How the GDPR updates will impact the advertising landscape
Something you pick up on quickly in the media world is that there are a LOT of acronyms thrown around every day. CTR, CPM, ROAS, the list goes on. One acronym you may be hearing come up a lot lately is GDPR. And before you fire up that Google search, I’m here to shoot straight with you on what you need to know, and most importantly, how it will impact your clients.
By definition, GDPR (General Data Protection Regulation) requires businesses to protect the personal data and privacy of citizens for transactions and activity that occurs on any website. It protects basic personal information like name and address, as well as location, IP address, and cookie data, among many, many other things. And while it is technically a European Union regulation at this point, all major publishers (including those that rhyme with Schmacebook, for example) will be expected to roll out these updates globally.
Starting May 25, the GDPR will mandate that all users know, understand, and consent to the personal data collected about them from these company websites. And teeny tiny fine print that can only be accessed 20 breadcrumbs into the website ain’t cutting it anymore. Instead, companies will need to be very clear and concise about how and WHY they are collecting this information about their visitors.
But what’s truly mind boggling? Consumers will eventually get access to the data these companies store about them. They’ll be able to correct inaccurate information and limit decisions made by algorithms to prevent companies from targeting them based on this info.
We know it’s more vital than ever for companies to not only be transparent with what they know about us, but to also protect that information (looking at you, Zuck). This is the chance for consumers to intelligently opt-in to certain websites based on the information companies are collecting, instead of being burdened with having to constantly opt-out.