Attention and data are the two new currencies that have unlimited potential when it comes to marketing.
FREMONT, CA: Personalization is one of the best transformations undertaken by the marketing industry. It enables a customer to get customized suggestions, which is a great shift promoting effective and efficient shopping. It also enhances the customer experience as they increasingly enjoy the shopping experience for their favorite products. However, such a system comes at a cost.
As per the research from Salesforce comprising more than 7,000 consumers, 43 percent of consumers were not ready to share their private data in return for personalized discounts and offers. Most of the consumers don’t appreciate the idea of being under constant surveillance. Therefore using ad blockers and surfing in the private mode is becoming a norm. Some of the common beliefs of the customers are:
• Most of the consumers see privacy and personalization as a dichotomy, i.e., they can’t have both.
• Privacy means that one is not disturbed or observed by others.
But how can be personalization accomplished without observing a customer’s behavior? Thus, absolute privacy will not allow personalization to set in. However, it is feasible to create something personalized with minimum intrusion to a person’s data and privacy.
Attention and Data Are the Major Currencies
Attention and data are the two new currencies that have unlimited potential when it comes to marketing. With the proliferation of customized offers and advertisements, customers are now also expecting customized products. However, the sensitive line that separates privacy intrusion from personalization must be given due importance by the marketers. And the problem gets highlighted when a customer feels that he has given more data than he would have liked to. The root of the issue is the common mistakes that most of the companies end up committing like:
• Blindly following “the more, the merrier” approach. The companies collect all the data even if they are not sure how the collected information can be useful.
• Not prioritizing the privacy and security of the customers.
• Not communicating to the customers on how they will use the collected data.
While storing exhaustive data logs can be difficult and costly, extracting the useful data and using it create a single point of view to capitalize over the existing customer bases will be a better approach.