As marketers look for new ways to leverage data, new research suggests that they may want to keep privacy in mind, as this can often make or break their relationship with customers.
The American Marketing Association recently published its “Future of Marketing Study,” and statistics showed that overall, 71% of customers are less likely to buy products from a company that sells their data without consent. About 50% claimed that they are “much less likely” to do business with a company that openly shares their personal data.
Only 24% of marketers believe that consent should be required before sharing customers’ personal data with other companies. This is compared to 47% of customers who said the same. Additionally, just 47% of marketers said that customers should have to give their consent before receiving personalized ads.
Gaining a Marketing Advantage Through Data Usage
Marketers are now utilizing more data than ever before, and previous research indicates that this may be because they are looking to provide an enhanced customer experience.
Designit conducted its “When Upheaval Leads to Elevation” report, and data showed that 81% of marketing and customer experience leaders now believe personalization and ease for the customer at digital touchpoints will become critical in the next few years. Furthermore, 62% said that they will require a 360-degree, data-driven view of their customers.
Overall, most marketing and customer experience leaders (82%) intend to create a new breed of content and generate experiences to develop a sustainable, long-term competitive advantage.