The enactment of the California Consumer Protection Act (CCPA) and the General Data Privacy Regulation (GDPR) in 2018 heralded a new era in privacy law. These groundbreaking regulations were just the start. As highlighted in "The Growth of State Privacy Legislation," the number of states passing data privacy laws surged from two in 2018 to 29 by 2021.
In this rapidly changing regulatory environment, marketers must proactively address data security and privacy requirements. The challenge of staying compliant has never been more daunting.
How can marketers meet their corporate goals while also satisfying the growing legal and consumer demands for data privacy? Specifically, how can B2B marketers devise a marketing strategy that adheres to data protection laws?
Foster a Data-Centric Culture
Companies that embrace a data-centric culture are better positioned to develop robust sales and marketing tech stacks. In B2B firms, this culture needs to be driven from the top, with leadership from the CEO, CMO, CRO, and CTO permeating the entire organization globally.
A data-centric culture primarily enhances customer service. When everyone understands the importance of data, knows what data is relevant, and comprehends its current and future applications, Customer Experience (CX) improves. Additionally, this culture ensures data is handled in line with corporate policies and industry standards, which is crucial in a world where data privacy is paramount.
Utilize First-Party Data and Integrate Opt-In Information
With the decline of lookalike audiences and cookies, first-party data has become indispensable for B2B companies. Sales and marketing teams can establish strong, personalized connections with customers and prospects through direct channels such as email and SMS. It is vital for these teams to share the same first-party data and integrate it with second-party buyer intent data to ensure a seamless transition of leads from marketing to sales. They must have a cohesive understanding of what their first- and second-party data reveals about their customers or prospects.
Despite stricter data privacy regulations, B2B brands can still combine their first-party data with consent-based third-party data to gain deeper insights into their target audiences. Platforms that obtain user consent can continue to use audience segments and buyer cohorts, although constructing a marketing stack capable of integrating multiple data layers remains challenging.
Building Trust
Today, individuals have more control over their personal information than ever before. Prospects and customers now have legal rights regarding the data advertisers can access and how it is used. They demand transparency about how their data is collected, shared, and utilized.
The regulatory landscape emphasizes transparency, providing consumers with more information and options regarding their data usage. This theme is prevalent in both existing laws and those still being considered.
By fostering a data-centric culture, leveraging first-party data, and building trust through transparency, B2B marketers can successfully navigate the complexities of data privacy regulations while achieving their business objectives.
Comments