this case, it’s not a question of whether you’ll have a problem, but when — and how big.
It’s more complicated in that there is a wide range of
liabilities for a data or privacy breach. In many cases, it’s
reasonable and manageable. However, there’s always a potential for the risk to be far bigger than your company can
manage. It is impossible to achieve perfect privacy controls.
So two keys for any company’s success are: finding that
place with the most protection but at a cost that is achievable; and having a reasonable plan in the event of breach.
Kevin Lyons, Opportunity Media: When consumer
personal data is breached, the consequences for a marketer
can be markedly sharp — in image and in revenue. Recent
examples — such as Target, Home Depot, Yahoo, and
MAPCO — demonstrate the vulnerability of marketers.
The exact cost of those occurrences will be felt longer term.
How can marketers best utilize the
growing trove of data to better target
consumers while also staying on the
right side of expanding consumer
Peter Koeppel, Koeppel Direct: Transparency is the
key; that is, the consumer understanding exactly how their
information is going to be used versus having those details
buried in some fine print that nobody understands. Con-
sumers will trade some measure of privacy for relevancy as
long as it does not feel overtly Orwellian to them. But the
balance of trust is clearly a fragile line.
Fern Lee, THOR Associates: Marketers can best use
the data on cross-device retargeting. Although privacy has
become an issue, the opportunity to capture the consumer
journey — specifically and strategically — has arrived. The
key is defining what the “right side of expanding consumer
privacy laws” actually means. It goes without saying that
cross-device usage is a hacker’s dream come true. Consumers are ignorant about the opportunities made available for
identify theft and malware.
What is interesting is that the FTC has asked that
“sensitive” data (financial, health, children’s information)
be given greater protection. Taken into the context of lead-generation marketing, the 800-pound gorilla that begs for
attention is in the execution of retargeting and contacting
consumers that “ask” for follow up.
Richard Stacey, Northern Response Intl. Ltd.: The age
of big data is a new opportunity for marketers to reach their
target audiences more efficiently and effectively. There
are many ways to use this myriad of data depending on the
objectives of the marketer. In addition to better audience
targeting, the increasing availability of data allows marketers to test faster and more cost effectively — and then scale
faster and more cost efficiently.
Members of the
Board take on some of
the questions swirling
privacy and data