Consumer data, once a treasure trove of useful information for businesses and advertisers, has become more of a burden than a blessing. With expanding government regulations and privacy concerns, third-party cookies, once a lifesaver, are no longer a long-term option for marketers. This is forcing a shift to collecting first party data which is becoming increasingly difficult to manage. While many companies are aware of the coming changes, most are still unprepared.
What Experts Say
Gartner Inc., a research and advisory firm, has produced significant content on the latest trends in consumer data management, specifically how regulations and privacy concerns are going to shape its future. While discussing coming trends, Gartner Inc. shares:
“By year-end 2024, Gartner predicts that 75% of the world’s population will have its personal data covered under modern privacy regulations. This regulatory evolution has been the dominant catalyst for the operationalization of privacy,” said Nader Henein, VP Analyst at Gartner. “Since most organizations do not have a dedicated privacy practice, the responsibility for operationalizing these requirements is passed onto technology, more specifically security, under the umbrella of the CISO’s office.” 1
Navigating this shift with technology might sound like a straightforward solution, but the reality is much more complex. Many companies are struggling. Gartner Inc. contributor Jackie Wiles writes that, “In the Gartner 2020 Marketing Data and Analytics Survey, which polled both producers and consumers of marketing analytics, 64% of respondents said that data management, data integration and data formatting were among their top three most time-consuming activities.”2 This is a significant investment of resources, but Gartner Inc. is firm that technology, specifically a well-designed data management solution, provides the best path forward:
“To succeed in a world of consent-based advertising, digital marketing leaders must accelerate when, where and how they collect, aggregate and deploy first-party data,” says Chelsea Gross, Director Analyst, Gartner. “They’ll need best-in-class tactics for incentivizing customers to share first-party data, as well as data and analytics (D&A) management capabilities to handle the data itself.”2
Prepare with Waev
In the wake of new regulations and the loss of third-party cookies, businesses need to focus on consent-based, first-party data collection and sourcing external data in a manner that ensures privacy and regulation compliance. Built on blockchain technology and utilizing the latest in data tokenization, encryption, and automation, Waev’s network delivers a simple solution for businesses to do exactly that.
Designed with the future in mind, Waev’s data protocol is a one-stop shop for consumer data storage, management, and sharing. Within the Waev Data Marketplace you will be able to enter into innovative, 1:1 marketing partnerships with other ethical marketers to exchange data, enabling you to target your audience in new and exciting ways. We’ll do the heavy lifting–automating compliance, ensuring security and auditability, and facilitating trusted, ethical data sharing–so you can realize maximum value with minimal effort.
1 Gartner, Inc. (NYSE: IT). (2022, May 31). Gartner identifies top five trends in privacy through 2024. Gartner. Retrieved July 25, 2022, from https://www.gartner.com/en/newsroom/press-releases/2022-05-31-gartner-identifies-top-five-trends-in-privacy-through-2024
2 Wiles, J. (2021, July 1). What Marketers Need to Know About First-Party Data Capture. Gartner. Retrieved July 25, 2022, from https://www.gartner.com/en/marketing/insights/articles/marketers-are-under-a-digital-ad-siege-and-must-now-convince-customers-to-share-data