The Cambridge Analytica (CA) controversy may have retreated from the headlines, and Mark Zuckerberg may be (temporarily) through with testifying before Congress – but the dust still hasn’t settled on what this episode has exposed.
Combine the CA controversy with the new, sweeping European Union rules relating to data protection – the General Data Protection Regulation (GDPR) – and it’s clear we may be at the dawn of a new era when it comes to customer data.
Brands need to reconsider utilizing 3rd party data and, instead, turn greater attention to collecting data on their own customers and using that data to create better personalized experiences. A recent study found that 87% of online shoppers are comfortable sharing personal information with brands in exchange for a better online shopping experience.
There it is – consumers are asking for better experiences with their personal information at-the-ready for trade. Are you ready to deliver?
For a moment, lets focus on millennials – the generation that will soon have the most purchase power in the US. 63% of millennials are willing to share data with companies in exchange for more personalized offers and experiences. These consumers have demonstrated a willingness to trade their personal information for better experiences (e.g. speed-to-purchase experiences that allow for a 1-2 touch buying process).
Here’s the rub – similar studies have found that 33% of consumers felt that brands don’t care enough about personalizing their experience.
What is going on out there? In an era where “brick & mortar” retailers are struggling to drive foot traffic and sales are being lost to Amazon – many brands are missing an opportunity. Not capitalizing on the data customers want to give leads to less engaging content and experiences compounding an already negative climate.
That’s why we’re working with all our clients to identify opportunities to evolve their approach to collecting their own prospect and customer data; equally important, we are working to do so in an open, transparent manner. We are positioning our clients to be able to deliver robust content and experiences – underpinned by customer data – that lead to higher conversions online, and off.
So here is some free advice…get focused on collecting more customer data (right now) and delivering better content and experiences. Your business depends on it.