The evolution of Connected TV (CTV) and streaming audio has created new opportunities for marketers and advertisers, in fact in a recent article, Jamie Power, Senior Vice President of Addressable Sales at The Walt Disney Company said that roughly one-third of Disney's streaming portfolio is transacted programmatically and is in fact, "the preferred way that people transact." So, if this is our future, how do we ensure its success and protect the stakeholders?
In the age of digital transformation, trust plays a pivotal role in fostering relationships between businesses, consumers and stakeholders. The equation is simple: when you are transparent and fraud-free, you have accountable business outcomes that all parties can trust. Here's how that works:
1. Enhanced Trust and Loyalty:
Transparency is not just about avoiding deception; it's about building a relationship of trust with the parties and ensuring all incentives are aligned. When consumers know that a company is taking robust measures to prevent fraud and be transparent in its operations, loyalty often follows. They are more likely to trust the brand and remain loyal, knowing that their data and privacy are being handled responsibly.
2. Improved Decision Making:
Fraud-free data and transparent processes enable more accurate analytics and insights. Decision-makers can rely on this information to make informed and strategic business decisions. From advertising spend to content choices in CTV, streaming audio and digital, a clear view of operations allows for agile and effective decision-making. In fact, it will be more critical than ever that all channels work together to achieve this improved decision making.
3. Regulatory Compliance and Reduced Legal Risk:
Adhering to transparency and anti-fraud measures often aligns with legal regulations and standards. Complying with these rules not only helps avoid potential legal problems but also reinforces the company's commitment to ethical business practices, enhancing its reputation. The ANA recently reported the continued lack of transparency in our marketplace, which is in many ways tied to misaligned incentives. When buyers and sellers align, the rest is magic. In fact, there should not be a question about costs when buyers and sellers are transparent with one another on what actual costs are. TAG and TrustNet have made progress in this area, and while not perfect, it is indeed a positive step in the right direction.
4. Increased Investor Confidence:
Transparency in operations and a fraud-free environment signal to investors that the business is being run with integrity and foresight. This can lead to increased investor and industry confidence, possibly resulting in more substantial financial backing and support from both sides of the community.
5. Facilitation of Collaboration and Partnerships:
Businesses looking to form partnerships or collaborations seek those with transparent operations and accountable outcomes. A reputation for honest dealing opens doors to new opportunities and collaborations, creating avenues for growth and innovation.
6. Sustainable Growth and Competitive Advantage:
Transparency and fraud prevention are not one-time actions but ongoing commitments. They lead to sustainable business growth by building a foundation of trust and reliability. In an increasingly competitive market, these attributes can set a business apart and provide a competitive advantage.
Conclusion:
Transparency and a fraud-free environment in CTV and streaming audio are not merely buzzwords or compliance checkboxes. They are the cornerstones of accountable business outcomes that stakeholders can trust.
From fostering customer loyalty and enhancing decision-making to increasing investor confidence and enabling sustainable growth, the benefits permeate every aspect of business. Embracing transparency and fraud prevention not only safeguards operations but also nurtures a culture of trust and accountability that can propel a business to new heights in the ever-evolving digital landscape.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.