07 August 2020 |
Data, Insights, Privacy
The world of advertising means there are always different types of data available and for marketers, data plays an essential role in the ability to target relevant audiences with ads that meet their demands and needs.
The IAB recently released their Data Handbook for 2020 with the purpose of providing insight into the different types of Data and their best practices for collection, management, and usage.
So, what are the different types of Data?
First-Party Data – Any data collected from your assets e.g CRM lists, website traffic
Second-Party Data – First-party data that isn’t unique to your own brand
Third-Party Data – Data collected from an external source with no direct relationship to the tracked user
Ongoing changes to browser tracking methods are currently in progress worldwide, with Google announcing that Chrome will no longer be supporting third party cookies. These changes will impact the analytics, targeting, measurement and attribution methods used by digital marketers – It is an extremely exciting time for us at ADMATIC as we begin to plan for new and innovative approaches to data strategy such as identity based buying methods, which will change the way we buy media. We foresee these changes to influence a significant rise in private marketplaces and a widespread decline in OpenX (open marketplace) buying.
Why are methods of tracking consumer data changing? It’s all about PRIVACY…
As stated by Justin Schuh (Google’s director of Chrome Engineering), “Users are demanding greater privacy…and it’s clear the web ecosystem needs to evolve to meet these increasing demands”.
While we wait for major internet providers to uncover what will replace third-party cookies, here are some tips to follow to ensure that consumer data is handled securely:
Manage consumer consent and control – Champion the user experience
Proactively managing privacy protections – Be forward thinking
Practice Data Minimization – Destroy or de-identify any unnecessary data withheld
Be in compliance with data breach laws
Minimize the risk of data breaching – Educate your employees, minimize the amount of personal information stored
Lastly, be ethical & transparent about how you source data