Consumer insights need disruption

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Suddenly you see advertisements for items left forgotten in an online shopping cart, for the vacation deals you recently perused on a travel website, and for the great new book you recommended to a coworker. The list doesn't stop. Users express concerns about these types of highly targeted ads on social media.

The old way of collecting data is not appropriate in the eyes of the consumer. The majority of people don't trust companies to use their data ethically. Executives talked about their data collection processes in the same report.

• 29% admitted that the way their companies collect personal information is “sometimes unethical.”
• 33% said that consumers should be concerned about how their company uses personal data.

More consumers opting out

A bipartisan group of legislators in the U.S. government have proposed a bill that would allow users to opt out of targeted advertisements. Tech giants are taking steps to improve transparency in order to comply with the regulations.

Apple introduced app tracking transparency in 2020. Most people didn't opt out of ad targeting within the first six months of the feature's launch, but they did have the option to do so. Online ads will continue to change as a result of moves like this.

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Businesses that used to rely on free help from their customers and potential customers rather than asking permission to do so should be alarmed by the increased awareness. If businesses want to continue to benefit from consumer data, they need to plan for the future.

Top offenses

Some current offenders don't ask for permission to do these things.

• Following online behavior via IP addresses, web browser cookies, and device IDs.
• Audio tracking via microphones embedded in mobile and smart home devices.
• Monitoring behavior via physical security hardware in brick-and-mortar establishments.

Consumers still don't feel comfortable about the level of information they're giving to organizations simply by visiting their websites, talking about their products, or going to their storefronts

Almost half of the people who responded to the consumer privacy survey said they couldn't protect their data. It is difficult for them to understand what is happening with their data and how it is being used.

Modern data collection methods

Businesses will be at a huge disadvantage if they attempt to collect consumer preferences without complete honesty and transparency.

40% of consumers will trick behavior tracking metrics to intentionally devalue the personal data collected about them, which will make it difficult to monetize. Consumers are becoming more aware of the amount of data collected about them. Information about themselves that is not accurate will be shared in response. The purpose of any targeted marketing campaigns is destroyed by this.

To maintain relevancy and keep an accurate pulse on customer preferences, organizations need to fully understand what those preferences are. A more personalized experience can be cultivated by collecting meaningful data. 80% of consumers would share some type of personal data for a better customer experience, according to a study done by the accounting firm. Birthday, sex, gender identity, race, and more are included.

Transparent, meaningful data collection

At the end of the tunnel, there is a light. Modern tools that leverage technology consumers already have on them all the time can help businesses ethically collect consumer app, web, and location data to aid in building a happy, loyal customer following.

One of the biggest challenges businesses face is making consumers feel heard while also collecting and using it in a way that they can trust. Businesses will regain trust if they collect data on the consumer's terms through surveys or allow them to opt out of location services.

If people aren't able to trust organizations and what they do with their information, data collection will only become harder and harder as time goes on, creating a big problem for marketing and advertising teams Data collection is the only way to ensure success now and in the future.

Vardan Kirakosyan works for M Four Mobile Research.

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