By Daniel Hunter
More than half (57%) of consumers are happy to share their personal data with brands and business they trust, according to new research.
The study, by big data firm Teradata Corp and Celebrus Technologies, also showed that 63% of those surveyed across every age group like to receive personalised communications, with 67% saying they would positively interact to such companies.
Personalisation has a measurable impact on revenue, the study showed, with over a third of consumers (36%) purchasing from that brand again following a positive experience. If done badly, personalisation can have a damaging impact on a brand with 77% of consumers insisting they would take action in response.
Six in ten UK consumers said they are happy to share data about how they interact with a brand’s website. Just under a third (32%) of consumers said that they would trust the retail banking sector with their data, with telecommunications businesses in second place at 25%.
Ruth Gordon, Director Digital Marketing, Teradata International, said: “It is clear from the research that consumers are more likely to interact with those brands who treat customers as individuals and get it right. Such treatment improves their experience, therefore they are more likely to buy from the brand again and recommend them to friends. It is also clear that when done badly, consumers would move to a competitor or share their poor experience, negatively impacting sales and brand reputation. In addition, consumers need to feel in control and brands must ensure that personalised experiences comply with customer preferences.”
Katharine Hulls, VP Marketing, Celebrus Technologies, added: “The research has highlighted some interesting viewpoints and differences in opinion between the UK and Germany. In order to persuade consumers to part with more ‘sensitive’ information, brands must build trust, act sensitively with the information that consumers have shared, and treat each customer as an individual. In order to enable brands to deliver the quality of experience expected by the customer, brands must combine detailed customer behaviour across all touch-points with customer preferences, and using insight and analytics to make every communication and interaction relevant to the consumer. Those that get it right will reap considerable rewards.”