It’s a quintessential question: how much information (if any at all) are people willing to trade for more relevant messaging from brands? A query that is certainly worth revisiting as the issue of consumer privacy continues to be hotly debated — most recently in the form of some of the most powerful tech CEOs in the world testifying on capitol hill. However is it really all doom, gloom, and ad blockers? Not quite. In fact, nearly a quarter of consumers are more willing to share their precious 1s and 0s (i.e. data) with brands today than they were just a year ago.
This is music to a modern marketer’s ear for sure, however, there is one condition to keep in mind. A powerful quote by Andrew Davis sums it up well: “Content builds relationships. Relationships are built on trust. Trust drives revenue.” In a commissioned study, 2020 Consumer Attitudes on Personalized Advertising, we not only confirmed that consumers tend to react rather well to brands that make the extra effort to show ads that are relevant and interesting to them, but that they’re also willing to share more information with advertisers that win their trust. But how? Consumers cite having control over data collection preferences as the best way for brands to make them more comfortable sharing information (35 percent).
Ultimately, the brands that are transparent, embrace a test and learn approach to personalization, and employ proven strategies, will be best positioned to win the hearts, minds, and dollars of the now consumer.