Trust is rapidly becoming the currency of engagement between a consumer and a brand. Consumers have demonstrated that they are willing to provide a brand with personal data provided two conditions are met. First, consumers want assurance that their data will be protected by the organization, not sold to a third party for marketing or advertising purposes. Second, consumers expect that any data provided to a brand will be used to enhance their experience with the brand. A recent Harris Poll survey indicated that 54% of consumers are willing to share personal data with companies to achieve a more personalized experience. Moreover, 73% said it is either very important or essential that a brand reveal how the information is being used, and 71% said that it is up to the customer to provide explicit authorization for how the data can be used. From the customer’s perspective, trust manifests itself with highly relevant, pitch-perfect experiences. Regardless of channel or device, online or offline, every interaction must be in the precise cadence of a unique customer journey. When a customer is continually presented with a next-best-action, they begin to understand that with the data they’ve provided, the brand has developed a deep, personal understanding that is reflected in the experience it delivers. When a brand fails to meet consumer expectations by using data without permission or not demonstrating a personal understanding, consequences can be significant. In the same Harris Poll survey, 88% of consumers said they are likely to switch brands if an organization sells their data to another company without authorization. And 37% of consumers said they would not do business with any brand that fails to deliver a personalized experience.
Redundant emails, late messages, the wrong cadence of messages or anything that is not directly relevant to the consumer in the precise moment of a customer journey will drive customers to a brand that does a better job of demonstrating a personal understanding of their needs/wants/etc. Recognizing that a personalized customer experience drives revenue, forward thinking brands are making all-party data protocols the new gold standard for developing a single customer view. This better ensures in the moment guidance that brands can act on in real time.
The mindset shift that prioritizes collection protocols must include a different way of thinking about how to safeguard that data. The question of who owns the data is top of mind. A surge in data privacy regulations and several newsworthy breaches, combined with the customer’s expectation that they are only providing data in exchange for a personalized experience, put the onus on the brand to prioritize consent contracts, preference management centers, and other mechanisms to provide customers with visibility into how their data is being collected, stored and used.
At Kognitiv we are working with clients to help them develop holistic data capture protocols and at the same time reminding them of the need to establish and maintain trust. When that happens, everyone wins and both brands and the relationship that they maintain with their best customers can set the stage for even more dynamic exchanges and offerings. email@example.com