Consumers are more willing than ever to share information with brands, according to a new study which claims a improved trust is leading more and more people to recognise the value of data exchange.
The 4th DMA/fast.MAP Data Tracking Report shows the number of consumers happy to provide their data to brands selling ‘products they might consider buying’ has climbed nearly 45% in the past 18 months from less than 20% to nearly 30%.
Six in ten (63%) consumers are now willing to share their information with brands ‘selling products they have to buy’ compared just over half (56%) in April 2011. More than 50% are willing to provide basic information such as name, address and email to businesses, an increase of 63% on average from 2011.
The report, sponsored by consumer and business marketing data expert Equifax, links the rise in consumer confidence in sharing data with improving practices to secure trust.
DMA Data Council chair Mark Roy, who is also chief executive of The Data Agency (formerly The REaD Group), said: “Consumer engagement has always been at the centre of the direct marketing industry but gaining consumers’ hearts and their data hasn’t always been easy.
“This 2012 report shows brands are benefiting from their continued commitment to industry best practice. Giving consumers the marketing that they want, when they want it and through the channels they prefer, is increasing their trust in brands and encouraging a more open-minded data exchange.”
While trust continues to remain a central plank in consumers’ confidence to share data, having a clear data privacy policy is increasingly regarded as essential.
Some 43% of those surveyed state it would encourage them to share their data compared to 33% 18 months ago.
Research indicates that how data protection notices are worded can improve the permission-to-market rate by as much as 100%, with the best statements reducing opt out rates by as much as 10%.
Equifax UK marketing and performance director Laurence Hamilton said: “Today, with the power of social media behind word-of-mouth recommendations and criticisms, consumer opinion and experience are significantly more influential than ever before.
“At Equifax, we always support best practice, and our experience shows that companies which are transparent about how they use personal data for marketing purposes, implementing the correct rules and procedures at all times, are best able to improve targeting and protect their reputation.”
