How Are Marketers Adapting to Data Privacy Laws?
As data privacy laws gain momentum, many states in the US are encouraging stricter personal data regulation. In January, French regulators fined google $57 million for violating the General Data Protection Regulation (GDPR). Since the GDPR has become enforceable last May, this was the first and largest fine for a major Silicon Valley company.
What this means for marketers: Many publishers have been driven to turn off open exchanges and change their business models in fear that they may violate the new laws put in place. More than three-quarters of brand marketers in the US and Europe agree that GDPR will affect how they use third-party data to target people in the future.
How has GDPR affected marketers?
It has caused companies to re-evaluate their overall process and address the data they have and how they will use it. It is causing marketers to streamline their approach and strategy for how and what data they use.
What strategies should US marketers implement to become compliant?
A review of the data they have and understanding it at a high level and understanding the guidelines that have been put in place in Europe would be an important first step as the US will have data privacy laws in the future.