Data Management: Breaking Down Consent and Preferences
Customer data is a marketer’s most valuable asset. 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 will ensure you are meeting your customers’ expectations. It’s increasingly critical to be in compliance with privacy laws and regulations part of all marketing processes, and transparency part of all user experiences
PreferenceChoice, along with the Data and Marketing Association (DMA), surveyed marketers in 2020 to explore the current state of consent and preference data management and the value it can provide to organizations.
For every dollar spent on consent and preference data management systems, marketers estimate an average 40x return on investment.
Businesses with preference management systems in place are more likely to report positive increases in:
• Engagement rates
• Sales and business revenue
• Customer database size
• Opt-in rates and sign-ups
Marketers need to do more than just be compliant with global privacy regulations. Going the extra mile with customers’ data is what really makes the difference between a brand they want to hear from and a brand whose emails hit the trash bin.