Last Updated on June 28, 2022 by Alexander Rydberg Ling
A short summary how Google explains how to think about privacy when it comes to first part data, and how to build relationships based on value and trust by creating a fair value exchange with your customers.
According to recent studies, 9/10 adults are more likely to shop with a brand that provides offers and recommendations they find relevant. When people see value in an exchange, they are more likely to share their data, which you then can use to make future exchanges more meaningful. We call this a meaningful value exchange. An exchange for permission to use their information you give something in return. At its core you are building a relationship based on value and on trust.
When people know they are sharing data and gaining control over their decision, they are more likely to find the advertising they see as relevant. Studies have shown that people are 3x more likely to react positively to advertising when they feel in control of their data. So give customers full control of their data settings and features. They should decide how their information is used, and when it’s deleted. And when they have made their choice, it absolutely must be honored.
In summary, building trust with customers requires:
- A clear value exchange
- User control of their own data decisions
If you can build your data strategy on those principles, you’ll find your audience is more receptive to the marketing you share. In that case, everyone comes out a winner.
[Why value and trust matter for data privacy, Think With Google, Youtube]
psst, are you interest in reading more about first party data? Don’t forget to download our white paper packed with more info 🙂 Guide to First Part Data Strategy