Customers desire a personalised experience without giving up privacy.
Marketers are in a pickle because of a contradiction regarding personal data that was recently confirmed by a Vericast consumer survey. Consumers want a personalised experience when it comes to digital advertising, but not at the expense of their privacy.
Vericast surveyed 1,000 U.S. customers to learn how they felt about the connection between data privacy and targeted advertising. Consumers want to see advertisements that are specifically tailored to them, but they also want to know how advertisers utilize the data they get, according to the report. The important thing for advertisers to remember is that privacy and personalization are not mutually exclusive and can both be achieved with the correct strategy.
“Consumers prefer to engage with brands that know what they want and incentivize them with the right offers at the right time, but privacy is a growing concern”, “This paradox is creating an opportunity for marketing solutions with the agility to safely work with, understand and activate data so brands can deliver the experiences consumers desire without sacrificing privacy. As the digital ecosystem evolves, brands that provide transparency into how they use and protect data will be at a competitive advantage. Their marketing will ease consumer’s minds, making it more effective at building loyalty and driving growth.”
Meggie Giancola, Senior Vice President of Sales Solutions & Strategy, Vericast
The survey results demonstrate the effectiveness of personalised offers as a customer tool for online commerce: nearly 25% of respondents claim they are likely to click on advertisements for items they have thought about buying but have not yet searched for, and 27% are likely to react to customised offers that include a deal or discount. Many consumers are still concerned with maintaining control over their data and do not want their records to be sold (46%) or their actions to be monitored (21%).
Further survey results are as follows:
Personalization is less important to 50% of consumers than privacy.
- Consumers were asked what they thought was most crucial when getting internet adverts, and 50% replied privacy, while 36% indicated personal relevance.
- Its predilection transcends demographic boundaries. In terms of anxiety about data privacy versus personalisation, Baby Boomers (55%), Gen X (53%), Gen Z (48%) and Millennials (45%) show the most concern.
- Consumers’ privacy is allegedly at stake since 46% of them think that marketers sell the data they gather. More than 50 percent of customers think social media businesses partake in this activity.
People value personalization in action but want privacy
- Shopping patterns are impacted by targeted marketing. 20 percent of respondents to the poll stated they made a purchase as a result of receiving a personalized advertisement, 27 percent learned about a new brand, 21 percent were reminded of a brand they had previously used, and 12 percent used a promotion to make another buy from them.
- The majority of consumers (62%) view targeted marketing favourably or neutrally.
- Consumers named Facebook (34%), Instagram (13%), YouTube (12%), and TikTok (8%) as the platforms that provide the most relevant adverts to them. Moreover, Facebook, Instagram, YouTube, and TikTok have the highest rates of engagement with adverts (30%, 16%, 11%, and 7% respectively).
Privacy worries are sparked by a lack of transparency.
- 39% of consumers feel helpless to influence or control how businesses use their personal data, according to the report.
- 23% of survey respondents claim they are unsure of the general types of information that organizations gather.
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