Think about a time when you filled in a survey before committing to a subscription box. Think about a time when you opened your inbox, received an email, and filled out a questionnaire in order to receive points or items in return. Do you recall the last time you participated in a mobile phone application where you could collect points or engage with a brand by providing them feedback on their products and services?
From a consumer’s perspective, there are various reasons as to why they would disclose personal information. For instance, they can take advantage of customized item recommendations based on their individual needs and preferences. What’s more, they can receive products and services in return for their time and participation.
From a business standpoint, marketers can use the provided data to better understand their customers. This could lead to better marketing efforts and decisions when it comes to campaigns involving emails, social media, or even other forms of online marketing initiatives. However, there is a fine line between disclosing information and receiving products and services in return.
According to a survey conducted by Here Technologies, it was found that 30% of mobile device users worldwide would share their personal data if it meant they would get something of value out of it. Meanwhile, 27% of those surveyed said they would not give out personal information in exchange for goods and services. It should also be noted that 43% of the respondents were neutral about it.
Although 30% of the worldwide population would be willing to disclose personal data for the sake of gaining value, it is integral for the growth of businesses to also think about the remaining respondents who are either against it or neutral. Winning over this section of the consumer base can mean the revenue growth and the development of a better brand representation.
It is also important to consider the type of information consumers are willing to give out to businesses. According to another survey, this time by PwC, 57% of worldwide users said they would exchange their health data in return for making their lives healthier. Meanwhile, 40% of the respondents noted they would disclose financial information if it meant they could save money. Closely following behind this is providing location data for the sake of increasing the safety of one’s family or home at 39%.
Due to this willingness to share information, businesses should also be aware of keeping such data safe and away from the wrong hands. This would not only ensure consumer trust, but help build brand reputation. A data breach can result in a loss in revenue and the pilfering of valuable and sensitive customer information. What’s more, customers may have to initiate meetings with their own financial institutions if the breach pertained to withdraw sums from their accounts. In any case, convenience and confidentiality are compromised, contributing to a poor customer experience.
Find Your Audience understands and has worked with the intricacies surrounding consumer attitudes on disclosing personal information. By working closely with clients around the world, the Find Your Audience team is able to develop strategic initiatives when it comes to gathering relevant data and utilizing it in a transparent manner that benefits both consumers and businesses.
To work with Find Your Audience and begin taking your company to the next level, call 647-479-0688. The team of professionals may also be reached at firstname.lastname@example.org.