Do you trust advertisers to look after your data? How much do you think it’s actually worth? A new study by IPG Mediabrands Marketing Sciences and UM London has revealed just how far consumers are willing to sacrifice their privacy in the form of data to get rewards from brands.
While just 1% of consumers trust advertisers to look after their data, 27% of the 1,000 UK adults surveyed said that they would sell it. Of those, 41% said that they thought their data was worth more than £500.
However, the research confirmed that consumers are becoming increasingly concerned about data privacy, with 39% worried about their mobile phone publicly sharing their location and 54% worried about advertisers misusing their data.
Perhaps surprisingly – or not, as the Internet of Things takes hold and household items become increasingly connected – 28% said that they’re worried about their TV eavesdropping on conversations at home.
“Marketers have become data hoarders. From GPS to cookies, the volume and range of sources is growing exponentially,” said Claire Spencer, head of insight, IPG Mediabrands Marketing Sciences.
“Subsequently, the evolving dialogue between brand and consumer is increasingly data-centric. But it’s vital we don’t lost sight of the people behind the numbers. Our study shows a worrying lack of faith in advertisers to manage consumer data responsibly.”
Despite this, respondents said that they are still interested in receiving advertising messages based on their location data, with 62% interested in special offers and 59% in free give-aways.
Spencer added: “For marketers, the message is clear: our goal is to establish a simple exchange between brand and consumer, one in which boundaries are respected and both parties benefit.”
The full study can be found here.
