Online Privacy

As the digital world continues to grow every day, it is becoming more important to customers and brands to prioritize privacy. Consumers are becoming more weary of sharing their personal information online. They worry about how their information will be used. While marketers worry about how to navigate privacy and how to properly use it to serve their customers. Research conducted by Boston Consulting Group have concluded that customers and marketers are more focused on privacy now than ever before.

When it comes to customers, their concerns are:

1. What information is being collected?
2. How is their information collected?
3. And why is this information being collected?

Marketers have observed that customers want ads that are relevant to them but have worries about how their information can be used against them. Customers are more willing to share information that they don’t deem as invasive. While customers desire relevant experiences online, they are more focused on trusting the brands they put their money toward. Research found that when consumers trust a brand they are 2X as willing to share their personal information. Most customers believe that companies are selling their data to be used against them in the future. In 2022, customers expect brands to be transparent and trustworthy. Marketers are realizing that customer-centric, data-driven marketing benefits all business objectives.

This year the most successful marketers are focusing on keeping consumers information safe and communicating exactly how their information is being safely used and handled. Marketers must allow their customers to see the value behind consenting to data collection. It is the Chief Marketing Officers job to educate their teams about the company’s privacy strategies and how data collection will impact their overall business. They must organize and ensure responsible data access so customers can be reassured their private information is safe.