Businesses should be sensitive to consumer perceptions of value before collecting customer data

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 21, 2020, 2:09 PM UTC

73% of consumers are willing to share more data if a company is transparent, while 57% of them are willing to share data in exchange for personalised offers.

This piece argues brands should understand consumer perceptions of their personal data’s value and offer appropriate services. With the security concerns rising among people, consumers are becoming wiser and more conscious about data sharing processes. Consumers now understand the value of their data and are willing to share data, but they expect personalised discount coupons or offers in return.

Though consumers understand data-sharing can have positive outcomes too, they still don’t trust brands. According to Edelman Trust Barometer, only 34% of people trust the brands they use or buy.

The author contends that connectivity and safety are critical motivators for data sharing. Along with offering individually tailored coupons, businesses should assure consumers about their data privacy.

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[4 minute read]