The ROI of Consent & Preferences
Why you need to make C&P a business imperative (yesterday).
Now, onto the million-dollar question (literally). How will a holistic consent and preferences solution affect your bottom line? Before we get to the numbers, let’s look at this question from a marketing perspective…
A couple of important metrics for marketing ROI are the lifetime value of a customer and their acquisition cost. The name of the game is to drive the latter as low as possible while increasing the value of the former to its apex.
How does a consent and preferences solution affect both of these? In a recent study by the Data & Marketing Association that surveyed marketing professionals in both B2B and B2C environments in companies of all sizes, it was found that organizations with a consent and preferences solution in place had a nearly 10% higher customer lifetime value than those without. Since a consent and preferences solution allows organizations to get in front of known users with opportunities to push related content based on their interests, it makes sense that this correlates with higher lifetime value.
On the acquisition cost front, companies with a consent and preferences solution in place had a 5% lower customer acquisition cost than those without.
Since a CMP helps organizations quickly determine which users they can begin their data collection journey with from the start, the acquisition cost naturally lowers and makes the first move to bring in a customer becomes much easier.
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World class
Data has always been a major part of doing business – but today, it’s becoming the center of it. What used to be a brief experience has now evolved into an end-to-end, multi-point interaction. To meet this moment for customers, you need a proven partner in trust transformation. OneTrust Consent & Preference Management empowers customers to leverage a single platform as the central system of record for managing consent, preferences, and durable identifiers throughout the entire customer journey, from initial data collection to channel activation – all while ensuring compliance with data privacy laws.
CUSTOMER RELATIONSHIPSAllowing your brand to increase the level of personalization, connect with customers, and drive long-term loyalty. It enables marketers to do their job with speed and scale, while keeping the right privacy guardrails in place so your marketing team can focus on delivering the best possible personalized experiences without having to worry about non-compliance and the ensuing loss of consumer trust.
COMPLIANCEEnsuring your brand stays compliant with all applicable privacy regulations across all jurisdictions.
COST EFFECTIVENESSWhile the idea of building in-house may sound appealing, there are a number of hidden costs associated with maintenance, development, integrations, and more.
Companies found that every $1 spent on their consent and preference management program saw a return of $47 on average.
When you’re transparent with customers as to why you’re collecting their data and the value it’ll bring – they're more likely to share. And when you deliver on that promise with personalized experiences that hit on customer preferences, they're likely to share even more. Everybody in this scenario wins (except for your competitors).
Before long, you'll notice something happen. You start to build trust. Prospects on the fence become customers. One-time customers turn into loyal brand enthusiasts.
According to recent data from the Edelman Trust Barometer, individuals who articulate trust in a brand are:
7x more willing to pay a premium7x more willing to share data6x more loyal
The OneTrust implementation drove our marketing team to go back and document the different ways and mechanisms in which we collect customer data. This helped us determine what initiatives we should and should not continue and brought to light how we can connect with our customers in a more transparent and compliant manner.”
The following are benefits marketers can expect from a well-run consent and preference program:
Build trust with individuals over the various touchpoints you offer. Ensure they understand the value exchange being offered. Protect your brand’s reputation against potential compliance fines and negative media attention.
Maintain accurate customer consent and preferences in a centralized forum and build a marketable database by capturing more consumer information based on data transparency and value exchange. Sync real-time data into key marketing and business platforms to ensure trusted data use.
Enable efficient decision-making with an intuitive bird’s eye view of consent and preference analytics and relevant stats, with visual dashboards highlighting consent rates and trends in consumer data sharing behavior.
With a centralized database for consented data, you can now ensure that whenever data is activated across the organization – it's accurate and honors your customers’ choices. Plus, by maintaining accurate consent records and preference data, you can avoid costly fines and legal fees associated with non-compliance. Maintaining a consent database that’s compliant with applicable privacy requirements also ensures that your organization is ready for any new regulatory updates down the line – and more comfortable expanding into regions with stringent requirements.
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Data has always been a major part of doing business – but today, it’s becoming the center of it.
Learn how integrating consent management can enhance your technology infrastructure and improve data accuracy.
Optimize Customer Data Platforms: Enhanced compliance and usability within your CDPs
Marketing Automation Compliance: Enable privacy-respecting, consent-based marketing segments
OneTrust Integrations: Boost MarTech systems, aligning with privacy regulations and user preferences.
OneTrust's Consent & Preference Management facilitates more effective targeting across marketing efforts, sparing resources from being expended on disinterested or non-ideal customers. By exclusively engaging with opted-in customers who align with your ideal persona, you can curtail wasted marketing expenditures and achieve a heightened ROI on your campaigns.Furthermore, going about an in-house C&P solution is now proving to be financially unsustainable. In the next two years, over 10 US state privacy laws will come into effect. A new Federal Data Privacy bill has been put forth in the U.S. Senate, making for an even more pressing argument to ensure your organization is proactive to the upcoming changes. Couple this with the levels of data collection that have become the industry standard today, and you have a very challenging, cumbersome and time consuming project to tackle internally.
