If companies are offering promotions or discounts, we’re going to hand over our personal data
If you’re looking for a better customer service experience or to save money through a promotion, just hand over your private information.
Consumer technology firm 7 says the younger the consumer, the more likely they are to hand over personal data, privacy concerns be damned. And the more likely they are to hand over their data, the more likely they are to expect specific, personalized results just for them.
“If used correctly, consumer data can play a valuable role in improving the customer experience, but this information should be used wisely to avoid alienating customers,” says Scott Horn, chief marketing officer for 7. “If companies understand precisely what a customer is trying to do and where their interests lie, they can deliver a more personalized interaction that doesn’t feel intrusive.”
Despite high expectations for personalized and customized messages from companies after handing over personal information, irrelevant communication is still a major annoyance among customers. According to the survey, about one-third of respondents say they disliked a personal message because it “felt like an invasion of privacy.” Another 28 percent say don’t like when companies have their personal information when it wasn’t given to them.
Using personal info: the right and wrong ways
As more consumers are handing over their personal information to get specifically targeted messages, there are some companies that are doing a better job of using that information than others.
7 says most consumers — 50 percent — believe insurance companies are doing the best job using personal data to showcase a customized message and experience. Another 48 percent believe financial services companies are doing well.
When it came to bad form, more than half of consumers say cable and internet providers wouldn’t be able to provide a valuable experience if they handed over personal information.
What information you’re already giving up
The 7 survey says consumers are much more willing to hand over their personal data than ever, but when they do it and the companies they give it to is up for debate. But there are some places that already have your personal information, whether you willfully handed it over or not.
If you’ve ever gotten rid of old computer hard drives or devices, you’ve probably left some trace of your personal data on them. It’s not only common, it’s increasingly dangerous — the personal data you hand over leaves you much more vulnerable to being hacked, scammed, or getting your identity stolen.
Some of the internet regulations that former President Barack Obama put in place before he left office are being wiped out by Donald Trump. These regulations were supposed to protect consumers online, but because it’s now gone, our internet privacy is at risk. This means not only can someone follow us around on the internet, they can sell our personal information at any point, to whoever shells out the most amount of money.
That 7 survey says there’s still some people who aren’t willing to give up any of their personal information no matter what.
“Trust continues to be a deterrent to disclosing personal data, with 27 percent of consumers stating they would not share their information at any point,” the survey says.
Article last modified on May 12, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Americans Give Up Security for Deals - AMP.