By Shallu Behar-Sheehan, Chief Marketing Officer at Trūata
Respecting consumer privacy has become a trend epidemic with brands wanting to be at the forefront of illustrating transparency to gain consumer trust.
You can read through any major news outlet and find stories about the evolving global privacy laws, and expert opinion on how and why we need to empower today’s consumer when it comes to their personal data.
In today’s digital world, brands know more about a consumer through their digital appetite, without ever meeting them. But finding a way to make sense of and utilise this data is a big challenge for businesses. Take Spotify, for example. A music streaming service on the face of it, which has developed into a well-oiled model for collecting vast volumes of data based on customer preferences.
It does this to drive business decisions and create tailored experiences for an audience of more than 100 million. It’s a blueprint model for both cloud-native companies and established enterprises, and proof that customer data is one of the world’s most valuable assets.
Businesses are grappling with the balancing act between data privacy, data monetisation and consumer trust. What isn’t always clear is who is ultimately responsible for ensuring that consumer data collected by a business remains private. Consumers find themselves floundering on the cusp of, even driving, a social and commercial revolution.
They want tailored, personalised relationships with brands and customised experiences (which are driven primarily by their own data), but also fear their data being mishandled or misappropriated. A study by Smart Insights highlights this, with 72% of consumers stating they only engage with personalised marketing messages, despite 86% being concerned about data privacy.