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With recent data privacy scandals like Cambridge Analytica and new privacy regulations like the GDPR, customers are more aware of—and concerned about—their data privacy than ever before.
So, what does this mean for marketers? What does it mean for your data strategy and customer relationships?
Well, before we can answer those questions, we think it’s important to understand how customers feel about data privacy—and what they want.
Here are nine statistics that tell us just that:
90% of US adults feel they have lost control of their data. (Role of Trust whitepaper)
68% of both US and UK consumers don’t trust how their data is being used. (Role of Trust whitepaper)
71% of consumers worry about brands’ handling of personal data. (Marketing Dive)
Nine out of 10 Americans worry about online privacy and data security. (Marketing Dive)
67% of all consumers have taken steps to defend their personal data, by limiting tracking or providing false information to companies. (Forbes)
Brands that are up front about how they use information to target ads can boost engagement levels by up to 40%. (Marketing Dive)
75% of customers surveyed are more willing to share personal data with a brand they trust. (Forbes)
80% of consumers will share a non-required piece of data for rewards points.
80% of respondents said they would be comfortable sharing personal information directly with a brand for the purposes of personalizing marketing messages. But just 16.7% said they would be OK with sharing this type of information through third parties. (eMarketer)
The data above tells us a few important things: First, that customers are more aware of and concerned about their data privacy than ever before. And second, that they are still willing to trust brands with their data—as long as there’s something in it for them.
It’s also important to note that first-party data is more important than ever. Customers overwhelmingly don’t want to share their data through third parties, but the majority are willing to share directly with brands they trust. This is good news for brands that use CDPs like Lytics to focus on collecting first-party data and using it to personalize experiences for their customers.
So, what’s next? If your company isn’t already focused on first-party data collected, stored, and stitched together by a GDPR-compliant CDP, it’s time to start. Building customer trust, collecting data, and harnessing it to provide the personalized experiences customers crave is only going to become more important as time goes on.
Curious about how Lytics can help? We’d love to schedule a demo for you.