The combination of consumer resistance and regulatory constraints mark a fundamental turning point in how companies process data, create experiences, and build long-term relationships. In the emerging new data economy, marketers and other customer experience teams will be on the front lines of a competitive battle for the rich personal data required to fuel and sustain the relevant experiences consumers demand. As consumers assert more control over their data, they will tend to share it with companies that are both reliable data stewards and attractive partners in a mutual exchange of value. In short, the perceived trustworthiness of a company will be the decisive factor that determines whether consumers provide access to personal data. Marketers need to understand and master the dynamics of trust in personal data exchanges.
Welcome to the New Data Economy
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