Three Tactics To Embrace The Privacy-Conscious Approach In 2024
From the EU Parliament’s passage of the Data Act to the US Federal Trade Commission’s increased enforcement of personal data protection, data privacy had its lion’s share of media coverage in 2023. Several laws from passed global legislation will come into effect this year, raising the question: what does 2024 have in store for advertisers, and how can companies best navigate compliance?
German companies that embraced the shift to privacy-conscious data collection in 2023 saw impressive growth. Harnessing first-party information pays off for marketers, providing more accurate information and the opportunity to rebuild trust, deepen connections with consumers, and present personalised experiences through proven profitable avenues like loyalty programs.
Finding the balance between delivering on an individual level and consumer respecting privacy can be challenging but produces impressive results when perfected. To help advertisers find their recipe for success, our expert MMA Germany members offer three tactics to dominate data-driven decisions and embrace the privacy-conscious approach in 2024.
An Opportunity To Rebuild Trust
At its core, the demise of third-party cookies signifies a departure from the era of hyper-personalised targeting. While this may alleviate some privacy concerns, the challenge lies in navigating a new landscape where personalised advertising is more akin to a careful waltz than a dynamic tango. Striking the right balance between delivering relevant content and respecting consumer privacy becomes the marketer’s new tightrope walk.
This paradigm shift, however, extends beyond mere technological adjustments. It is a pivotal moment that demands a reevaluation of the implicit trust consumers place in digital advertisers. The indiscriminate collection of their data, a hallmark of third-party cookies, has eroded this trust over time. Now, as the digital marketing arena resets, there’s an opportunity to rebuild this trust through transparent practices, ethical data usage, and explicit consent mechanisms.
Jan Heumüller, Managing Director DACH, Ogury
Plan Ahead For Google’s Cookie Phase-Out
With the test phase launched in January, Google has initiated the full phaseout of cookies, and this year will show what effects will follow and how well marketers, agencies and providers are prepared for the consequences. Our advice: focus on privacy-centric strategies, emphasising first-party data and user consent. Explore alternative targeting solutions, such as contextual and semantic targeting supported by AI. And expect a push for mergers and acquisitions among ID providers.
Setting up a strong data strategy for individual goals and finding the right provider should be at the top of your agenda, as we see 2024 as the year of testing and learning to prepare for a meaningful consolidation of the best solutions and providers.
Stefanie Tannrath, CEO, Universal McCann Germany
Make Your Ad Dollars Count
As posted in its Marketing Trends 2024 Report
In a time when marketers must do more with less data, obtaining accurate and actionable information about ad performance is paramount. The importance of attention for both creative and media effectiveness is now becoming established among marketers, who can optimise ROI by developing ads and media plans which maximise their attention per dollar spent.
We see a trend towards gaining a deeper understanding of the quality of consumers’ creative attention, with 60% of marketers saying attention has an important influence on media effectiveness. This is where we see facial coding and eye-tracking techniques gaining prominence and the use of AI-based attention predictions rising. These tools are destined to play a greater role in 2024, allowing marketers to measure attention at scale for digital ads.
Yulia Kalner, Head of Creative and Media, Kantar
About the MMA:
MMA Global’s German Local Council MMA Germany is a pioneering knowledge hub that empowers marketers to understand global tech trends and shape the future of marketing.
Comprised of over 800 member companies globally and 15 regional offices, the MMA is the only marketing trade association that brings together the full ecosystem of marketers, martech, and media companies working collaboratively to architect the future of marketing while relentlessly delivering growth today. Led by CMOs, the MMA helps marketers lead the imperative for marketing change — in ways that enable future breakthroughs while optimising current activities. The MMA is committed to science and questioning and believes that creating marketing impact is steeped in constructively challenging the status quo encouraging business leaders to aggressively adopt proven, peer-driven and scientific best practices, without compromise. The MMA invests millions of dollars in rigorous research to enable marketers with unassailable truth and actionable tools. By enlightening, empowering and enabling marketers, the MMA shapes future success, while also propelling business growth.
