Further evidence has emerged of the disconnect between marketers and consumers, with over half of Brits (51%) deliberately withholding their personal data from brands – almost a third say they would prefer to remain completely anonymous – yet eight out of ten (79%) senior executives believe their customers trust them with their information.
That is according to new research from global customer data platform Treasure Data, which reveals two-thirds (66%) of UK consumers hear from brands digitally six or more times a day, yet a 88% of them claim that half or less of the content they receive is relevant to them.
Worryingly, almost one in five (19%) UK consumers said none of the content they receive was of relevance at all, exposing brands’ failure to deliver accurate data-driven targeting.
With two-fifths (41%) of Brits saying they would switch away from even their favourite brands if the customer experience worsened, these findings suggest brands are at significant risk of losing valued customers.
And even the C-suite recognise there is trouble ahead, with 40% saying that a lack of consumer trust to provide their personal data will be one of the biggest barriers to customer understanding over the next 12 months.
Almost two thirds (63%) of the UK C-suite polled claim their organisation has experienced a data breach, with more than three in ten (34%) of those who had said it happened in the past year.
This is a cause for concern for brands, due to the fact that over half (54%) of consumers say they would switch to a different brand following a data breach.
Treasure Data director of marketing EMEA and India Andrew Stephenson said: “Our research exposes a concerning trust gap between UK brand leaders and their shoppers. From customer experience to data security, consumers expect a lot from the brands they share their personal data with, and in some cases, it seems brands are falling short.
“As Brits continue to spend carefully amid stubborn inflation, it is more important than ever for brands to use a data-driven approach to serve the right message in the right place, at the right time, in order to win market share.
“Brands today have unprecedented amounts of customer data at their disposal, but how effectively and safely that customer data is used looks to be the key differentiator for shoppers. Those which get data management right will find themselves pulling away from the competition.”
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