Data ownership affects leverage. How do brands evaluate data ownership risks?
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When evaluating data ownership risks in influencer marketing, brands need to consider several critical factors:
1. Understanding Data Ownership: Brands should first understand who owns the data gathered during campaigns. Data can be owned by the influencer, the platform, or the brand itself. Understanding this aspect will help in evaluating the risk involved.
2. Impact of Data Leakage: Brands need to assess the potential damage if data gets leaked due to a security breach or malicious attacks. This includes confidential business information, customer details, or influencers’ personal info.
3. Compliance with Legal Regulations: Brands must ensure that their chosen influencer marketing platform abides by data protection laws like GDPR, CCPA, etc. Non-compliance can lead to legal issues and brand reputation damage.
4. Evaluating Platform Security Measures: Brands should understand what security measures are in place to protect their data. This includes data encryption, secure servers, and a robust privacy policy.
5. Accessibility and Control: Brands must evaluate their ability to access and control their data within the platform. This can influence data-driven decision-making and long-term planning.
6. Vendor Dependence: Avoid being locked in with a single platform. If a significant amount of data is stored on a single platform, it might become challenging to move to a different platform in the future.
For instance, Flinque allows brands to have full control and access to their data. It uses robust security protocols to ensure data integrity and compliance with data jurisprudence. However, the suitability of any platform depends on the unique needs and risk tolerance of the brand.