Here's a list of the top considerations cannabis advertisers can use to develop their paid media strategy.
Technology
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Data privacy is the topic on everyone's minds. As a cookieless future looms before us, brands want to know how they'll ensure their media is working without the ability to measure conversions. Similarly, agencies are wondering how they'll reach their targets without the tracking technologies they've used for decades.
No one has all the answers yet, but there are a few things we know for sure:
When consumers think of the advertising industry, its likely that data privacy is one of the first topics that comes to mind. 79% of adults feel concerned about how companies are using the data they collect about them, according to Pew Research.
This likely isn't news to marketers—we've known for years that, by and large, consumers don't approve of the tracking methodologies advertisers use to target them. They've called the data collection status quo into question, and it's our job to listen to their concerns.
Even if advertisers refused to listen to consumers' demands, they wouldn't be able to stop the changes coming to our industry. The UK has implemented GDPR, and California has implemented CCPA, both pieces of legislation that are aimed at enhancing consumer protection for residents.
Even more, Google has announced it will end support for cookies in Chrome as soon as early next year, and promises not to use other invasive ways of tracking as replacements.The writing's on the wall—the status quo is shifting, and advertisers must shift along with it.
There's no silver bullet to "fix" the issue of consumer privacy—at least, not yet. Alex Cone, head of Project Rearc at the IAB Tech Lab, recommends that agencies be prepared to deploy a range of new tactics, rather than just one.
And when you're evaluating which options to include in your portfolio strategy, keep this tip from Cone in mind: "Anything that smells like the status quo is likely to be attacked as vehemently as third-party cookies." In other words, make sure your tactics don't violate consumer privacy in the same ways as third-party cookies.
For more information about the future of data privacy, check out our Centro Institute webinar, Identity Crisis: Embracing the Future of Privacy.