Consumer willingness to share information with brands has rocketed in the past 18 months, according to new research from the DMA.
The number of consumers happy to provide their data to brands selling 'products they might consider buying' has climbed nearly 45% in the past 18 months from less than two in ten (20%) to three in ten (29%).
Six in 10 (63%) of consumers are now willing to share their information with brands ‘selling products they have to buy' compared just over half (56%) in April 2011. Over 50% are willing to provide basic information such as one’s name, address and email to businesses, an increase of 63% on average from 2011.
The report, (DMA)/fast.MAP Data tracking report 2012, sponsored by consumer and business marketing data expert Equifax, links the rise in consumer confidence in sharing data with improving practices to secure trust.
Mark Roy, chair of the DMA Data Council and Chief Executive The ReAD Group, said: “Consumer engagement has always been at the centre of the Direct Marketing industry but gaining consumer’s hearts and their data hasn’t always been easy. The 2012 DMA/fast.Map Data Tracking report shows that brands are benefiting from their continued commitment to industry best practice. Giving consumers the marketing that they want, when they want it and through the channels they prefer is increasing their trust in brands and encouraging a more open minded data exchange.”
Research indicates that how data protection notices are worded can improve the permission-to-market rate by as much as 100%, with the best statements reducing opt out rates by as much as 10%.
Laurence Hamilton, UK marketing and performance director at Equifax, the report's sponsor, said: “Today, with the power of social media behind word-of-mouth recommendations and criticisms, consumer opinion and experience are significantly more influential than ever before. At Equifax we always support best practice, and our experience shows that companies that are transparent about how they use personal data for marketing purposes, implementing the correct rules and procedures at all times, are best able to improve targeting and protect their reputation.”
The independent study conducted by fast.MAP and published by the DMA comprises findings of a survey of 1193 UK adults. In June, the DMA published Data privacy: what the consumer really thinks, which found that the majority of people are content to share information with brands they trust and are suitably rewarded for doing so.
(DMA)/fast.MAP Data tracking report 2012 can be downloaded from the DMA website: www.dma.org.uk