The Interactive Advertising Bureau (IAB) has called on the entire marketing-media ecosystem to “rearc” digital marketing to harmonise privacy, personalisation and community.
Speaking to 1,200+ senior digital media and technology industry executives at it’s Annual Leadership Meeting, IAB CEO Randall Rothenberg asked industry leaders from the brand, agency, publisher, platform, and technology industries to join together and change the arc of digital marketing “to at last put consumers in the safe, sane, exciting center of everything we do.”
Project Rearc will bring together IAB, IAB Tech Lab, governmental, and other industry/consumer organizations with the goal of creating standards of behavior, codes of conduct, legal agreements, and enabling technologies to address consumer demands for personalization, and privacy.
Top executives, including Alysia Borsa, Chief Business and Data Officer at Meredith Corporation; Steve Katelman, EVP Strategic Partnerships at Omnicom Media Group, and David Spector, Co-Founder and Co-CEO of ThirdLove, immediately joined the call for collaboration.
“The fact that 81 percent of consumers want brands to get to know them well enough to know when to approach them and when not, yet 73 percent of consumers say their concerns over data privacy are growing is not a contradiction,” said Rothenberg. “Rather, it is perfectly consistent with ‘the eternal quest of human beings to be valued as individuals, within the context of living in families, communities, and cultures.’”
The IAB says billions of dollars are at stake. Econometric research by John Deighton (Harold M. Brierley Professor of Business Administration Emeritus at Harvard Business School) unveiled at the conference shows that the elimination of digital marketing personalization would mean a loss of $32-$39 billion in ad revenue on the Open Web by 2025, “with more than 90% of those revenues shifting to walled gardens.”
IAB’s announcement comes in the immediate wake of Google Chrome announcing it will phase out third-party cookies, as well as the first month of the California Consumer Privacy Act (CCPA) being underway.
IAB and IAB Tech Lab have begun convening member-company business and technical teams to draft requirements and consider approaches to support the industry and manage consumer privacy, safety, identity, and other needs in the post-cookie digital marketing supply chain.
“The cookie’s death can lead to a better future for digital media globally. It’s an opportunity to change the practices, controls, and value surrounding personal data to favor consumers. IAB and IAB Tech Lab have already been hard at work, engaging our members to define practical solutions,” said Dennis Buchheim, EVP and General Manager, IAB Tech Lab. “In the coming year, Tech Lab will undertake one of its most comprehensive initiatives to create technical standards, guidelines, and potentially a compliance program to support members – and consumers.”