Open and transparent brands will endure

The IPM event, hosted by IPM President, The Lord Black of Brentwood, focussed on data protection and privacy issues, and the recent EU agreement reached on the General Data Protection Regulation (GDPR). DMA Group CEO, Chris Combemale, delivered a keynote speech to senior industry representatives.

His talk centred on a message that companies that are open, honest and transparent will build trust with their customers. It is trust between companies and their customers that will be fundamental to the success of the modern data economy. Consumers must be able to trust companies to keep their personal data safe and explain to them the clear benefits of sharing their personal data. Lack of transparency will mean consumers have no sense of a fair value exchange.

Currently 80% of consumers think the brand gets more value from the exchange and only 7% think they gain more -- that’s a critical gap in perception that will undermine confidence in the data economy. Furthermore, even though 72% of consumers believe sharing data is part of a modern economy, 90% want more control of how companies use their data. That’s a clear message to brand owners. Companies must put customers at the heart of what they do, give them more control, be transparent in all of their marketing and above all improve the value proposition around the data exchange

Chris put it like this, “My central proposition is that companies must put their approach to privacy at the heart of their brand and build an organisational culture that embeds core principles into the behaviours of your teams. The Code provides a framework for achieving this”

Brands that get the balance right on privacy and data protection will enjoy higher lifetime value, stronger brand loyalty and better growth than those who don’t. Brands that engender trust with their customers will be the brands that survive and thrive.