TCS Attends Mintel’s Data Privacy Briefing
With GDPR coming into force this Friday, Mintel hosted a ‘Bitesize Briefing’ on consumer attitudes towards data sharing and privacy.
Matt King, Mintel’s Category Director for Tech and Media, spoke about the conflict between consumers’ desire for services built on data sharing and their underlying concerns about privacy and security. Unsurprisingly, marketers often struggle to find the right balance between the two.
Many consumers don’t fully understand how their data is being used and as a result are being cautious in what they sign up to. They lack confidence in what companies will do with their data, and fear their financial information or message/email content may be shared. This perception means that many are now actively avoiding creating new online accounts. This is likely to change once people gain a better understanding of what can and can’t be shared.
Companies are inevitably likely to see a drop in numbers as consumers decide to opt out. However the remaining database will contain a much more engaged audience. This is an opportunity to offer added value for customers in exchange for holding their data. Companies will also gain trust from customers by keeping them updated on how their data is being used.
Privacy, rightfully so, is back in the hands of the customer. Companies will need to work hard at building trust, and should take this opportunity to generate data and use it better.
Media Account Manager