Digital marketers are struggling to get value for money from their spend. Consumers, increasingly put off by ads that interfere with their online experience, are opting in ever larger numbers for ad blocking, or exercising their new rights under GDPR to
turn off marketing. So while algorithms are able to make digital marketing more and more targeted, consumers are saying no to marketing and advertising.
Businesses need to find new ways to engage with consumers. The key is consumer personal information and the way it is collected, stored and used.
So what makes consumers happy to share their personal information with a company? According to research by Foresight Factory, the number one basis is trust in the organisation. So businesses need to demonstrate that the way they collect, store and use
consumer information is rigorous, secure, immutable and transparent to the consumer. To underpin that trust, consumers must be able to access, rectify, object to and request erasure of their information. All of which happens to be what is required under
But the research goes on to talk about other reasons why consumers are happy to share their personal information: higher value goods for a lower price; free services and products; improved service; special offers tailored to me. They want direct financial
rewards, loyalty points and discounts. Targeted in the right way, these consumer wins can lead to higher revenues and lower marketing costs.
All this is the basis for a win-win-win situation. Businesses comply with privacy and data rights legislation – EU GDPR, PECR and e-Privacy as well as other global data protection standards. Consumers then trust those companies and are willing to share
their personal information and receive advertising. Companies avoid hefty fines while at the same time improving the efficiency of their marketing spend and increasing their profits.
So compliance with data rights regulations is an opportunity for those companies who invest in rigorous systems and processes for safeguarding consumer personal information.