Digital Vox: Senior APAC leaders discuss the importance of first-party data and trust
When using data to create personalized marketing experiences, businesses must also ensure they are respecting and protecting consumers’ data. To meet this trust imperative, advertisers and publishers need to rethink how their marketing and monetisation processes can deliver the meaningful communications and experiences that their customers want, alongside the data privacy that they expect. Watch how senior APAC leaders from Boston Consulting Group, Singapore Press Holdings, BBC Global News, and Google are treating first-party data as their most valuable asset to not only deliver great experiences to their existing customers but drive business results and help fuel digital transformation as well.
Delivering best-in-class marketing in a privacy-focused world
Linda Lim: Privacy is a key pillar of what drives the entire organization forward, maintaining the trust, growing that trust and increasing the trust over time.
The trust imperative
Dan Taylor: Consumers expect these personalized tailored experiences that meet their needs yet at the same time they're increasingly concerned with how much data is being collected.
Linda Lim: We have to be very clear that the relationship we have with our audiences should never be abused and a lot of the relationship is established through trust.
John Williams: We are very cautious about how that data is used. It makes us perhaps not particularly nimble. But we are just very wary that once once the precedent has been set, once that seal is broken, you can't get that back.
Responsible use of first-party data
Anthony Oundjian: When privacy is becoming so important and when the fight for attention is intensifying - 90% of the brands in the region have realized that they need to make a better use of their first party data.
Linda Lim: Having a very clear framework of how data and what direction we should be driving as a whole organization are key areas.
Dan Taylor: Marketers should think about first party data as their most precious marketing asset. They should break down silos within their organizations and bring that data together.
Anthony Oundjian: Brands who make a good use of first party data in their marketing typically see a 2x return over the brands who tend to be average.
How can organizations adapt
John Williams: Technology is something that we as a large publisher scale has had to adopt and adapt to use the best platforms to reach audiences in an engaging informative way but also meet the needs of marketers.
Anthony Oundjian: Cloud is an important enabler. It has helped many brands that we interviewed in unlocking the constraint they see in technical challenges.
Dan Taylor: They can use that information and build on it using machine learning to not only deliver great experiences to their existing customers but find their next best customer as well. I think we're now shifting to a predictive era where we can provide the personalization that users want but the privacy that they expect.