Infographic: Consumers Consider Data Sharing a Bunch of Blarney
All marketers know that data is gold. However, consumer sentiment around data sharing can leave marketers straight out of luck. Eighty-seven percent of consumers would click a “Do Not Track” button if made available, and 30% would pay a 5% premium if it would guarantee them that their data wouldn't be collected, according to the “Beyond the Bull's-Eye: Building Meaningful Relationships in the Age of Big Data” report by Communispace.
Although young consumers are fairly open with their data, marketers can't jig around the data-sharing generational gap. According to the report, 60% of millennials—those between 13 to 31 years old—are willing to share their data for discounts, promotions, or payments but only 38% of Silent Generation members—those 68 and older—are willing to do the same.
Yet, there might be a rainbow of hope for marketers who listen to consumer preferences. For instance, 70% of consumers would voluntarily trade personal data for a 5% discount. Likewise, when shopping online, 62% of consumers would prefer to visit a centralized site listing multiple vendors' promotions and discounts, and 24% would prefer to reveal their buying intention to a few retailers and have them bid for their business, according to the report. Contrastingly, just 14% of consumers prefer to receive targeted offers based on their search and purchase history. But even if marketers adhere to consumers' demands, they won't be able to work their magic on every patron. According to the report, only a clover-sized 13% of consumers find it acceptable for companies to purchase data about them to personalize their marketing efforts.
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