The ability for brands to read and understand their audiences by collecting their data and analysing it accordingly will become much harder in the next five years, a new study by Ernst & Young has revealed, as consumers become increasingly wary about sharing their personal information online.
The ability for brands to read and understand their audiences by collecting their data and analysing it accordingly will become much harder in the next five years, a new study by Ernst & Young has revealed, as consumers become increasingly wary about sharing their personal information online.
The ‘Big Data Backlash’ survey took into account the opinions of more than 2,000 consumers and 748 senior business decision makers to discover that 49% of consumers would be less willing to share their data in five years time.
As well as this, the study also worryingly found that a hefty 71% of business execs are not making plans for the future when this information will not be as readily available as it is currently.
“Everything from web browsing behaviour to social media and interactions with the brand can be used to improve business processes, decisions, customer experiences, and identify competitive differentiators. However, many customers have recognised that businesses are using their personal information to help grow revenues, and are starting to withdraw access to their private data,” Steve Wilkinson, Ernst & Young’s managing partner for UK & Ireland markets, told Retail Gazette.
“Many of today’s businesses are reliant on customer-generated information as an important source of data for customer insight programmes. With companies investing large sums in developing their capabilities to gather customer information as part of big data strategies, organisations need to start reviewing existing schemes to future-proof investments after the Golden Age of free information comes to an end.”
interested in actual numbers and questions asked during the survey….what were the averages ages of those polled? what is their mobile use time compared to desktop use time? what apps do they use on a frequent basis? how long have they held their leadership roles in the digital advertising industry? a couple paragraphs about something that a blogger read with no data on the actual poll or study or even a link to the study does not constitute as 1) Responsible Journalism and 2) Journalism….
Hi there. Unfortunately in this circumstance, the ‘Big Data Backlash’ report was not made available to link to. Instead, we have offered a summary of the report for your convenience.
For the full report, we suggest you contact Ernst & Young directly.
Thanks very much
-Lucy, editor of .rising