How Is Consent and Preference Management Connected to Marketing?
Reaching the right target audience is a goal for every marketer, and this is where collecting customer data plays a key role.
With data collection becoming increasingly common among companies of every size, data privacy is now a growing priority for the customer.
In fact, 71% of customers want to control their data. Almost the same number would share their information if they were in charge of it.
So, how can you give your customers greater control of their data?
This is where consent and preference management comes in.
We’ve created this article for you to understand how consent and preference management can help you put your customer’s needs first and ensure you can reach them the right way.
What are the Differences Between Cookie Managers, Preference Management and Consent Management?
Before we talk about how you can keep your customers happy and retain their trust by giving them greater control over how and when their data is used, let’s first take a look at what these terms mean for you and your company.
A Cookie Manager helps you manage cookie consents with ease. Using cookie manager, you can collect and store your customers’ permission for cookies to collect their data.
Preference Management means being able to connect with your customers at the time and through the channels they choose. Your customer can choose when they want to get branded messages from you.
Consent Management is a set of rules or a platform that lets your customers decide what kind of sensitive information they want to share with your company. Consent must be used for ad targeting, cookies, processing sensitive data.
When you put them all together, the difference between the three actually lies within the choice that your customers have:
- Consent management allows your customers to choose whether or not to get communications.
- Preference management allows your customers to choose how often you may contact them and how you can reach them.
- Cookie managers allow your customers to choose whether or not your company can store their data.
Now that we covered the 3 fundamental concepts and their differences let’s take a look at what privacy regulations (such as GDPR) apply to your company.
What Does GDPR Say About Consent and Preference Management?
Since consent and preference management involves collecting personal data, the UK GDPR laws automatically apply to SMBs that do this.
Here’s what you need to know:
- Because of the UK GDPR laws on safeguarding personal data, statistics and marketing cookies used by most websites to collect this personal data are subject to the UK GDPR.
- To track personal data, you must first get your customer’s consent before setting cookies. Your customers should be aware of and give their consent to any data tracking that you plan to do.
- You must track where and when you need consent. You should also state what kind of data you want, and why you want that data.
Why is it important? Because complying with the UK GDPR laws ensures you’re staying compliant with one of the most important data protection laws in the world. It also helps you avoid fines or penalties.
What Are the Benefits of Consent Management And Preference Management?
Consent and preference management are two business practices that can help you streamline your marketing efforts, increase your customer reach, and reduce costs.
- Build confidence
Let customers choose if, when, and how their personal data is used. Show your company's respect for their privacy and let them be in control.
- Create a better profile of your customers’ interests
By collecting and studying more customer data with their permission, profile your customers’ interests and preferences better and increase your engagement and conversions.
- Boost trust and brand loyalty
Trust is the new brand equity. Your customers are more likely to feel connected to a company if they have the option to give their consent and share their preferences. This gives you an opportunity to nurture your relationships and offer better customer experiences.
How Can DataGuard Help Improve Your Marketing Efforts with Consent and Preference Management?
Customers are concerned about their data privacy now more than ever. With our Consent and Preference Management solution, you can show your customers that their data is safe with you (and that you are legally compliant!)
Our platform doesn’t involve complex processes and is suitable for your company because:
- It’s fast
You can have your preference management platform up and running in less than a week with only three simple steps.
- It’s flexible
It integrates with all marketing tech and CRMs. With our flexible interface, you can connect to many platforms.
- Everything is in one place
The data connections are displayed in real-time. In other words, you have a firm grasp of customer preferences and overall acceptance rates.
Interested in setting up a consent and preference management system and improving your marketing strategies? Get in touch with our experts today.
If you enjoyed this article, you might also be interested in Data Privacy Is the Key to a Successful Business and The Importance of Linking Consent Management with Customer Identity Management.