A report by Data and Marketing Association and OneTrust PreferenceChoice has investigated businesses practices surrounding their consent and preference management systems. 

Titled Data Management for Marketers: Breaking Down Consent and Preferences, the report surveyed 224 UK respondents that work in marketing. 

The importance of consent and preference management systems is more crucial than ever, according to 73% of respondents, up from 60% in 2020. 

Similarly, awareness of these systems has risen from 60% in 2020 to 78% in 2021. 

Despite this, only about half (51%) of marketing organisations have a specific consent and preference management system in place. 

The report reviewed the difference these systems can make overall. 

Businesses with these management systems had an increase in database size (64% of businesses), engagement rate (55%), and sales revenue (54%), conversion rates (47%) and opt-in rates/sign ups (47%). 

Further, 40% of businesses have found a decrease in complaints while having these systems in place. 

“People now, more than ever, demand greater control of their data, unlocking an opportunity for organisations to use these moments to address privacy compliance obligations and build trust through transparency, choice, and control,” Ashlea Cartee, Product Marketing Manager at OnceTrust Consent and Preferences said. 

The economic benefits of a consent and preference management system are also significant: marketers estimate that every £1 invested on these systems leads to a return of about £38. 

Higher customer lifetime values and lower customer acquisition costs were also reported among companies with consent and preference management systems compared to those without. 

“Many organisations are clearly not maximising the value of their most important resource, which must change if they want their marketers to stay competitive, innovative and responsible,” said Tim Bond, Director of Insight at the DMA.

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With potential privacy and data protection laws changing in the UK, investing in these systems may prove even more important for companies across the country. 

When asked about the level of complexity their organisation’s systems were for data and marketing, around one in four respondents said these were advanced across key areas. More than one in ten, however, reported only feeling they were basic, had no sophistication, or that their company did not do these key functions at all. 

“Our research highlights the increasing awareness, perceived importance and value of having the right data, consent and preference management processes and systems in place. It is an imperative for businesses that want to guarantee and gain the maximum value for and from their customer data,” Bond concluded.

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