A truly personalised consumer experience can only be provided when sufficient data is available to analyse consumer behaviour. Marketing today has become more personalised, contextualised, and dynamic. Acquiring data is the starting point—improved technology and algorithms have made it possible for companies to collect the same.
Companies work under the misconception that personalisation and privacy are conflicting efforts and do not believe that it can be interdependent. It is actually a positive-sum gain from cooperation. Research shows that 60% of consumers are frustrated with the brands’ inability to predict their needs and think they aren’t doing an adequate job using personalisation.
Companies find it challenging to optimise marketing personalisation with increasing privacy issues related to attaining granular consumer data. On the one hand, consumers are expecting to be recognised and their experiences personalised, on the other hand, consumers are concerned about data privacy.
With the implementation of privacy laws like General Data Protection Regulation (GDPR) and many browsers providing enhanced data privacy, it is clear that collecting consumer data has become difficult.
According to a recent Gartner survey, despite consumers having trust issues regarding usage of their data ethically, they are still willing to share information in exchange for convenience and personalised experiences. 63% of consumers expect to be recognised and want their experiences personalised. This has left marketers in a “catch-22” situation. Companies are stuck between the need for personalisation of data and consumers’ need to maintain data privacy.
Growing privacy concerns and predictions for this tech driven marketing landscape
With the increase in the number of data breaches, the data security market is expected to reach $38.23 billion by 2025 over the forecast period 2020 – 2025. Here are a few growing concerns and trends you need to know about.
Data security spending will increase.
Companies need to be transparent and prove their trustworthiness by highlighting