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A recent article in AdAge takes on the growing issue of data ownership – first party, third party, new cookie policies, working with an agency, and all that goes with the changing rules of personal data privacy and protection in 2022 and beyond.
The article, “How Brands Can Guarantee They Own Their Own Data: 5 strategies to protect agencies and marketers alike,” by Michael Neveu, director of data at Media.Monks, is rich with suggestions for how brands and agencies can adapt to today’s privacy-focused era.
“Data is possibly the single most valuable asset provided by marketing — used to drive decisions, analyze the effectiveness of creative and content and to prove value,” he begins. “Changes in the technology and privacy landscape have placed immense focus on first-party data, which will be critical to the success of any business.”
In the article, Neveu lays out 5 steps he says will benefit brands in the new world of data privacy:
1) Set clear expectations for use.
2) Review IP rights, ownership, licensing, and nondisclosure sections.
3) Ask for a list of recommended or excluded partners for data work.
4) Affirm that future projects involving media cost data can be done with third parties.
5) Understand and agree to who is defined as a competitor.
He concludes, “For brands faced with privacy changes, first-party data is becoming more and more important and they need to be more nimble than before. It can take months or years for contracts to expire so it’s important to ensure that you truly own your data today because you will likely need that control tomorrow.”
Find the full article here.