Venkata Bhonagiri

https://businesspartnermagazine.com/major-trends-advertising-small-businesses/

Major Trends in Advertising for Small Businesses

Small businesses have always had to be creative and resourceful with their advertising efforts. Here are five major trends that small businesses should be aware of.

Data Ethics: Data Ethics can be defined as the branch of ethics that studies and evaluates moral problems related to data (including generation, recording, curation, processing, dissemination, sharing, and use), algorithms (including artificial intelligence, artificial agents, machine learning and robots) and corresponding practices (including responsible innovation, programming, hacking and professional codes), in order to formulate and support morally good solutions (e.g. right conducts or right values). We at GroupM built a Data Ethics Compass last year. This is a first-of-its-kind web app, that allows agencies to quickly and consistently evaluate the ethical risk level of data assets across verticals and geographies. The Compass serves as the ethical North Star for clients, taking subjectivity out of decision-making. The app works by guiding users through a simple, clear, survey, delivering a risk band, recommended actions, email template and talking points to bring to clients. The reason why this was built - GroupM’s data ethics philosophy is “just because you can, doesn’t mean you should” and, as data collection in advertising continues to accelerate and the ability to responsibly use that data becomes more crucial, we have a responsibility to protect the data of our customers, members and audiences. In response to the growing calls to define the line between good use of data and bad use of data, GroupM created the industry’s first ever tool to provide a consistent approach to ethical decision-making with regard to data driven media tactics. The product’s singular risk scale also allows GroupM agencies to operate under the same data ethics risk standard. Data Ethics requires us to think about data use from the point of view of the human being to which it relates and their right to conduct their lives privately. In building a tool to keep that at the forefront, we put together a cross-functional team of specialized technology and data lawyers, data scientists, and product developers from GroupM and our agencies to develop a tool that enables us to operationalize the consistent application of ethical considerations when using consumer-level data. As an advertiser, are you having with the right conversations with your data partners and/or agency partners to address, handle, manage and seek advice on data ethics, inclusion, biases, and sensitivities around petabytes of consumer data that gets gathered every second?

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