Data here, data there, data everywhere (even on the dark web).
Data – as – a – currency
Data – as – a - product
Data – as – a – ransom
Data – as – a – personal identity
Data – as – a – personalisation enabler
Data – as – a – service
Data – as – a – timesaver
Data – as – an – Intelligence
Whether used for good or evil, data permeates so many layers of our lives – both personal and business.
And so, because loyalty programs are well-known for collection and use of member data, we continue to research for insights on loyalty program members’ attitudes towards data. It is their data, the data they exchange with loyalty programs for rewards and benefits and what they consider when providing their data to loyalty programs.
What do loyalty program members consider when providing their data to loyalty programs?
Since 2019, the ongoing For Love or MoneyTM research has been tracking this insight across seven dimensions of data exchange, from the members’ point of view:
- Knowing what I get in return for providing my data (data value exchange)
- Knowing why they are asking for various data (reason for data request)
- Knowing how secure the data is (security of data)
- Knowing how my data is used (data use)
- The reputation of the company asking for my details (company reputation)
- Knowing what control I have over my data (control)
- Evidence of the program’s privacy policy (privacy policy)
The number one data dimension considered by loyalty program members when providing their data to loyalty programs is –
- Knowing how secure the data is (security of data)
This has been the number one consideration since 2019 with an increasing proportion of members identifying this dimension as their number one consideration.
Following security is -
- Knowing how my data is used (data use)
What’s the point?
While the ranking provides a temperature of importance, the call-out to loyalty program managers is to consider all seven dimensions in their loyalty program data compliance and use strategy.
The comprehensive For Love or MoneyTM 2023 report reveals the ranking of the seven dimensions of data that members consider when providing their data to loyalty programs and goes deeper on these insights by gender and generations.
Have a happy loyalty day!
