Consumers want personalized experiences, recommendations, and offers. And while there are certain types of personal information that consumers will share to get this, many consumers are wary of sharing too much or certain types of information.
According to a recent report by SDL:
- Consumers are fairly open to sharing information about gender, age, and income with marketers.
- Respondents say they are much less willing to share the name of their spouse, lists of family and friends, and their Social Security number.
- 49% of consumers are willing to share personal information with brands in order to join a loyalty program.
- 41% would share personal data in exchange for free products and services.
- 79% are more likely to share with a brand they have purchased from before.
1. Be Transparent
Establishing trust between a brand and a consumer means being upfront about the type of data being collected and what the data is being used for. Too many brands do not take the time to do this. As consumers become more empowered and informed, companies that arent completely transparent risk losing customers and valuable information. Chances are that when a consumer knows exactly how the data is being used, they are more willing to share.
2. Offer a Way to Opt Out
Consumers want to know that they can opt out or have the option to not share information they arent comfortable giving up. By making these policies clear from the beginning with easy measures to discontinue information sharing, trust is built and consumers are reassured. Retaining control over the sharing of their personal data was important to nearly all respondents (85%) of a survey put out by DMA (the Direct Marketing Association).
3. Offer Benefits
Consumers are more likely to give up information when they receive something in return. While low-value data like contact information is easier to get, consumers are more willing to share higher value data such as preferences, hobbies, and interests when they receive something in return. For example, sports fanatics will share information about their favorite teams to get personalized updates, or banking customers will share personal information to receive tailored offers.
The balance of power is tilted towards consumers and brands must establish trust and a reason for consumers to share their valuable information. Consumers are increasingly seeing the value as companies take the time to get to know them and deliver the personalized offers they are seeking.