What's Happening?
At The Drum Live event, leaders from Visa and Usercentrics presented findings from a study involving 200 global CMOs, highlighting the importance of privacy-led marketing. The study revealed that 77% of brand performance has improved due to trust-fueled marketing practices. The discussion emphasized the shift from collecting excessive data to focusing on relevant information with clear consent. This approach is seen as a growth engine, enhancing brand trust and multiplying returns across media and measurement. Despite the benefits, a trust gap persists, with 59% of consumers expressing concerns over data usage, which marketers need to address.
Why It's Important?
The emphasis on privacy-led marketing reflects a significant shift in how brands approach consumer data. By prioritizing transparency and consent, companies can build stronger relationships with their customers, leading to increased loyalty and competitive advantage. This approach not only addresses compliance issues but also serves as a strategic tool for growth. As consumer awareness of data privacy increases, brands that adapt to these expectations are likely to see improved performance and customer retention. The findings suggest that privacy is not just a legal obligation but a critical component of business strategy.
