Data and marketing professionals estimate that for every £1 spent on consent and preference management systems, they receive an average of £40.55 in return.
That’s one of the findings of a new report, Data Management: Breaking Down Consent and Preferences Breaking Down Consent and Preferences, from the Data & Marketing Association (DMA) and consent management platform OneTrust PreferenceChoice, based on research among 212 UK marketers, divided evenly between small, medium and large businesses.
Among the others are that organisations with these management systems and strategies in place are more likely to report positive increases over the last 12 months in their ‘Engagement rates’ (59%), ‘Sales/business revenue’ (53%), ‘Customer database size’ (52%) and ‘Opt-in rates/sign-ups’ (47%).
“Our results showcase the value of managing data correctly, going way beyond just compliance with legal requirements, such as the GDPR,” said Tim Bond, head of insight at the DMA.
“This research shows how having the right data, consent and preference management processes and systems in place is an imperative for businesses who want to guarantee and gain the maximum value for and from their customer data,”
Most marketers (60%) agree that having consent and preference management systems in place is key for their organisations, compared to other aspects of data and marketing. Within this, around one in six (16%) describe it as one of the ‘Most important’, while 44% describe it as ‘Important’.
And they further report that data management systems allow brands to offer more personalised experiences (45% reported as a benefit) and increased transparency (44%) – two key factors in fostering long-term customer loyalty and trust, as discovered in a number of the DMA’s research reports.
“Marketers state that for every £1 spent on consent and preference management systems, they receive around £41 in return,” said Bond. “The benefits do not end there, with many professionals stating that they have also experienced increased customer engagement and sign-up rates.
“The reasons behind this are clear. Data management systems help businesses to offer enhanced personalisation and increased transparency, which are key factors in driving customer loyalty and trust.”
Sourced from DMA