What is the value of personal data? This is a question being asked more frequently by consumers, many of whom are growing wary of giving too much of their information away to brands online. The old value exchange where personal data was traded for personalised promotions is being questioned by an increasingly wary public. In our privacy-conscious age, people want more in return for what’s theirs. Here data and customer experience come into play and promise a new value exchange that will prove more beneficial for consumers.
As discussed in a previous blog, consumers are increasingly protective of their personal data. For instance, 74% of consumers say that they are concerned about brands being able to view and track their behaviour online to target them with advertising. Nearly half (42%) of consumers say they would not share any personal data online with advertisers, and 51% say they would like to choose the types of personal data to share.
Advertisers and agencies clearly have their work cut out for them. They need to find a new and better value exchange to present to consumers, one which places the needs of the latter front and centre. Fortunately, there are good reasons for hope. Eighty-seven percent of consumers say they want to buy from brands that “understand the real me” and 93% say it is important that every interaction is excellent. That is why data and customer experience is such a good foundation on which to build a new value exchange.
The proposition that brands can take to consumers is to use their consented data to drive next-level improvements in customer experience. Data-driven customer experience makes digital content and services more personal and better suited to the needs of customers. They make all the difference between an anonymous corporate experience, and more relevant communications between a brand and individual customers. The results speak for themselves: 86% of shoppers say they are willing to pay more for a great customer experience.
When it comes to brand experiences, the aim for organisations should be to make themselves as relevant as possible to the needs of their customers, while also protecting their privacy. Brands need to find a way to offer compelling, value-adding customer experiences without tracking people around the internet or sharing their personal data without consent. Advances in adtech mean this is now possible.
The opportunity for advertisers and agencies is to leverage a new breed of digital identifier known as telco-verified IDs. Generated by publishers and verified by telcos, these IDs ensure consistent recognition of the same user for consented first-party audiences. The IDs, which include Novatiq’s own Zenith and Hyper IDs, are engineered for privacy to exceed global privacy standards. Importantly, with this approach consumers are always in control and can consistently update permissions granted.
In this new value exchange, underpinned by telco-verified IDs, people are in the driving seat. They know which brands have their data, what information this data includes, and how the data is being used. They can more easily give their consent and have a clearer view of the value exchange in play – whether that’s more personalised offers, or more relevant content. The approach is truly granular, allowing people to revoke consent for some publishers and not others, meaning that consumers do not have to accept an “all or nothing” value exchange – they can tailor it exactly to their needs. For advertisers and agencies, meanwhile, telco-verified IDs mean they can identify and activate highly accurate audiences, which eliminates wasted ad spend and allows them to build stronger relationships with their customers.
Today’s netizens want more for their data than targeted advertising. They want rich, data-driven customer experiences that deliver performance, personalisation, and privacy. Now, thanks to telco-verified IDs, this value exchange is within their reach.