We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
With rampant data breaches, consumers have become more aware of how their data is collected, what type of data is collected, and how long brands keep it on file. A recent survey from Qonsent confirmed this, with 94% of consumers feeling it’s important to have more control over the data they share with companies as well as knowing how those brands use their information.
While most consumers realize access to personal data leads to a better customer experience, they still want greater transparency and more control. In turn, ensuring transparency and putting consumers back in the driver’s seat will ultimately establish a relationship built on trust. This level of transparency and trust has become a new form of currency for marketers and brands who want to develop long-term relationships with their customers.
The Qonsent survey also dug deeper into marketers’ perspectives on the changing data privacy landscape and found that 88% of marketers are concerned with data privacy laws, such as the impending American Data Privacy Protection Act (ADPPA). And while 85% of marketers feel that trust and transparency will have a direct correlation with ROI on ad spend, 78% still believe that impending privacy laws will negatively impact consumer engagement and personalization.
However, marketers will be surprised to learn that 84% of consumers are more likely to share information with brands that have transparent data practices and policies. Not only that, but 77% of consumers said that transparent data practices actually impact their purchasing decisions — with half saying they try to purchase more from transparent brands, and 30% only purchasing from products that demonstrate transparency.
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The research was conducted in May 2022 and surveyed 1,000 U.S. census-based adults and 125 marketers. Consumer respondents were screened on gender, age, ethnicity, region and income to match the U.S. general population. Marketer respondents were screened on title and department.
Read the full report by Qonsent.
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