Fortunately, OneTrust's Consent & Preferences solution can enable your team to effortlessly streamline processes, cutting down on time and manual efforts needed to monitor and update customer preferences across multiple systems. This efficiency boost empowers your organization to reallocate resources towards more strategic initiatives, ultimately improving overall operational efficiency and ROI.
Based on a OneTrust case study, a Top 50 wealth management firm scoped out $800,000 for an initial build of a home-grown consent platform – with over 18 months to go-live and maintenance costs of $250,000 annually
Based on a Adobe study in 2022, 70% of organizations say they receive ‘significant’ business benefit from privacy related investments, citing operational efficiency, agility, innovation, investor appeal, brand value, and more.
The OneTrust integration ecosystem includes a catalog of pre-integrated applications that make it easy to integrate privacy into your existing application workflows. We offer the industry’s broadest and deepest set of integrations, and are continuously adding new ones to our library.
The OneTrust platform provides a powerful but flexible way to connect to your applications through APIs, SDKs, data feeds, system integration, and more.
The Adobe Experience Platform integrates with OneTrust to help marketers define use cases and activate campaigns via consented data. OneTrust Consent & Preferences captures the consent data from website visitors, recording their preferences and opt-in or opt-out choices for using their data in different use cases.
“Evolving global data protection laws and consumer privacy expectations have made consented first-party data critical to marketers. Leveraging Adobe’s advanced consent enforcement capabilities to automate and govern data use, OneTrust’s integration with Adobe Experience Platform enables brands to ensure marketers only access and use consented data to deliver personalized experiences.”
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Next up, this data (collected across all domains, browsers, apps, and devices) is stored in the OneTrust consent database and integrated with the Adobe Experience Platform.
You can then run personalized campaigns, such as targeting visitors who have looked at a certain product or service line with a re-targeting campaign, but ensure that it only triggers for visitors that have opted into targeted advertising via the consent platform.
Email campaigns, timely offers throughout the year, birthday giveaways, and curated content can also be set up in the case of known users that have given first-party data identifiers, provided via the consent platform. Having OneTrust Consent & Preferences integrate with your marketing campaign system ensures that customer data always honors privacy first and foremost, stays compliant with any applicable regulation to your business, and helps you activate campaigns and optimize opt-in performance using insights from your data.
Read the blog
Salesforce Pardot also integrates with OneTrust to ensure that any time a new prospect opts into communications and/or submits first-party data identifiers via the Consent & Preferences platform, they are automatically updated as a prospect record in Salesforce Pardot.
These prospects can then be included in personalized campaigns via email, powered by consented data, making sure you’re respecting their privacy when delivering personalized experiences. Conversely, when prospects are loaded straight into Salesforce Pardot, they automatically upload to the OneTrust consent database as well.
In case a user goes into their preference center and updates their consent in the platform, then these records are updated subsequently in Salesforce Pardot, letting your organization continue its campaigns while honoring user privacy.
If your organization uses Snowflake as its primary database, OneTrust integrates there as well. When data subjects update their consent records in OneTrust, they’re automatically updated in the Snowflake database, with access restricted to corresponding roles.
This ensures that when carrying out campaigns, users that change their preferences or consent choices have their new choices included in use cases and personalized experiences.
Learn how our customers have maximized ROI with OneTrust Consent & Prefence Management and get tips on how you can optimize your consent rates, improve user experience, and maintain compliance with ease.
MillerKnoll makes their privacy program a competitive differentiator with OneTrust Consent & Preference Management
Read the full story
Progress Software increases opt-in rates with A/B testing, enabled by OneTrust Consent & Preference Management
DHL increases opt-in rates by leveraging OneTrust Consent & Preference Management solutions
…especially when it comes with accompanying software. Here are a couple of resources that we think you can benefit from to ensure your teams start out on the right foot to maximize ROI.
On-Demand Webinar
Discover how a single comprehensive solution can transform the way you interact with your audience, achieving compliance, customer satisfaction, and revenue growth.
Navigating the complex world of consent management and privacy regulations can be challenging. That’s why we’ve created a comprehensive roadmap to guide you through every step of the process.
Gain best practices for data transparency when reaching new individuals and discover how to leverage first-party data to grow and retain authenticated customers.
Infographic
OneTrust Consent & Preference Management is more than just a central system of record for managing consent, preferences, and durable identifiers throughout the customer journey. We enable the seamless actioning of better data, enhanced customer engagement, and stronger customer relationships, all while saving time, effort, and money. Using OneTrust Consent & Preference Management, your organization can boost operational efficiency and allocate resources to strategic initiatives, increasing ROI and promoting overall business excellence.
Learn how you can transform trust into valuable insights for new business opportunities and growth - book a demo with us today.
