{"id":10121,"date":"2023-08-18T21:00:35","date_gmt":"2023-08-18T21:00:35","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/three-ways-marketers-can-balance-personalization-and-data-privacy\/"},"modified":"2023-08-18T21:00:36","modified_gmt":"2023-08-18T21:00:36","slug":"three-ways-marketers-can-balance-personalization-and-data-privacy","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=10121","title":{"rendered":"Three Ways Marketers Can Balance Personalization And Data Privacy"},"content":{"rendered":"
\n

Aimee serves as the CEO and lead visionary at <\/em>Madison Taylor Marketing<\/em>.<\/em><\/p>\n

Balancing data privacy and personalization is a familiar challenge for marketers, but there are notable discrepancies between the U.S. and European markets when it comes to data privacy.<\/p>\n

While 71% of American consumers crave personalized marketing and are willing to share some of their data to receive targeted messaging, marketers must tread carefully and prioritize transparency and trustworthiness in their marketing strategies.<\/p>\n

With the increased customer demand for personalization in the U.S., there are three things organizations can do to help balance this need against data privacy.<\/p>\n

1. Diversify Your Media Mix To Improve Data Acquisition<\/h2>\n

One of the biggest data privacy challenges companies face is the collection of first-party data. As growing concerns about customer privacy continue to mount, five states have passed new legislation that governs consumer data privacy by restricting the use of third-party data. These policy changes have placed higher importance on collecting first-party data, making it challenging to aggregate customer data from various sources.<\/p>\n

<\/fbs-ad><\/p>\n

One viable solution to this challenge is diversifying media mixes. By utilizing multiple marketing channels, companies can interact with customers across various platforms and collect different types of first-party data. According to a 2023 study by Gartner, managing eleven or more channels has enabled almost 50% of marketers to increase their first-party data acquisition.<\/p>\n

Moreover, marketers who manage a diverse media mix are not only better able to drive growth, but they are also able to analyze consumer behaviors with greater nuance. For example, they can see how well customers respond to discounts, promotions and other published content across channels.<\/p>\n

2. Empower Customers To Manage Their Own Data<\/h2>\n

Another way to balance concerns for data privacy with customer expectations for personalization is to empower people to manage their own data. Companies can accomplish this objective by clearly defining and articulating a comprehensive data privacy policy to their customers. After all, over 75% of companies that invest in robust data privacy protections experience increased customer loyalty and trust.<\/p>\n

From here, organizations can allow customers to control the type and quantity of personal data they share. I believe they should also give customers the opportunity to determine how their data is used. For example, companies can provide customers with the option to decide how often they receive emails and other communications. Additionally, organizations can make every data field optional rather than having required data entry fields on online forms.<\/p>\n

By giving customers the ability to have agency in how they share their data, marketers can be both more respectful and responsive to customers\u2019 expectations. This way, you can increase personalization while acknowledging your customer’s desire for more data privacy.<\/p>\n

3. Provide Real Value In Exchange For First-Party Data<\/h2>\n

Research shows that 90% of consumers are willing to share their personal information\u2014as long as there’s a compelling value proposition. In other words, customers are likely to share their personal data if companies understand what their customers want and they give them a good reason to share personal information in exchange.<\/p>\n

A great example of this can be found in online streaming services and new profile questionnaires. Many online streaming companies often ask new users to answer questions about their viewing preferences so they can make personalized movie and show recommendations. Most customers have no problem providing this information because they know they will benefit from the customized content they\u2019ll receive.<\/p>\n

Simply put, if companies can take time to truly understand what their customers want and need\u2014and if they can articulate a compelling value proposition that\u2019s directly related to those needs\u2014then customers will be more likely to share their personal data. It\u2019s all about providing real value to customers in exchange for their information.<\/p>\n

Balancing Personalization And Data Privacy<\/h2>\n

When it comes to balancing personalization and data privacy concerns, the reality is that customers are willing to share their personal data\u2014so long as companies are intentional about how they collect it. By diversifying their media mix, empowering customers to control their own data and providing compelling value data-sharing value propositions, organizations can walk the fine line between data collection, marketing personalization and privacy protection.<\/p>\n

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aimee serves as the CEO and lead visionary at Madison Taylor Marketing. Balancing data privacy and personalization is a familiar challenge for marketers, but there are notable discrepancies between the U.S. and European markets when it comes to data privacy. While 71% of American consumers crave personalized marketing and are willing to share some of […]<\/p>\n","protected":false},"author":1,"featured_media":10122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-10121","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"\nThree Ways Marketers Can Balance Personalization And Data Privacy | Brandiary<\/title>\n<meta name=\"description\" content=\"Aimee serves as the CEO and lead visionary at Madison Taylor Marketing. 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