Yes, CMOs already have a lot riding on their shoulders when it comes to managing the omnichannel experience in an ever-changing digital landscape. But thanks to increasingly complex legal hurdles surrounding privacy, from the EU’s General Data Protection Regulation to California’s Consumer Privacy Act, utilizing data in today’s expansive martech realm is becoming incredibly tricky. It makes sense that CMOs should be brushing up on their legalese.
To be fair, CMOs are finding themselves in a bit of a technology pickle. In a new report Futurum Research did in conjunction with SAS found that 67 percent of consumers are concerned with the way brands are using their data. 70 percent of consumers believe they should be able to see what data a company has captured on them. As such, marketing teams are tasked with the seemingly impossible job of personalizing their actions with consumers—without being too invasive about the personal information they gather.
With transparency comes trust. Consumers believe they have little to no control over their personal data. According to the same Futurum and SAS report, technologies like IoT, edge computing, the cloud, and blockchain enable brands to behave in a way that can inspire consumer trust. Trust is a key element in customer experience, and brands that cannot provide a high level of trust cannot provide a high level of customer experience. It’s that simple.
Once you nail down a clear and transparent policy for the way your team uses and gathers data, you’ll have much greater leeway in planning and developing marketing campaigns. Just think of it: you won’t need to visit the legal department every time your team develops a new campaign idea. You’ll simply need to refer to your guidelines and be on your way.
Plus your consumers will know what to expect with your brand and likely won’t get upset when they know what their data is being used for.
Futurum Research provides industry research and analysis. These columns are for educational purposes only and should not be considered in any way investment advice.
The original version of this article was first published on Forbes.
Daniel Newman is the Principal Analyst of Futurum Research and the CEO of Broadsuite Media Group. Living his life at the intersection of people and technology, Daniel works with the world’s largest technology brands exploring Digital Transformation and how it is influencing the enterprise. From Big Data to IoT to Cloud Computing, Newman makes the connections between business, people and tech that are required for companies to benefit most from their technology projects, which leads to his ideas regularly being cited in CIO.Com, CIO Review and hundreds of other sites across the world. A 5x Best Selling Author including his most recent “Building Dragons: Digital Transformation in the Experience Economy,” Daniel is also a Forbes, Entrepreneur and Huffington Post Contributor. MBA and Graduate Adjunct Professor, Daniel Newman is a Chicago Native and his speaking takes him around the world each year as he shares his vision of the role technology will play in our future.