Brands need to pull back the curtain on data in order to gain consumer trust
The formulas that make up the internet’s algorithms are just as prized as they are secretive. But Versa futurist Tomas Haffenden argues those who hold the keys to the digital kingdoms need to be more open if they want consumers to do likewise.
It is hard not to notice the role algorithms play in defining our online experiences. Whether it’s the surprise and delight of a good Netflix recommendation or the irritation of misguided targeted ads, our user-data is the fuel that powers these invisible machines. But the personal data landscape is starting to change.
Increasing user awareness combined with legislative changes like General Data Protection Regulation (GDPR) is empowering consumers to play a more active role in how and what they are willing to share. This power shift is going to require brands to change the forgiveness over permission attitude to data use and actively engage consumers if they want to keep them.
So what can brands do to persuade consumers to share their precious first-party data, and how can that trust be maintained to develop an ongoing and mutually beneficial relationship?
