The state of brand trust today, simply put, isn't ideal. Eighty-seven percent of the customers surveyed in Verizon's report voiced some concerns about how their personal data is gathered. Even customers that take a liberal approach to sharing data need reassurance about how brands use it. This might be because they've noticed a brand using third-party data without their express permission and felt uncomfortable as a result. It could also be because their personal information has already appeared in a data breach, putting them at potential risk for financial loss or identity theft—58% of liberal data sharers report having experienced such an incident within the past two years.
Despite their reservations, customers continue sharing data with brands. When asked why, 24% of those who express discomfort or ambivalence about sharing data say they have no choice. Another 22% say they value the personalized service or special offers they receive in return. Seventeen percent point out they don't have time to shop around for brands with strong data practices, while 21% are optimists who believe brands will eventually do a better job with their customers' personal information.
Overall, this is hardly a ringing endorsement of brands' data practices. Customers trust honesty, and they're increasingly wary of brands that aren't demonstrating it.