Offer incentives to collect user data

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 22, 2021, 3:13 PM UTC

A Prince and Wallsten study found consumers attach specific monetary value levels to certain kinds of information.

Numerous studies show legislation and regulations around data control and usage are rising. Customers are also increasingly tired of usual data collection practices and paying close attention to privacy risks.

According to Prince and Wallsten, people place the highest value on their financial and biometric data, irrespective of their geographic origin. The study further found Germans had more privacy concerns than others with “strong preferences for keeping financial data private”, indicating that Germans need to be paid double the study average to gather this type of data.

Consumers over 40s are also more likely than 18-24s to be opposed to sharing data such as cash withdrawals and transactions. The article suggests that marketers should be transparent about privacy protection, rewards, and incentives to collect consumers’ personal information effectively.

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