{"id":132993,"date":"2019-07-23T08:57:43","date_gmt":"2019-07-23T12:57:43","guid":{"rendered":"https:\/\/www.mesalliance.org\/?p=132993"},"modified":"2019-07-23T08:57:43","modified_gmt":"2019-07-23T12:57:43","slug":"me-journal-profits-and-privacy-the-trust-paradox","status":"publish","type":"post","link":"https:\/\/www.cdsaonline.org\/2019\/07\/23\/me-journal-profits-and-privacy-the-trust-paradox\/","title":{"rendered":"M&E Journal: Profits and Privacy: The Trust Paradox"},"content":{"rendered":"

By Tiran Dagan, Chief Digital Officer for Comms, Media, Publishing and Marketing, Cognizant<\/a> Digital Business’s M&E Practice –<\/p>\n

With privacy paramount, media companies face an uneasy task: Consumers\u2019 love of personalized products and services means collecting and analyzing as much data as possible, and then working just as hard to protect it.<\/p>\n

Or does it? Our research into young consumers between 15- and 22-years old turned up a surprising finding: Sixty- three percent describe themselves as neutral or unconcerned about online information being used against them. Amid the debates on privacy in social, business and legislative circles, Generation Z\u2019s disinterest gives us pause. <\/p>\n

It may reflect the demographic\u2019s youth and unfamiliarity with the personal toll of data breaches. Or it may portend a permanent trend: Having grown up in an environment of sharing data, it\u2019s possible the youngest consumers cast an eye toward the benefits of personalization and convenience and find they outweigh the potential downside.<\/p>\n

We won\u2019t know the answer until they assert themselves one way or another in the marketplace. In the meantime, we still need to grow our businesses.<\/p>\n

Contextual privacy provides a path forward. When we\u2019re on social media, we know data is being collected on, say, the photos we post and the people we friend. But what about more complex psychographic analysis of variables such as attitudes, lifestyle and inferences about who we are? That deeper exposure of our data is where contextual privacy comes in: It mandates that the use of data must be mutually agreed upon by both parties in context to the way it was gathered.<\/p>\n

For media companies, contextual privacy requires clarity and transparency on several fronts. In addition to identifying the customer data they collect, organizations need to be open regarding whether and how they merge it with data they purchase. <\/p>\n

For example, do they combine transactional or viewing history with external credit-card data to infer more about customer preferences? That\u2019s information consumers need to know. Openness also applies to the sharing and sale of customer data to third parties. If you do it, disclose it.<\/p>\n

Here\u2019s how media companies can stay pragmatic about privacy without eroding the experiences that customers demand.<\/p>\n

Balance how you leverage consumers\u2019 data<\/strong>. As consumers\u2019 tastes shift and new options flood the marketplace, leakage of revenue can happen fast. The best way to capture leaking dollars is to be smart about data: Stay vigilant about providing value and engaging consumers amid a crowded marketplace and short attention spans. Equally important, be pragmatic and transparent about how you use it: A photo-sharing site\u2019s marketing partners shouldn\u2019t include pharmaceutical companies that pitch birth control to users posting images of romantic getaways.<\/p>\n

Develop a single view of the customer that lets you scale<\/strong>. Scattered customer data isn\u2019t just holding your company back when it comes to providing targeted content for subscribers. It also limits your company\u2019s potential as a brand partner. As a media company, you\u2019re managing an audience across two dimensions: content viewers and consumers. Creating a single customer view \u2014 that is, aggregating customer data \u2014 not only extends your organization\u2019s understanding of its own viewers, but it also enables your brands to become more valuable as marketing partners. <\/p>\n

With a greater understanding of the customer, the company can offer solutions that integrate television and digital advertising, email campaigns, social media outreach. The role of the media company evolves to managing audiences for brand marketers.<\/p>\n

Think creatively about data governance<\/strong>. The beauty of data is its flexibility. (Some might say its curse.) How is your company prepared to safeguard this valuable asset? Small-print terms and conditions cover you legally. But now that the General Data Protection Regulation (GDPR) has codified the \u201cright to be forgotten,\u201d European Union marketers are grappling with how to manage consumers\u2019 requests to remove their personally identifiable information from databases. California\u2019s privacy act is set to take effect next January. Facebook says it\u2019s contemplating its role as a data fiduciary. <\/p>\n

The next question is how innovative can your organization be regarding its role as a custodian of data? What governance do you have in place across your business to avert the next publicity disaster?<\/p>\n

Contextual privacy is about being pragmatic and striking a balance that protects customers and profits. It\u2019s also about generational context \u2014 and casting an eye towards the future: As we create regulations and policies, we\u2019re doing so for younger generations like Generation Z that may view issues very differently from the way we do.<\/p>\n

———–<\/p>\n

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By Tiran Dagan, Chief Digital Officer for Comms, Media, Publishing and Marketing, Cognizant Digital Business’s M&E Practice – With privacy paramount, media companies face an uneasy task: Consumers\u2019 love of … Continue reading M&E Journal: Profits and Privacy: The Trust Paradox<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":97083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[3,40],"tags":[337,853,120,648,64],"acf":[],"_links":{"self":[{"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/posts\/132993"}],"collection":[{"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/comments?post=132993"}],"version-history":[{"count":0,"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/posts\/132993\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cdsaonline.org\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/media?parent=132993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/categories?post=132993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cdsaonline.org\/wp-json\/wp\/v2\/tags?post=132993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}