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Within the framework of Adweek Latam, one of the largest events focused on advertising in LatAm that takes place today and tomorrow, Armando Rodríguez, VP of Verizon Media for Latin America shared some key points about how the end of cookies forces the industry to rethink the importance of identity and privacy and its impact on the advertising industry and the economy.
As digitization evolves, people are concerned about their privacy. Increasingly, users are aware of and willing to exchange their data for a service, but consumers are not quite sure how their data is used to create the personalized ads they see.
Users value privacy and most would like more transparency and more control over where their personal data goes and how it is used, but at the same time, people have expressed a strong desire for relevant ads and personalized offers.
How can we address both needs? The secret is the authorizations. And the key to empowering is trust and courage. Consumers feel benefited by sharing data, as 88% would exchange data for some services.
The Verizon Media IPG survey found that more personalization equals a better online experience:
- 88% of consumers perceive personalized ads as useful, relevant or interesting.
- Websites are generally perceived as more pleasant and easier to navigate when the site can personalize experiences for them.
- Most are willing to volunteer some forms of personal information in exchange for tangible benefits such as discounts or referrals.
- 86% of consumers prefer online purchases when using their data and thereby personalizing the experience.
Armando Rodriguez, Vice President of Verizon Media for Latin America pointed out, “We, as industry leaders, must help them understand their rights. in your language, deliver on that promise and, as a result, have confidence in our platforms. It seems easy to say, but when we need to collect or share data, we must do it in a respectful way, because if we don’t, it ends up harming the entire industry. “
The end of cookies is starting to have a real impact for brands, content publishers, and every other player in the industry. Ultimately, it will reshape the entire advertising ecosystem and the way brands interact with customers. But besides what it means for our industry, what does it mean for the economy?
It’s no secret that the online advertising industry has long relied on cookies and app identifiers to support ad delivery, reporting, targeting, and related functionality. These changes have had and will continue to have a negative impact on publishers, ad tech companies, and even consumers.
There is an urgent need for publishers, advertisers and platforms to find a unified solution to move forward without damaging the digital ecosystem. Otherwise, we will all face not only an advertising crisis but also an economic crisis:
○ Advertisers will see the quality of their engagement with consumers diminish, leading to lower ROI, lower growth prospects, and more friction.
○ Publishers will be less able to deliver content and experiences to their consumers;
○ Most of all, consumers will have fewer options and experiences from irrelevant content and ads.
Verizon Media recently introduced a new identity solution called Verizon Media ConnectID, “created from a lens that puts people first and is designed to help advertisers, publishers and consumers continue to thrive in a cookie-free world. . We keep all parties really connected ”, concluded Armando.
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