Key Takeaways:
- 51% of UK consumers intentionally withhold personal data from brands, indicating a lack of trust.
- Senior UK executives mistakenly believe 79% of customers trust them with personal data, revealing a significant trust gap.
- Ineffective data-driven communications and data security concerns are exacerbating this gap, with 88% of consumers finding half or less of brand content relevant.
The Disconnect in Consumer Trust In a striking revelation, a study commissioned by Treasure Data, an enterprise customer data platform, uncovers a significant gap in data trust between UK consumers and brand leaders. While over half of UK consumers (51%) deliberately try to withhold their personal data from brands, an overwhelming 79% of senior executives in the UK believe their customers trust them with their personal data. This disparity highlights a critical disconnect in understanding consumer trust and privacy concerns.
The Shortcomings of Data-Driven Communications The study sheds light on the inadequate application of data-driven communications by brands. Despite frequent digital interactions, with two-thirds (66%) of UK consumers hearing from brands six or more times per day, a staggering 88% claim that half or less of the content they receive is relevant. This discrepancy in content relevance underscores the failure of brands to effectively utilize customer data for accurate targeting, risking the loss of valued customers.
C-Level Executives Misjudge Consumer Trust Despite these shortcomings in customer experience, a significant majority of UK senior executives (79%) remain confident in their customers’ trust in data handling. However, 40% of the C-suite acknowledge the looming challenge of a lack of consumer trust in personal data provision, foreseeing it as a barrier to customer understanding in the coming year.
Data Security Concerns Deepen the Trust Divide Compounding the issue of trust are data security concerns. The survey reveals that nearly two-thirds (63%) of UK C-suite respondents report experiencing a data breach, with over a third (34%) occurring in the past year or six months. This is alarming for brands, as over half (54%) of consumers would switch to a different brand following a data breach.
Andrew Stephenson’s Insights on Bridging the Trust Gap Commenting on the findings, Andrew Stephenson, Director of Marketing EMEA and India at Treasure Data, expresses concern over the trust gap between UK brand leaders and consumers. He emphasizes the importance of a data-driven approach, especially amidst challenging economic conditions. Stephenson asserts that effective and secure data management is crucial for brands to differentiate themselves and gain a competitive edge.
Navigating the Consumer Landscape in 2024 Treasure Data’s full report, “Navigating the Consumer Landscape in 2024, Data-Driven Insights and C-suite Decision-Making,” offers an in-depth analysis of these findings. The report provides valuable insights for brands looking to bridge the trust gap and enhance their customer experience strategies.
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