Cookies, Compliance, and Consumer Confidence: The New Data Privacy Landscape
Experts Weigh In: First-Party Data and Consumer Trust Are Key
In this episode, Liana is joined by Sarla Fernando, Director of Regulatory and Advocacy ADMA, and Suzie Cardwell, Chief Data Officer Nine. We will explore how the industry can adapt to changing consumer expectations, particularly in the context of Google's recent decision to retain cookies, while maintaining ethical standards and driving innovation.
GUEST SPEAKERS
No surprise
Back in January 2020, Google first announced its plans to phase out third-party cookies. After years of delays and false starts, Google has since scrapped its controversial plan, proposing a one-time opt-in cookie prompt that will allow the user to decide how they are tracked. Sarla believes the decision will have a lesser impact on the industry than the privacy reforms that will follow. They explain the decision was no surprise to the industry, with businesses already adapting by investing in first-party data strategies which are increasingly becoming the cornerstone of effective marketing.
As Suzie highlights, the value of third-party cookies has been declining, with marketers now recognising the superior benefits of first-party data. “Working with first-party-owned data from reputable media owners or their own owned data offers far more value, and is where marketers are really trying to move to,” she says.
First-party you can trust
The conversation shifts to the broader implications of upcoming privacy legislation, with both guests agreeing it will have a more profound impact on the industry. They discuss the challenges and opportunities that come with these changes, emphasising the need for marketers to partner with reputable media owners. Sarla adds that “information you’re getting from Nine or competitors is quality ...it’s guaranteed, it’s first-party you can trust”.
While Google’s decision might offer some short-term relief, the real challenge lies in preparing for the impending regulatory shifts. New privacy laws, expected to be stricter and more comprehensive, will challenge marketers to rethink their strategies. Compliance will not just be a legal necessity but a competitive advantage for those who can adapt quickly.
Data ethics
Sarla highlights the importance of transparency and consumer trust, noting that the companies that can demonstrate a clear commitment to protecting user data will be the ones that thrive in this new environment.
Suzie adds that the shift towards first-party data will be accelerated by these regulations, as marketers seek to mitigate risks associated with third-party data usage. The need for robust data governance frameworks will become increasingly critical, and businesses will have to collaborate closely with trusted media partners to ensure their data practices align with legal requirements and consumer expectations.
The regulatory landscape will continue to evolve with marketers told to stay informed and proactive. Sarla stresses that now is the time for businesses to audit their current data practices, identifying potential vulnerabilities and areas for improvement. By doing so, companies can position themselves as leaders in data ethics, gaining a competitive edge in a market where consumer trust is paramount.
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