Four out of 5 US adults believe it’s very important that their data is kept private. However, far fewer (29%) marketing executives agree to the same extent, per a survey [download page] of 2,000 US adults and 500 marketing executives by Braze.
C-suite marketing executives are more apt to agree that it’s very important to keep customer data private, but the emphasis on privacy doesn’t necessarily trickle down to non-C-suite marketers, with 83% saying that there is no need to protect consumer privacy beyond what is required by law. However, two-fifths (40%) of the marketing executives surveyed say that one of the barriers keeping them from implementing stricter privacy practices is the lack of legal clarity.
But what about consumers? Previous research found consumers believe that companies benefit more from the data they collect than consumers do. Braze’s survey reveals that 7 in 10 consumers are willing to share their data in exchange for compensation. Interestingly, a full 94% of marketing executives agree that consumers should be compensated for the personal data that is collected.
Americans are feeling less confident in the security of their personal information than they did 5 years ago. Amidst that backdrop, more than 9 in 10 (94%) adult consumers surveyed for this latest report say they expect companies to tell them something about the use of their data. Almost three-quarters (74%) say they expect to be told what will be done with their data, while the same proportion want companies to tell them with whom their data is being shared. Another 70% want to be told what data is being collected, and a majority also think brands should tell them how long their data will be retained (59%), who is storing their data (56%) and where their data is being stored (54%).
Although almost all marketing executives agree that consumers should be told something about how their data is used, fewer executives (58%) than consumers (74%) feel that customers should be told with whom their data is being shared. Likewise, 56% of marketers feel that consumers should be told what will be done with their data, compared to 74% of consumers who expect that information.
The insecurity consumers are feeling about sharing their data has led the vast majority to decide not to engage with a company because it needed their personal data (84%). Three-quarters (75%) of consumers have also stopped engaging with a company because they were concerned about the way their personal data was being used, with respondents far more likely to express concern about data usage by social media accounts (62%) than by email (26%), messaging apps (24%) and games (20%).
The full report can be downloaded here.
About the Data: Results are based on a survey of 2,000 US adults and 500 US marketing executives.