In the latest edition of TheCustomer QT: Privacy pays off, editable stacks are here, the limitations of big data, and you might be more greedy than you think.
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So quick.
DATA & PRIVACY
Rethinking Privacy
Quick-Take: In fact, a 2021 Cisco Data Privacy Benchmark Study found that companies that invested in a better privacy experience got almost double in returns, with a 76% increase in customer trust.
User Experience, Regulations and Consent Fatigue
Quick-Take: In Before doing anything, companies should start thinking of consent and the collection and use of data as an exchange. You want visitors’ data. If they say yes, what’s in it for them? For a long time, the status quo has been “what they don’t know won’t hurt them.” That generally doesn’t fly anymore, either with consumers or with an increasing number of governments.
TECHNOLOGY
The Pendulum Swings to Composable Stacks
Quick-Take: In The digital experience platform and vendor hub is making a major change of course. Sitecore’s CMS is a “high end but tightly coupled offering,” he writes — and it’s starting to look out of place as marketing organizations are increasingly looking to compose stacks from elements created by a number of vendors.
Lessons for CDP Buyers
Quick-Take: In Over the next five years, you’re likely to see most energy in the CDP space continue to emanate from independent vendors. They have a multi-year lead on the majors like Adobe, Microsoft, Oracle, and Salesforce. Independent vendor solutions can more easily fit into diverse stacks, while the larger vendors have proven reluctant to extract themselves from aging investments in their legacy engagement-tier platforms. Their CDP offerings tend toward parochial as a result, and they’ve largely retreated into relationship-oriented CDP sales strategies — or unsubtle bullying — rather than proving out technical and business fit.
Can Technology Read Your Emotions?
Quick-Take: In Earlier this year, Spotify received a U.S. patent for technology to read the emotions of people based on speech recognition and background sounds. That approval followed findings by Spotify researchers that the company could determine listeners’ personality traits based on the music they enjoy.
CHANNELS
Snap Brings Personalization
Quick-Take: In On the heels of a blowout quarter, Snap is adding a recommendation engine to its mapping product, which not too long ago felt like an experimental project. My Places will also boost the discoverability of Snap Map’s 30+ million business listings.
CX
Customer Experience for the Digital Age
Quick-Take: In It didn’t take me long to realize that their secret is that there is no secret. The company simply puts the user experience above everything else. From opening a bank account in less than a minute to solving any inquiry via live messaging almost instantly and exchanging currencies at interbank rates at the touch of a button, ease of use and speed are the credo the company seems to live. With the acceleration of digitalization caused by the pandemic and the consumerization of business tools such as Zoom, buyers are now more independent, demanding and even empowered to switch services if the experience isn’t up to their standards. As the marketing director, EMEA at a company that offers a CRM platform, I’ve found that they will often react more to a moment of friction than to a moment of seamless performance. A remarkable experience is mostly invisible and unnoticed, while an unpleasant experience is nearly impossible to overlook.
AUTOMATION
Hey Marketing Execs
Quick-Take: In The Big Data fascination that has taken off concurrently with the app craze has led businesses to depend on data-driven insights—clicks, email response rates, behavioral actions, etc.—for clues into what customers like or dislike. While such analytics can be useful in helping companies discern trends in customer behavior, data is a poor proxy for real human experience.
LOYALTY
The Next Level of Customer Loyalty
Quick-Take: In According to BigCommerce, returning customers generate 40% of a store’s revenue. An American Express survey carried out by Populus showed 62% of the Millennial respondents are likely to buy exclusively from their preferred brand, compared to 54% of the larger population.
PERSONALIZATION
Personalization in the Marketplace
Quick-Take: In Across the 21 days, however, no one brand delivered the holy grail of marketing — what we call predictive personalization. These are recommendations that not even the customer knows they want, but find really intriguing when presented, such as (based on the fact that you continuously order vegetarian options) something like, “We have a new vegetarian menu item that we think you’ll love. Try it out and let us know what you think”. Across the board, a distinct lack of engagement and series of impersonalized promotional emails, between Days No. 2 and 20, screams to us that QSRs are underestimating the power of using customer data they already collect. Yes, we were expecting more, but this research is revealing a real opportunity for QSRs.
CONSUMER PSYCHOLOGY
Neuroeconomists Find People Behave Selfishly …
Quick-Take: In Neuroeconomists at the University of Zurich have shown in an experimental setting that most people are willing to steal half of the earnings of a large group if their personal gain exceeds 100 euro, even though the very same people are generous toward individuals.
Photo by Dan Meyers on Unsplash.
