- B2C marketers have found ways to connect online and offline data, social and mobile data, and household and individual data, all in the name of relevance and budget optimization.
- But this ecosystem faces major challenges from regulators, advocacy groups, and browser makers that promise consumers more privacy, better security, and even a slice of the data marketplace.
- Forrester believes that establishing customer trust and privacy creates a mutually beneficial ecosystem that provides an ideal scenario for both parties. But the question lies in how this can be achieved.
- Ashish Sinha, Managing Director APAC MEA – Epsilon throws light on the primary data concerns for both brands, and customers and how brands can build better relationships while ensuring privacy.
Both brands and consumers are weary about data exchange and the value that is generated through this process. According to the EY Global Consumer Privacy Survey 2020, 54% of consumers say COVID-19 has made them more aware of the personal data they share than they were before the pandemic. Gartner says, by 2023, 65% of the World’s Population Will Have Its Personal Data Covered Under Modern Privacy Regulations. Consumers are more conscious of their data than ever before and understand the pressing need for brands to respect their privacy.
Concerns for Brands
The biggest concern for brands when dealing with customer data is to convert it into a meaningful way which will maintain control of the data and help brands establish a worthwhile relationship with its customers. When there are gaps in understanding consumer sentiments, brands cannot succeed in making a real change. In order to not only create, but sustain lifelong relationships, marketers need to have the right setup to enable relationships, so they can interact with consumers on their own terms. And naturally, more data-driven brands are going to have a competitive advantage for insights and reach vs. those that rely more heavily on walled gardens. It becomes imperative to adhere to regulatory scrutiny and ensuring that your data is safe from any breaches to safeguard the interests of your consumers.
Concerns for Customers
We all have been victim to those pesky ads that appear on our social media and other platforms which seem to have crept into our thoughts when we think of a particular brand or service. Certainly, makes you think about privacy and boundaries, right? However, imagine you are booking a holiday to an exotic location. You immediately get leads on hotel recommendations, restaurants, tourist destinations, etc. keeping in mind your personal preferences which have been customized to fit you like a well-tailored suit. Doesn’t that sound heavenly? The biggest concern for customers today is that they want brands to respect their wishes for privacy across channels. While personalization is the key element in maintaining customer relationships, marketers need to be cognizant of the kind of data they are extracting when interacting with them. Maintaining the value exchange, they have come to expect with brands is essential in building loyalty.
According to a Forrester report, establishing customer trust and privacy creates a mutually beneficial ecosystem that provides an ideal scenario for both parties. But the question lies in how this can be achieved?
Better, Fresher, More Relevant Data to Marketers
Today, the data exchanges primarily provide marketers with “inferred” data about consumers, which is often flawed. Online profiles are affected by multiple users on the same computer and automatic cookie deletions, while offline information necessarily suffers from lag time. In a world of customer trust and privacy, consumers can tell marketers and data brokers what they’re in the market for, when, and how they want to buy.
Relevance and Contextually Desirable Messaging for Consumers
We are all bombarded with marketing messages, many of them misdirected, every day. When providing more relevant data to businesses, consumers can better control the flow of marketing, helping to ensure that they actually see the messages they’re interested in on the devices and media they most engage with. And, where appropriate, consumers can actually benefit from the data they’re willing to share, whether in the form of offers, payments, or another value driver.
Greater transparency and better governance
Global marketers face tremendous risks when they mismanage or fail to protect consumer data. Establishing customer trust with privacy helps mitigate those risks by 1) making data ethics and governance a corporate mandate; 2) helping consumers understand what data is collected about them; and 3) limiting the amount of personally identifiable information (PII) that organizations need to store in order to market effectively.
When brands are able to successfully establish a level of trust and privacy between its customers, it leads to better, stronger, and meaningful relationships. Epsilon’s best-in-class identity gives brands a clear, privacy-safe view of their customers, which they can use across their suite of digital media, messaging, and loyalty solutions. Let fear not come in the way of building a mutually beneficial ecosystem where brands recognize and fulfill its customer needs, and consumers feel confident engaging with the brand. Keeping