Post by nurnobisorker14 on Oct 31, 2024 4:25:41 GMT
What do we mean by “data ethics”? Why is it important to include it in your marketing strategies and how can it be a competitive advantage for companies?
In 2019, the Italian Big Data analytics market reached a value of 1.7 billion euros , up 23% compared to last year, more than double compared to 2015 (790 million euros), from which it experienced an average annual growth of 21.3%. More and more companies have acquired or are trying to acquire advanced knowledge in the use of technologies and skills in Data Science.
This is what emerges from "Strategic Data Science: it's time to grow!" , the research conducted by the Big Data Analytics & Business Intelligence bulk email campaigns Observatory of the Politecnico di Milano School of Management that involved over 1,000 CIOs, innovation managers and analytics managers from small, medium and large user organizations and executives from the main companies operating in the procurement market.
Investments in the sector are increasing, particularly those aimed at data integration. This trend reflects the growing centrality of data in the creation of marketing strategies .
A growing number of marketing managers, through their experience in the field, have understood that careful profiling and segmentation of your audience is essential not only in the process of acquiring new traffic and new users, but especially in the valuation and qualification of contacts already acquired , which are those that, if well cultivated by Lead Maturation , are those that potentially have a high CLV rate and continue to bring value to the company.
This realization also emerges in “The CMO Conundrum and the Search for the Marketing Unicorn” , research conducted by WFA – World Federation of Advertisers and 2CV and published in June 2020, which involved nearly 700 marketing executives from around the world who were asked what their most important marketing responsibilities would be in 5 years.
In fact, 6 in 10 marketers (62%) believe that technology and digital marketing platforms already play a key role , while three-quarters (77%) believe the importance of these tools will increase in the future . Additionally, 54% of respondents say that data analytics is an important skill in their role, while 73% believe it will become even more relevant in the years to come.
The value of big data and the importance of privacy protection are increasing.
The value of Big Data is increasing not only for marketers, but also for an ever-growing number of users , who are increasingly attentive to the protection of their privacy and data. This is what emerges from two research studies, “Made-to-order: The rise of mass personalisation” (2019) and “Changing attitudes to data privacy : Digital Consumer Trends 2020” by Deloitte, which reveal that more than 50% of consumers want more personalized experiences , but can keep control over how their data is collected and used .In fact, 81% of respondents said they took at least one action in the past year due to concerns about data privacy. Specifically, 40% uninstalled an app, while 43% deleted their browsing history.
From this portrait of the situation, one could assume that the issues related to consumer privacy come into conflict with those of marketers, who aim to extract and exploit data for the development of efficient and increasingly personalized data-driven strategies based on user behavior .
And yet, from “Privacy by design: exceeding customer expectations” , the research that Google (in English) commissioned an Ipsos with 2020 data collected on a sample of 7,200 people across Europe, it emerged that Users voluntarily provide personal information if they are clear about how it will be used and what they will get in return Because they recognize that, if done well, digital marketing can add value for brands and customers.
From the research mentioned so far, it is therefore clear that privacy is not just a set of legal requirements to be respected and integrated into corporate compliance, but is becoming for all intents and purposes a competitive advantage for companies over less transparent companies.
From compliance to data ethics
Exceeding user expectations and moving from compliance to data ethics in the enterprise seems to be the goal to be achieved for all brands that want to face the challenges that are looming on the horizon, while maintaining the trust of their customers. The numbers actually suggest that data ethics is no longer just a matter of compliance, but has become a competitive advantage in every way.
But what do we mean by data ethics ? How does it affect companies’ activities, especially after the launch of private initiatives to protect data and privacy, such as those introduced by Apple (IOS 15) and Google (Privacy Sandbox)?
In 2019, the Italian Big Data analytics market reached a value of 1.7 billion euros , up 23% compared to last year, more than double compared to 2015 (790 million euros), from which it experienced an average annual growth of 21.3%. More and more companies have acquired or are trying to acquire advanced knowledge in the use of technologies and skills in Data Science.
This is what emerges from "Strategic Data Science: it's time to grow!" , the research conducted by the Big Data Analytics & Business Intelligence bulk email campaigns Observatory of the Politecnico di Milano School of Management that involved over 1,000 CIOs, innovation managers and analytics managers from small, medium and large user organizations and executives from the main companies operating in the procurement market.
Investments in the sector are increasing, particularly those aimed at data integration. This trend reflects the growing centrality of data in the creation of marketing strategies .
A growing number of marketing managers, through their experience in the field, have understood that careful profiling and segmentation of your audience is essential not only in the process of acquiring new traffic and new users, but especially in the valuation and qualification of contacts already acquired , which are those that, if well cultivated by Lead Maturation , are those that potentially have a high CLV rate and continue to bring value to the company.
This realization also emerges in “The CMO Conundrum and the Search for the Marketing Unicorn” , research conducted by WFA – World Federation of Advertisers and 2CV and published in June 2020, which involved nearly 700 marketing executives from around the world who were asked what their most important marketing responsibilities would be in 5 years.
In fact, 6 in 10 marketers (62%) believe that technology and digital marketing platforms already play a key role , while three-quarters (77%) believe the importance of these tools will increase in the future . Additionally, 54% of respondents say that data analytics is an important skill in their role, while 73% believe it will become even more relevant in the years to come.
The value of big data and the importance of privacy protection are increasing.
The value of Big Data is increasing not only for marketers, but also for an ever-growing number of users , who are increasingly attentive to the protection of their privacy and data. This is what emerges from two research studies, “Made-to-order: The rise of mass personalisation” (2019) and “Changing attitudes to data privacy : Digital Consumer Trends 2020” by Deloitte, which reveal that more than 50% of consumers want more personalized experiences , but can keep control over how their data is collected and used .In fact, 81% of respondents said they took at least one action in the past year due to concerns about data privacy. Specifically, 40% uninstalled an app, while 43% deleted their browsing history.
From this portrait of the situation, one could assume that the issues related to consumer privacy come into conflict with those of marketers, who aim to extract and exploit data for the development of efficient and increasingly personalized data-driven strategies based on user behavior .
And yet, from “Privacy by design: exceeding customer expectations” , the research that Google (in English) commissioned an Ipsos with 2020 data collected on a sample of 7,200 people across Europe, it emerged that Users voluntarily provide personal information if they are clear about how it will be used and what they will get in return Because they recognize that, if done well, digital marketing can add value for brands and customers.
From the research mentioned so far, it is therefore clear that privacy is not just a set of legal requirements to be respected and integrated into corporate compliance, but is becoming for all intents and purposes a competitive advantage for companies over less transparent companies.
From compliance to data ethics
Exceeding user expectations and moving from compliance to data ethics in the enterprise seems to be the goal to be achieved for all brands that want to face the challenges that are looming on the horizon, while maintaining the trust of their customers. The numbers actually suggest that data ethics is no longer just a matter of compliance, but has become a competitive advantage in every way.
But what do we mean by data ethics ? How does it affect companies’ activities, especially after the launch of private initiatives to protect data and privacy, such as those introduced by Apple (IOS 15) and Google (Privacy Sandbox)?