In Part 1 of our Cookie Consent and Privacy blog series, we explored the industries with a history of consent and the lessons learned from their implementation. We proposed the hypothesis: specific industries that existed well in advance of the hyper digitalized world we live in today are well-practiced at working through consent issues. We hope you enjoy Part 2 of this series, where we analyze the connections between cookie consent, brand trust, and revenue. In Part 3, we further explore and provide examples of informed consent.
With privacy risks and implications in the spotlight, the time is ripe to not simply comply with privacy laws but to go above and beyond what is required, leveraging privacy practices as part of your brand building strategy. Strong privacy practices can become part of your brand management toolkit by applying a privacy lens to your consumer experience programs and marketing activities. TrustArc’s inaugural Global Privacy Benchmarks Survey in 2020 found that 81% of respondents view privacy as a clear differentiator for their company. (1)
There is mounting evidence that companies that incorporate privacy into their marketing strategy have a competitive advantage. Addressing privacy publicly, transparently, and as an explicit element of your brand helps build trust with consumers, making them more willing to share accurate and complete data with your organization. According to Forrester, privacy management impacts consumer engagement, brand reputation, and, ultimately, revenues as value-based consumers increasingly interact with companies they deem ethical. (2)
The virtuous marketing circle that strong privacy practices create are obvious once described but remain underutilized by most companies: consumers are more likely to provide personal information to companies they know will treat their data with integrity. As a result, companies can deliver more personalized experiences that provide more value to thei ..
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