top-of-mind issue for many consumers.
In the face of concerns about how personal information is gathered and deployed, brands must clearly explain how they use collected data and what benefits accrue to the customer. Best-in-class brands understand how to appease customers with user-friendly, transparent privacy policies. While a majority of leader brands succinctly explain the way they use collected data to tailor advertising within their privacy statements, most brands fall short: 92% of brands in L2’s study fail to supply a prominent and concise privacy and cookie usage notification.
In an era of increased consumer sensitivity to data security, leader brands treat privacy as a key marketing and communications effort, as opposed to simply a legal one. For example, while the majority of brands deploy long, dense, legalese-filled privacy policies, best-in-class statements are both easy to read and navigate. Brands playing catch-up must thoughtfully re-tool their data privacy disclaimers — or risk losing the trust and attention of customers.