According to a recent study by The Conference Board, 57% of US consumers would forego marketing personalization to protect their data. But most importantly, the study also found that 20% of global consumers reported they have abandoned or reduced their use of a brand over its data practices.
Could data-gathering be costing companies customers? This is the major question the study compels marketers to ask, and the answer looks like a resounding yes. Consumers are increasingly willing to make buying decisions based on privacy concerns as greater awareness of data-gathering practices takes hold. They know what we know: advertising is much more respectful and personal when it is based on good concepts and ideas, as opposed to invasive and often intrusive data harvesting.
To find the right balance between digital and traditional advertising today is to know where to draw the line, by ensuring the benefits of personalization come with full disclosures over data collection and use, and by knowing when good ideas and creativity appeal to people in ways that algorithms could never.