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WFA holds first digital governance exchange
28/02/2014
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On the 20th of February WFA held its first Digital Governance Exchange (DGX) in London. The DGX brought together over 18 corporate members, all of whom shared a common appreciation of the opportunities presented by digital advertising in an age of big data, multiple consumer touch points and unprecedented interconnectivity. Importantly however, they also share an acute awareness of the potential risks which these trends present to their brands reputation.
During the discussions it was widely agreed that, in order for companies to successfully grasp the full potential that digital marketing offers, they must have an effective digital governance model in place. This model can ensure compliance with local and regional digital laws, encourage the championing of self-regulation and heighten corporate sensitivity to the expectations and perceptions of consumers in the digital space.
The meeting focused on two key areas of digital governance; consumer data management and cross-silo application of governance standards. During the first topic, insights were shared on how companies collect, store, secure and use customer data and the conversations which need to take place to allow consumers to better understand the value they derive from this exchange. The second topic highlighted some of the key challenges which brands have in applying their digital standards across traditional silos, whether that be across departments, countries, brands, agencies etc. Some interesting solutions were also discussed and these will form the basis of future discussions in this group.
All in all the exchange illustrated the appetite from brands to 'get this right'. In order for companies to truly optimise their ability to advertise through digital channels they must do so in a safe environment which mitigates the potential for consumer backlash, regulatory sanctions and future legislation.
For more information contact Chris Payne.
Sign up to monthly WFA news
During the discussions it was widely agreed that, in order for companies to successfully grasp the full potential that digital marketing offers, they must have an effective digital governance model in place. This model can ensure compliance with local and regional digital laws, encourage the championing of self-regulation and heighten corporate sensitivity to the expectations and perceptions of consumers in the digital space.
The meeting focused on two key areas of digital governance; consumer data management and cross-silo application of governance standards. During the first topic, insights were shared on how companies collect, store, secure and use customer data and the conversations which need to take place to allow consumers to better understand the value they derive from this exchange. The second topic highlighted some of the key challenges which brands have in applying their digital standards across traditional silos, whether that be across departments, countries, brands, agencies etc. Some interesting solutions were also discussed and these will form the basis of future discussions in this group.
All in all the exchange illustrated the appetite from brands to 'get this right'. In order for companies to truly optimise their ability to advertise through digital channels they must do so in a safe environment which mitigates the potential for consumer backlash, regulatory sanctions and future legislation.
For more information contact Chris Payne.
Sign up to monthly WFA news
