Marketers are facing significant challenges when navigating mobile advertising’s volatile world while adhering to new regulatory frameworks due to differing practices around privacy, as per a report by InMobi.
InMobi, the provider of content, monetization, and marketing technologies that help businesses fuel growth, has released the findings from a commissioned study conducted by Forrester Consulting on “Future of Mobile Advertising in Tackling Data and Identity Deprecation.”
This study was commissioned to understand the marketers’ state of readiness, to explore the key areas of concern and identify the initiatives underway for dealing with the same, in the Indian market. Respondents for the study included directors, C-level executives, vice-presidents and senior managers from brands, media agencies, and app owners.
The study found that three in five Indian businesses are still trying to identify and understand the impact of consumer data privacy developments on their current mobile marketing strategy.
The report on the study also reveals that 85% of respondents (comprising business decision-makers) in India believe that increasing reach and conversion to improve profitability ranks as one of the top high-critical marketing priorities. This further links to privacy-related challenges where 87% of respondents acknowledged inability to take action on buyer and customer data as a key marketing challenge.
Rishi Bedi, Managing Director for Asia Pacific at InMobi, said, “It is now important for the advertising industry to focus beyond traditional targeting methods like third-party cookies, to pave the way for success with new identity solutions and contextual targeting. Advertisers need to adopt a privacy-first approach, proactively think about how to protect customers’ privacy and aim to build a privacy-first culture across their organisations.”
The InMobi report highlights that in the light of consumer data privacy practices, while brands are struggling with the lack of reliable ecosystem partners for gathering first-party data, publishers are battling organizational silos causing lack of visibility around privacy-related regulations and a struggle to consolidate data.
A common challenge across organizations is the lack of executive support for a data stewardship and governance program. Such a program would determine how data is accessed, stored, shared, processed, and used for analytics.
As organizations start experimenting with alternative targeting approaches, the study shows that 78% of respondents are using contextual advertising to serve personalized messages to consumers based on demographics, preferences, and behaviors within the app. 80% of businesses in India are already acquiring consented third-party data and 78% of businesses are building first-party data as alternate data sources.
Link to the report: https://go.inmobi.com/tackling-identity-with-mobile-2022-apac/.