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Expert Advice: Be more transparent with data collection practices
Predictions abound that online ad spending and ecommerce will each have banner years in 2012, but for those banner years to happen one expert believes a kind of 'truce' needs to happen in the data collection space. By truce, he believes advertisers need to be more transparent in how data is collected and used so that consumers trust online retailers, publishers and brands.
"We're in an interesting place in terms of attitudes about online privacy right now because a generational change is occurring," said Jonathon Shaevitz, CEO, Maxifier. "Gen Y and Millennials are more than happy to share their personal information in exchange for services. Privacy is less of an issue for this generation, as opposed to Baby Boomers, who are less willing to trade personal information for personalized advertising."
Because of that shift and because younger consumers are buying more online, Shaevitz believes the privacy debates will soften in the coming year. Privacy will still be a concern, however, which leads to his advice for advertiser: increase the transparency of your data collection practices. Younger consumers being more willing to share information for personalization does not mean they will randomly give that information to brands or merchants who have bad reputation. Added to that, by becoming more transparent, older consumers may also become engaged with the services offered.
"Advertisers need to do a better job of reaching out to consumers and being transparent about what information we have and how it is being used," said Shaevitz. "By educating Baby Boomers and older Gen Xers who aren't accustomed to providing sensitive information, we can hopefully convince them by providing us with their information, advertising can actually be very mutually beneficial."
The Maxifier platform allows advertisers to monitor campaigns in real time to make quick changes or tweaks to underperforming ads or messages. Publishers, media companies and ad networks utilize the services to optimize campaigns.
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