Sarah JamesIt should be no surprise that data privacy changes restricting marketers ability to see what their customers are doing pose a severe threat. Having high-quality information about your target audience is crucial in marketing.
What if you know that improvements in data privacy are actually helping marketers?
Out of more than 1,000 marketers affected by data privacy changes, 32% claim they’ve had a beneficial influence on their marketing approach in the past year, while only 10% claim the opposite. They report a neutral impact in 58% of cases. The big query, though, is why marketers are benefiting from privacy improvements. Let’s explore our data to find out more.
1. To account for changes in data privacy, marketing budgets are rising
Marketers are forced to adjust due to customer and government regulator demands for data privacy reforms. The budget marketers required to investigate alternative tracking and targeting options are, fortunately, being provided.
Nearly half (48%) of them claim that their spending has altered in response to this year’s data privacy rules, with 71% citing an increase in their marketing budget.
The second advantage of data privacy changes is that these alternative solutions may be much more precise and efficient than those that marketers currently employ.
2. New Data Solutions are Better for Marketers
Are the resources used by marketers today really that effective? In fact, only 42% of marketers are aware of their target audience’s fundamental demographics. Few know their purchasing patterns, shopping preferences, and channels for content and media consumption.
On the other hand, alternatives like gathering first-party data can be utilized to obtain high-quality insights and give your clients a highly tailored experience.
First-party data is highly accurate and particular to your business since it is obtained directly from customers. Yet, for customers to give you their personal information, they must first trust you.
3. Better data = greater trust
Our study of consumer trends reveals that nearly half (45%) of consumers mistrust businesses that use their online usage and cookie information.
Consumers may feel more secure giving their personal information due to changes to data privacy. Increasing numbers of clients show their willingness to trust marketers with it.
According to a marketer in our survey, attaining your target audience is everything in marketing. Customers are more inclined to trust Google if third-party cookies are phased out. When I utilize Google to target my audience, that trust should result in more accurate information.
They currently have inaccurate or partial information on their target audience due to suspicious consumers. CData privacy changes will help marketers and consumers acquire better data while maintaining consumer privacy.