Data Management for Marketers: Breaking Down Consent and Preferences
The volume and value of data today is higher than ever before. Companies are collecting personal data, and for good reason, it’s the most valuable resource they have. When collecting this data, the consent and preferences of your customers/users is necessary for today’s marketing environment.
Regarding volume, a consent management solution can help your organization streamline intake processes and efficiently store user preferences across your marketing systems using integrations. On the value front, these solutions can use these preferences to craft timely messaging around discounts, holidays, birthdays, and more (depending on the level of consent given) to build personalized experiences with your customers, showing them that their data is being used for true value exchange, building trust along the way.
The awareness of having an effective consent management solution is rising as well. Marketers in 2022 estimate that the ROI for $1 invested into consent and preferences is at $38 on average, along with a 10% increase in lifetime customer value and a 5% decrease in customer acquisition cost.
This report from the Data & Marketers Association (DMA) and OneTrust highlights trends today along with best practices in the following four areas of data.
- Knowledge, Practices and Integrations
- Benefits and Future Plans
- Sources and Quality of Data
- Importance and Value
Download the report to learn more about how your organization can stay ahead of the curve and take advantage of the data collection best practices to gain valuable insights and build trust with your users.
Additionally, this year’s report is also able to shed light on how this has evolved since we last asked marketers in 2020.
OneTrust Consent & Preferences empowers companies to deliver trusted experiences rooted in privacy practices – so individuals trust you with their data, allowing you to deliver more valuable experiences and create business value through trust.
People now, more than ever, demand greater control of their data, unlocking an opportunity for organizations to address privacy compliance obligations and build trust through transparency, choice, and control. Furthermore, as marketers navigate the changing privacy landscapes, technology ecosystems, and customer expectations, implementing a reliable consent and preference management solution is crucial and there can be strong returns on investment.