What’s more important to you – privacy or personalisation?
The rise in online shopping means more and more people are making online transactions instead of buying items in-store, and consumers want to have a personalised experience with the brands they love, even though they aren’t interacting with them in person.
Shoppers want access to innovative new mobile applications, the latest digital tools and features, as well as useful and relevant content.
But the irony is that people often shy away from giving out their own personal information. So how can you get consumers to give up their details so you can provide them with the personalised experience they’re looking for?
A recent study by Accenture discussed the concept of “The Everyday Bank”, a theory that banks need to create useful online tools that are helpful to their target audience’s everyday lives, instead of focusing solely on their banking products and transactions.
The study found that in terms of sharing personal data, people trust banks the most. The 41 per cent of those who trust banks contrasts starkly to the 5-14 per cent who trust social networking sites such as Facebook and Twitter most with their information.
The best way companies can get consumers to give up their personal information is by offering some sort of incentive. The study found that 70 per cent of respondents would give up their personal information to a company if they were given added services or discounts.
However, respondents were far more skeptical if this data was to be shared with a third party, with the percentage then dropping to 26 per cent.
Brands trying to personalise their mobile presence may struggle even more – consumers are especially precious about sharing personal info from their mobile devices.
In particular, mobile users don’t feel comfortable sharing their locations and are concerned that doing so will decrease their device’s battery life, according to a recent study by ExactTarget.
But of those who revealed their location to brands, 73 per cent said they found it helpful, and 76 per cent said the feature makes the content they receive more meaningful.
Although the battle is not easily won, brands wanting to connect with modern-day consumers need to develop a strategy that will entice consumers to give out their personal information.
Posted by Dylan Brown