Consumers are looking for and actively seeking out better brand experiences, and we know that earned data can solve this.
Sometimes two things marry up so well — it’s as if it was meant to be. They call that serendipity, or in the corporate world: synergy.
by Kevin Bauer
Findings from two reports gave us that feeling; one from the CMO Survey on The Transformation of Marketing: Emerging Digital, Social, and Political Trends and another from CleverTap — a mobile optimization vendor.
CMO Survey 2021 discovered that over one-third of marketers rated customer experience as their key priority. No matter the sector or industry — the focus was the same — improving customer journey and experience with the brand. Consumers are looking for and actively seeking out better brand experiences, and we know that data can solve this — data holds the key to both customer and brand satisfaction. In the same survey, we also learned that consumer trust is down – so something is missing. Marketers know what is wrong, but how do they fix it?
High-quality data: the missing puzzle piece
CleverTap’s 2020 survey of 150 mobile and marketing executives found that 42% of marketers don’t have enough high-quality customer data. Marketers struggle to act on poor-quality data: duplicated, outdated, and irrelevant data.
CMO Survey also found that marketers report that customer experience, product quality, and a trusting relationship will be prioritized by consumers next year.
The ah-ha! moment here is that we know one in every four consumers is willing to provide their data for more personalized shopping and communication. Consumers want more tailored experiences, and brands want better, more usable data. Data is the solution for both of these core problems, but not just any data. Earned and permissioned data will allow marketers to build personalized journeys with customers, not just serve their own end goals. Usable data is inherently high-quality, and high-quality data is inherently usable.
High-quality data is:
- Relevant – Don’t ask consumers about the preference of socks if they are purchasing bags
- Timely – It reflects an individual’s current state – not historical data
- Accurate – Inaccurate data can cause you to come to the wrong conclusions
- Complete – Incomplete data leads to inaccurate insights
- Valid – are you collecting data in the same format?
- Permissioned – customers have permitted you to use it
- Transparent – consumers understand how you will use it
Creating immediate stickiness and long-term relationships is critical.
The bottom line is that brands need better data to create a stickier experience for newly acquired customers and a better long-term retention strategy. According to CleverTaps’ research, marketing leaders know that a deep understanding of their customers is essential to building long-term loyalty, and it remains a top priority for 2021.
Besides increasing revenue from repeat customers, other goals include winning back churned customers and creating immediate loyalty. Strengthening your data posture is the only way to build long-lasting and deep relationships with consumers, which will, in turn, increase profits and trust.
Explore the possibilities of earned consumer data
Cleaning up your brand’s data can seem like a daunting task; capturing more from an audience you already have can seem near-impossible, but there are ways that you can do this that are both engaging, fun, and part of a long-term experience for consumers.
The results of our recent consumer insights survey revealed that not all customers are created equal. Brands’ ability to prioritize those who genuinely wish to build a relationship with their brand over those whose business they are buying will help focus marketers’ limited time and budgets on initiatives that will yield the most impactful results for their brands. Brands that move from a one-way promotional communications approach to a two-way dialogue will meet the consumer’s rapidly evolving needs.
Kevin Bauer is SVP Strategic Services at 3radical.