Brands with responsible data practices rewarded by UK consumers with more purchase intent, study
Ketch, the Trust by Design Platform for programmatic privacy and data stewardship and MAGNA, IPG Mediabrands global media investment and intelligence company, have announced the release of a groundbreaking new study designed to analyse consumer attitudes towards data privacy.
‘The Person Behind the Data’ has revealed that UK consumers will reward brands that have responsible data practices with 28% more purchase intent – the first time a link has been made between data practices and consumer purchasing behaviour.
The study, which surveyed 2,750 consumers, revealed that transparency was the most important factor for UK consumers. The lack of transparency, alongside control, were the main concerns for respondents – 58% don’t know how data is being used, and 75% don’t have control over their data.
58% of respondents said that the level of transparency has the largest impact on purchase intent, which far outweighed other factors including data minimisation (15%), data sharing practices (14%) and retention period (13%). For the first time, marketers can make a direct link between data privacy and sales.
This level of transparency also impacted consumer relationships with a brand. 53% of respondents would trust a brand more if their data is handled correctly and transparently. 38% would prefer the company over others, 33% would support the company more and 23% would tell others about the company.
Russell Howe, Vice President EMEA, Ketch: “Our study has highlighted how consumers are becoming increasingly aware of how companies handle and use their data. For the first time, we are able to make a link between consumers and their purchase intent depending on how the brands they engage with handle their data. All consumers are looking for is transparency – transparency with how their data is being used and how they can access it. Rather than treating data privacy as a box ticking exercise, forward thinking brands that make this a priority will reap the benefits long term.”
Erika Foster, Director, Standards & Investment Products EMEA at MAGNA: “Responsible data practices should have been on brand radars even before the General Data Protection Regulation (GDPR) became enforceable in 2018 but, the findings of this survey provide statistical evidence of the positive impact good practices can have on consumer trust and ultimately purchase intent. We are proud to be leading efforts to support our clients, partners, and community in ensuring they meet their obligations though industry-leading programmes for ethical data sourcing, data protection impact assessments, privacy by design, and more.”
Headquartered in the US and with a European HQ in London, Ketch’s privacy solutions for privacy ops enable organisations to adapt programmatically to fast-changing regulations while managing risk and cutting operational and privacy engineering costs by 80%.
‘The Person Behind the Data’ study surveyed 2750 respondents from a diverse representation across age, race/ethnicity, income, geographic location, and education. Ketch partnered with MAGNA, IPG Mediabrands global media investment and intelligence company to produce the study.
The full report can be accessed here
