Are consumers today suffering from a major case of paranoia or do they have legitimate concerns when it comes to the information that is readily available to marketers about their habits, location, or other personal information? I personally believe that it can be a combination of the two. On one side, consumers may be a little over paranoid when it comes to the ‘big brother’ watching over their every move. But on the other side, well… marketers are seemingly watching over our every move.
A recent study conducted by SDL, a content management and analytics firm, echoes my sentiments. According to the study, “nearly two-thirds of consumers in the U.S. and around the world are worried about how marketers are using their personal information” – aka, the paranoid part. While 80 percent are more than willing to provide personal information to a trusted brand as long as brands are transparent about how they collect and use their information as long as they got something in return.
The key word here is trust. Consumers need to be able to trust those companies that they do business with and companies need to realize that consumers are a fickle bunch. In addition, if consumers are willing to give up personal information, they want to know they are getting something in return.
So maybe it’s not all about trust…maybe some incentives work too.