If you’re trying to understand consumer data, personalized marketing and privacy concerns, Google makes an ideal research partner. The Boston Consulting Group collaborated with Google to survey consumers and top marketers about how they’re navigating the need for personalized marketing and the growing privacy concerns of consumers. Is it possible to build trust, collect data and create value for the company, and for consumers? It is, but communication is key.
Many consumers are hesitant to share personal information, but personalized marketing is increasingly necessary to gain consumer attention, and personalized marketing requires data.
Marketers have to balance two competing necessities: The first is to honor their customers’ desire to keep personal information private. The second is to serve up advertisements and promotions that speak to each consumer’s individual needs. The competition for consumer eyeballs and headspace is fierce, and only the most relevant promotions will prevail.
Marketers are facing this balancing act while also navigating the ever-changing world of expectations, definitions and regulations regarding personal data. Data regulations are getting stricter, and the definition of what constitutes “selling customer data” keeps changing. Marketers must take note of regulations and consumer expectations and find...
Derek Rodenhausen, Lauren Wiener, Kristi Rogers and Mary Katerman are professionals with the Boston Consulting Group.