Data Management: Breaking Down Consent and Preferences
Customer data is a marketer’s most valuable asset, driving decisions and initiatives and fueling the business machine. Data informs marketers about where they can find their customers, what content is of interest to them, when the best time to talk to them is, their preferred methods of communication—and more. At the same time, customers want to feel that a brand both understands their preferences and respects and protects their privacy.
As marketers navigate the changing privacy landscapes, technology ecosystems, and customer expectations, moving forward with consent and preference management projects should be a top priority. Compliance with privacy laws and regulations being part of all marketing processes and ensuring transparency is part of all user experiences is increasingly critical.
PreferenceChoice, along with the DMA, is excited to bring you a new report that explores the current state of consent and preference data management and delves into the sources of data and its value to businesses.
We surveyed data and marketing professionals and their estimate is that for every £1 spent on consent and preference data management systems, their business receives an average of £40.55 in return. Moreover, businesses with preference management systems in place are more likely to report positive increases in their ‘Engagement rates’ (59%), ‘Sales/business revenue’ (53%), ‘Customer database size’ (52%), and ‘Opt-in rates/sign-ups’ (47%).
Given what the metrics say, marketers need to do more than just be GDPR compliant. Going the extra mile with customers’ data is what really makes the difference between ‘a brand’ and ‘a successful brand’. Indeed, data management systems allow brands to offer more personalized experiences (45% of marketers reported it as a benefit) and increased transparency (44%) – two key factors in fostering long-term customer loyalty and trust.
Download the full report to find out how you and your business can go beyond data.