Consumer Behavior
Consumers less trusting compared to 2022
March 20, 2023
Consumers have 10% less trust in brands than they did in 2022 and nearly half of consumers are interested in sharing first-party data for a more personalized customer experience.
Those are top findings from a MediaMath research report called Consumer Privacy Survey, now in its second year.
"Brands have a critical responsibility to their consumers to provide transparency as they shift to a first-party data ad targeting strategy," Fiona Campbell-Webster, chief privacy officer at MediaMath, said in a press release on the findings. "First-party data is vital for ad targeting moving forward, and brands must maintain trust to ensure consumers are comfortable sharing their preferences. The relationship is a two-way street: consumers deserve both transparency and the best ad experiences from brands."
Additional findings include:
- 59% of consumers said their trust in a brand would increase if there was a disclosure regarding how the recipient of the ad was determined.
- 65% of consumers ranked 'misuse of personal data' as the top reason they would lose trust in a brand.
- 48% of consumers would provide brands access to analytics and measurement if they knew its purpose is to inform advertisers to show less ineffective ads.
- 51% of consumers would provide brands access to analytics and measurement if it meant they were only shown the same ad a limited number of times.
- 33% of consumers are unaware that targeted advertising provides analytics and measurement when they don't opt out (e.g., measuring when you are and aren't interested in engaging with a specific brand).
- 65% of consumers have been unsure as to why they received a certain advertisement (i.e., the product is not relevant to their interests).
