So tl;dr.
The purpose of TheCustomer QT (Quick Take) is to synopsize the important news and data of the day and bring it to you in its most skimmable form. But what happens when there is so much “stuff” that the synopsis itself becomes too much to digest?
I suppose it’s a reflection of how rapidly the customer engagement universe is expanding, morphing and re-shaping itself. We’ll continue to do the same. Have a great / relaxing / safe holiday. We’ll also do the same.
LOYALTY
Global CMO Study Examines How To Improve Consumer Loyalty
Notable: Brands are focusing on their most loyal market segment(s). With 78 percent of marketers believing their most loyal age group will not change in the next 12 months, the strategies and campaigns that they are developing focus on the best channels and programs to grow customer loyalty. Citing a concerted effort to build more meaningful connections with their loyal customer base, 67 percent of marketers now consider advocacy and education programs to be the most valuable.
Hawaiian Airlines allows loyalty members to swap miles for Covid-19 tests
Notable: Members of the airline’s HawaiianMiles programme can exchange 14,000 miles for an at-home Covid-19 test kit provided by Vault Health – one of Hawaii’s official Covid-19 testing partners.
Brand Loyalty Programs In A New Era Of Consumerism
Notable: A report (download required) from customer experience management firm Merkle suggests that as omnichannel payments with points expand, brands may find it necessary to go past the transaction creating experiences and engagements all along the customer journey.
PRIVACY & TRUST
The Downfall of Adtech means the Trust Economy is here.
Notable: The trust economy is really about asking yourself, as a marketer, what you stand for. How do you view your relationship with consumers? Do you care? What kind of relationship do you want? Privacy has to be part of this. Accountability is crucial.
Balancing Customer Experience with New Privacy Laws
Notable: A key differentiator between the CCPA and GDPR is that the CCPA does not afford the consumer the right to entirely opt-out of data collection. While retailers will need to do a significantly better job of securing and maintaining data, they are still allowed to capture information in a similar manner as before. As long as consent is granted and retailers are transparent about the data they collect, it should be business as usual.
How data partnerships can power better customer experiences
Notable: When consumers willingly consent their data to be used by brands, for example, they do so with the understanding that their data will be used in a safe and secure manner.
The key to this value exchange is the trust the consumer has in brands, along with an assurance that the data and insights will only be used to help the consumer.
57% of US consumers would forego marketing personalization to protect their data
Notable: Just 39% of consumers said they felt well-informed about how marketers acquire data and apply it to their business.
PERSONALIZATION
Using customer insights to create better digital experiences
Notable: While decision makers recognise the importance of personalised experiences, there’s currently a customer-centricity gap, with 71% admitting that their digital experience does not meet the expectations of their customers. That doesn’t mean that the other 29% are getting it right either, rather they are unaware of the gap. Similar research noted that 82% of B2C companies reported that they were customer centric, but only 18% of their customers agreed.
TECHNOLOGY
Looking Beyond Digital Transformation
Notable: And it could be ruinous for small businesses when you consider that the average cost in 2019 for a small businesses to recover from a ransomware attack was $84,000.
How can marketers increase their chances of successful martech investment?
Notable: However, other research also highlights a hidden truth, which is that companies have been failing to generate return on investment as expected. According to Econsultancy and Oracle research from March 2020, for example, just 47% of businesses say their investment in customer data is paying off.
DATA & ETHICS
Marketing can legitimately be the standard bearer for digital ethics
Notable: Edelman Brand Trust Survey revealed that only 39% of people believe tech companies put welfare of customers ahead of profits. Moreover, 41% said they didn’t trust brands’ marketing communications to be accurate or truthful.
Marketers Unveil Code Of Consumer Data Ethics, Literally
Notable: But by revealing actual written code used to process it, Marzoni was making the point that it’s not good enough to have principles, or a code of ethics, unless you actually execute on them. And in the world of smart data marketing, that means writing actual code that processes it that way.
CX
Customer Experience CAP Leaders Leave ‘CX Cookbook’ for Agencies
Notable: Numerous agency partners—opted to leave federal agencies with a Customer Experience Cookbook chock full of key ingredients and recipes for embedding customer experience into countless federal services.
Existing Metrics Aren’t Enough For Customer-Centric Strategy
Notable: Most importantly, leadership must accept that “our customers” is a fragile concept. In order to claim a customer as “our loyal customer,” a firm must become the preferred provider regardless of who else the customer may consider.
INNOVATION
We Need Better Design Thinking
Notable: Work with real people. Don’t rely on imaginary personas to create an understanding of your end users and stakeholders. There are plenty of real people with whom you could work on understanding their problems. The problem with personas is that they always agree with you.
ICYMI – You can find the past issues of TheCustomer QT here.
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