Marketing leaders looking to expand their customer base should focus on delivering value to their customers as the top priority in their strategies and campaigns. Doing so will ensure they don't undermine their customer data exchange efforts and investments. Today's consumers are taking a more active approach to withholding their personal data and only a quarter will typically grant online tracking permission. Still, the growing use of data avoidance strategies, rather than outright abandonment, could offer opportunities for marketers to balance the value of enhanced customer data and the cost of incentivizing the customer to share it.
Brand familiarity is key for changing the minds of customers who usually reject tracking. It’s vital to connect your brand perception efforts to your customers’ willingness to share data. Incentivization is also important, and can fall into a few main categories such as exclusive content, rewards, coupons, discounts and loyalty points. Finally, don't forget to convey the value of better customer experiences when asking for data. This requires understanding the specific customer journey moment and the tangible benefits customers will receive should they decide to share.
Organisations must use a hypothesis-led, iterative test-and-learn approach to campaigns incentivizing data exchange to effectively determine the worth of customer data at the record and dimension level. This will help them build customer trust and brand equity with data, as well as gain a competitive advantage in marketing.
Originally reported by Martech: https://martech.org/putting-customers-first-the-key-to-successful-customer-data-exchange/
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