Consumer Data Shapes Our World and Wallets — Here’s How

“The marketing industry is undergoing a significant transformation, driven by changing consumer expectations and the increasing scrutiny of data privacy practices. We’ve entered an era where consumers are more sophisticated than ever, with a heightened consciousness surrounding the use of their personal consumer data and a willingness to share it in exchange for meaningful value. While there are certainly challenges ahead amidst this shifting landscape, there is also a great opportunity for marketers to build stronger relationships with consumers and create more meaningful experiences.

Consider this: every year, consumers enjoy over $32,000 worth of free online content thanks to advertisers who bid on those users’ attention. Additionally, advertising activities sustain nearly 20 percent of all jobs in the United States. Yet, in the eyes of both the general public and lawmakers, the broader implications of our data-driven economy often go unnoticed. It’s high time to challenge this narrative and recognize that this industry offers tangible benefits to both consumers and the nation’s economy as a whole.

Beyond its role in creating elevated user experiences and improving ROI on ad spend, data shapes product development, pricing strategies, and distribution decisions. Moreover, it’s a catalyst for fair access to products and services and a driving force behind competition.”

Christine Frohlich, Head of Data Governance at Verisk Marketing Solutions, sheds light on the impact of consumer data beyond traditional applications while exploring the delicate balance between consumer data and privacy in a new article for Solutions Review’s Contributed Content Series.

Read the full article on Solution Review’s website.