Leveraging Preference Management — Part 2
How can marketers leverage preference management to build customer trust?
If there’s one good thing about the General Data Protection Regulation (GDPR) and the privacy legislation that followed in its wake, it’s the emphasis it has placed not just on gaining consent, but on withdrawing it, as well. To do that, marketers need to think about the full customer lifecycle and how to implement a complete preference management strategy across operations.
Because getting this aspect of preference management right is so important, we’re breaking down best practices, strategies, and tactics in a three-part blog post series.
In the first part of this series, we considered how privacy regulations are growing around the world and how consent plays a primary role in these new laws. In this next part, we’ll discuss preference management trends and the vision for preference management in 2020 and beyond.
Preference Management Trends
Preference management is a constantly evolving process. In the past few years, it’s gained even more time in the spotlight as companies endeavor to comply with never-before-seen privacy legislation. Preference management has forced brands to rethink their marketing and business strategies. Because of that, three major trends have emerged.
Driving user engagement
Increasingly, the main purpose of a preference management strategy is to drive higher customer engagement rates. The focus isn’t just to capture an interaction with a user once from a download of thought leadership, documentation, or a freebie. Instead, the end goal is to grow the relationship with the user so they continue to engage over and over again.
Creating brand loyalty
Once a user is engaged, the next task of preference management is to drive brand loyalty. Many companies struggle with differentiating themselves from competitors, and creating brand advocates helps to solve this problem. Using preference management tools to drive a personalized customer journey is a great strategy to create brand advocates and retain customers for life.
Building customer trust
Perhaps one of the initiatives gaining the most ground across industries for preference management is the push to build customer trust. Consumers are starting to care more and more about what information companies collect and maintain about them, how that information is protected, and how they can access and control it.
It’s more than that, though. It’s about moving away from sourcing consumer information from third parties and moving toward creating a proprietary, first-party data set. This allows marketers to actually send consumers messages they want via segmentation instead of force-feeding them information based on vague browser behavior.
The Big Picture
Understanding preference management trends is helpful for creating a successful 2020 marketing strategy. But it’s also important to look to the future to get ahead of the curve. Many companies are pursuing a long-term vision for how their organizations will finally implement preference management, engage customers and take control of their data.
A modern preference center can deliver on all of the requirements and goals of an organization when it houses six main areas of information:
- User profile
- Privacy rights
- Policies and terms
- Cookies settings
- Trust center
The last area – a trust center – is important and new for 2020. And it goes beyond simple marketing compliance with privacy regulations. A trust center as a part of a preference center is a tangible way to show consumers you’re being transparent.
It’s not a requirement — but it can be a competitive advantage.
By building a comprehensive preference center, you can get ahead of privacy compliance legislation. In fact, it will pay off big in the long run as customers willingly provide you the information you sourced from third parties in the past.
Many brands today are in desperate need of preference management strategy. The privacy landscape is changing and the nature of customer relationships are changing. Smart marketers want to be able to capture more than just consent from their users. But they also know that creating a thorough preference center might be a challenge for their organization.
If you fall into this category, you’re not alone. In the next and last part of this blog post series, we’re breaking down the different stages of preference management. These progressive, bite-sized steps will deliver a playbook you can implement at your company.
For more information about preference management, watch our most recent expert webinar. We discuss the stages of driving a tactful customer journey by leveraging a preference center, reducing global unsubscribes, and utilizing opt-in best practices to catapult a holistic marketing engagement strategy.
Want to dig deeper into building customer trust through preference management? Download our free eBook!
To learn more about the OneTrust PreferenceChoice preference management solution, schedule a 1-1 meeting to talk to an expert today.