Consumers are willing to provide one commodity they possess in return for savings and other benefits: information.
Of 1,145 individuals surveyed by YouGov, on behalf of 7, 43% said they would provide information such as their email address, age and purchase history in return for benefits in personalized promotions. Another 39% would do so for speedier conflict resolution.
But it depends on the person’s age. Millennials are most likely to be agreeable (49%), compared with GenXers (44%) and Baby Boomers (38%).
The most popular benefit provided by marketers is cost savings.
The survey also shows that consumers — 26%, anyway — prize relevancy above all else. What irritates them? Of those polled, 32% are irritated by off-target messages, saying they feel like this is “an invasion of privacy.”
In addition, 28% agreed they "don't like it when companies have my information when I don't explicitly provide it."
Which companies get high marks? Insurance companies, which are approved of by 50%. Financial services are next, with 48%. Both of these sectors outperformed retail, travel and hospitality, utilities and telecommunications in terms of consumer perception. Telecoms rank last.
Here’s another key finding: Millennials who share data have high homes about their customer experience — 59% say the more data they share, the higher their expectations. Of the Generation X members polled, 47% said this and 38% of the Baby Boomers.
Meanwhile, 22% are open to sharing data after buying a product or service in exchange for better customer service. And 16% would provide it in order to receive ongoing information about the company.
But here’s the bad news: 27% won’t give up information at any point.