BMW has been rated the automotive brand digitally savvy American consumers ages 18-49 with household incomes above $75k trust most to share their personal data. The innovative, new Data Trust Index (DTI) by Luxury Institute and DataLucent, measures the level of trust that consumers have in licensing their digital platform data (Google, Facebook, Instagram, etc.) to mass, premium and luxury brands, in exchange for rewards and benefits of value to them. BMW’s top data trust rating was achieved among a combined select group of 21 major mass, premium and luxury automotive brands. Audi and Toyota were rated second and third, respectively. BMW achieved the highest percent rating of any automotive brand by a measure of ten percentage points above the next best rated brand: Audi. Men are more willing than women to trust BMW with their data by a ratio of almost 2:1. Interestingly, as opposed to common mythology, older (40-49) and more affluent ($150k+ household income) consumers trust BMW more with licensed access to their data than younger, less affluent consumers by a statistically significant margin.
The DTI U.S. survey is based on a nationally representative sample of 1,008 consumers ages 18-49, with a minimum income of $75k (total sample average income of $200k), with 54% male and 48% female participation. Responders reported that YouTube (82%), Google (79%), Facebook (78%), Amazon (76%) and Instagram (75%) were the digital platforms used on a regular basis. On the most critical core question of the survey: 83% of all responders, including 89% males and 78% of females, are willing to license their digital platform data, under their control, to brands they trust to use and serve their needs, and the needs of other consumers, in a personalized way.
The survey asked consumers to rate 21 major automotive brands. Consumers indicated which of the brands, presented in alphabetical order, they would trust most to license their data for rewards and benefits of value to them. The complete brand list includes Acura, Audi, BMW, Cadillac, Chevrolet, Ford, Genesis, GMC, Honda, Hyundai, Infinity, Jaguar, Land Rover, Lexus, Lincoln, Mercedes-Benz, Porsche, Tesla, Toyota, Volkswagen, and Volvo.
Luxury Institute and DataLucent will publish the top three brands in each category for the Data Trust Index (DTI), as rated by consumers, yet will not make public their exact DTI scores, or the scores of the other brands rated. The DTI’s purpose is to inspire brands to earn more customer trust such that they can access the most predictive data legally and ethically, directly from their valued customers and prospects for fair value. The ultimate objective is to help brands to develop deeper, richer, mutually loyal first-party data relationships with customers and prospects. Brands can purchase their DTI data, and a benchmark vs. category competitors, as well as their data trust opportunity gap (DTOG). The data trust opportunity gap is a measure of their DTI score vs the 83% of consumers in the current survey who are willing to license their data. Upon request, the DTI team will run a proprietary custom survey with each brand’s customer base, across all customer segments, to determine each brand’s customer DTI opportunity gaps. In the custom survey, consumers will be asked to share the key reasons why they rated the brand as they did. Please contact email@example.com for more information.
“Congratulations to BMW, Audi and Toyota for leading in data trust in the automotive industry,” said Milton Pedraza, Chairman of DataLucent, and CEO of the Luxury Institute. “There is so much more to be done in the auto industry to earn the trust required to lead brands successfully in the New Digital Age. This breakthrough metric, the Data Trust Index (DTI), will become one of the most critical measures of a brand’s long-term health and viability. We look forward to engaging with brands via their own custom metrics to help them to develop the consumer data sharing trust and access they need to survive and thrive in the 2020s.”
About Luxury Institute
Luxury Institute is the world’s most trusted research, training, and elite business solutions partner for luxury and premium goods and services brands. With the largest global network of luxury executives and experts, Luxury Institute has the ability to provide its clients with high-performance, leading-edge solutions developed by the best, most successful minds in the industry. Over the last 18 years, Luxury Institute has served over 1,100 luxury and premium goods and services brands. Luxury Institute has conducted more quantitative and qualitative research with affluent, wealthy and uber-wealthy consumers than any other entity. This knowledge has led to the development of its scientifically proven high-performance, emotional intelligence-based education system, Luxcelerate, that dramatically improves brand culture and financial performance. Luxury Institute has also innovated the Advanced Personalization Xchange (APX), powered by DataLucent, to empower affluent consumers to license their digital platform data to premium and luxury brands they trust legally, securely and privately in exchange for fair value rewards and benefits.