Data Privacy: 4 Emerging Trends Point to What Buyers Want

Two recent studies have spotlighted emerging trends in data privacy, including the data exchanges consumers are willing to make. Privacy has become a top concern for consumers—and for the marketers trying to reach them. Big privacy shifts—such as Apple’s user preference changes and the demise of third-party tracking cookies—along with increased privacy laws and regulations, have made for big changes in digital advertising.

Here are a few of my top takeaways from these studies along with ideas for marketers to respond in a way that serves both buyers and the bottom line.

1. People are guarding their data. 

In a privacy survey from Tinuiti shared by MediaPost, 72% of respondents said online privacy considerations are either very important or the most important factor when purchasing a mobile phone. They’re also taking specific actions to protect themselves. Nine in 10 consumers have taken some kind of proactive measure, with more than 50% doing things like clearing their browser cookies or turning off location tracking.

2. Consumers want more than just relevant advertising. They want value.

When it comes to their personal data, if you want prospective buyers to give you something, you need to give them something they want. According to Tinuiti, most of the respondents said they are unwilling to have their behavior tracked in exchange for relevant advertising, but 73% would voluntarily share information in exchange for a $20 discount coupon. Offering value looks different in the B2B world but could include content such as an informative e-book. The key is to ensure the value exchange aligns with the buying journey and works to move the relationship forward.

3. Yes, they’ll share some details—but not everything.

In another study by communications agency CTP, respondents made it clear they were more comfortable sharing basic information such as name and email address, especially with brands with which they have a personal connection. But respondents were less likely to share more personal information. The Tinuiti study tracks the same: 64% said they would share their email address, but the numbers drop as details become more personal: 31% said they would give their full name, 23% for phone number, and 16% would share their home address.

4. Buyers are individuals. Stop thinking of them collectively.

The majority of consumers in the CTP study want brands that cater to their personal needs and understand them as humans. Bracketing by age, 72% of 23-to 34-year-olds want meaningful personalization. Buyers today expect you to know who they are and receive marketing content that makes sense to who they are personally.

Human-centered approaches designed for the person, not the business as a whole, are really resonating with audiences, which is why many are shifting to a B2P (Business to Person) strategy. B2P marketing involves merging individuals’ business personas with their personal interests and attributes to create a holistic view when it comes to audience building. Targeting buyers on a B2P level makes it easier to engage with them based on their specific needs and interests—and convert them to customers.

Looking at the results from these two studies, they’re not exactly straightforward. Consumers don’t want to share their personal information—but they will. They’re not incentivized by personalized advertising—but they still want to feel known. From my perspective, these nuances all point to why a B2P approach can better meet the needs of your audience. And the good news is that programmatic advertising is evolving with these shifts and with privacy regulations.

People-based identity solutions, such as an identity graph, connect online and offline data to create anonymized customer profiles. Identity graphs pull data from multiple sources, some that have profiles in the hundreds of millions. They include multiple identifiers per person, such as name, address, email address, phone numbers and devices, for a full picture of the prospect. The identity graph data does not contain personally identifiable information (PII) and cannot be used to trace an individual's identity.

Data privacy will continue to be a hot topic. Marketers need to be ready to face the changes as they come. Thankfully, data strategies like identity graphs and the marketplaces that host them offer an innovative solution to address privacy concerns and meet emerging regulations.

OMI has 75 million of our 80 million manager-level and above contacts matched to the LiveRamp ID graph, including 65 million records from our SMB and medical market databases. Contact us today to learn more about building a custom audience.