Trust Is the Media Industry’s Most Valuable Currency
of consumers want more transparency over how their information is being used.
The Cookieless Future
of consumers prefer keeping their data private rather than getting a personalized experience online.
First-Party Data and the Value Exchange
of Millennials and Gen Z consumers are willing to share their information in exchange for more personalized experiences.
Examining the results by generation uncovers an even wider gap, with 46% of Boomers unwilling to disclose their data versus only 16% of Millenials and 11% of Gen Zers. Younger generations tend to spend more of their time online and are more willing to offer their information to get something in return: nearly 1 in 4 Gen Zers are game to offer their information to get more relevant ads and over 40% of Millennials and Gen Zers are willing to share their info in exchange for better content. With that in mind, media companies need to take full advantage of their openness and gather data across multiple touchpoints to create personalized experiences for their subscribers. Media companies should consider taking a page out of playbooks from Trailblazers like NBCUniversal. They have harnessed the power of the data they collect with technology that allows them to deliver more relevant and customized experiences based on the viewing habits and preferences of their subscriber base.
Media companies should also consider loyalty programs, especially since these aren’t widespread in the industry. Loyalty programs also have the added benefit of capturing customer data during enrollment that media companies can use to improve personalization and offer more resonant experiences. 60% of Boomers, 89% of Millennials, and 90% of Gen Zers would consider enrolling in loyalty programs in exchange for discounts, early access to products or services, and other perks. It’s a prime opportunity to one-up your competitors, keep your customers engaged, and earn their trust.