In this edition of TheCustomer Quick-Take: Finding the fine line on consent forms, 3 reasons to think beyond the profit motive, running out of reasons to not have a subscription model, and your privacy compliance efforts are about to get even more squirrely.
Happy Wednesday!
BTW – if you’d like to receive the Quick-Take directly in your inbox each week, or if you’d like to pass the word on to your colleagues about us, you can do so here.
At What Point Do You Call It Coercion?
Quick-Take: Research shows that 70 per cent of consumers accept [consent] terms, even if they are not comfortable with them. When we ask them why, three quarters say it’s because it’s the only way to access the product. There isn’t any way for consumers to express their preferences and acquire products that meet those preferences – because it’s a take it or leave it proposition. More than 90 per cent of Australian consumers are uncomfortable with how their data is collected and shared, and they’re disempowered to do anything about it.
Perceived Penalty for Non-Compliance Just Outweighed the Perceived Benefit
Quick-Take: According to Tealium’s just-released “2022 State of the CDP Report”: 70% of respondents reported positive Return on CDP Investment within six months and 96% within one year. More surprising: regulatory compliance was the top reasonto buy a CDP, ahead of real time data collection, supporting other tech investments, and individual-level targeting.
The Importance of Staying Ahead of the CX Curve
Quick-Take: Survey Monkey points out that customers are going to notice their experience with your brand, whether you’re consciously mapping it out or not. So, short-changing your customer journey mapping isn’t just avoiding tapping into valuable potential. It’s also leaving any existing shortcomings in your customer experience unaddressed.
Please Hire an Analyst
Quick-Take: According to the report, 62 per cent of companies surveyed reported loyalty programs have kept customers engaged, and 93.1 per cent of those measuring ROI claim positive results. Yet only one-third offering a loyalty program said their organisations are measuring the ROI of loyalty.
Beyond the Profit Motive – Part 1
Quick-Take: A study by Zeno Group found that consumers are up to six times more likely to buy from companies with a strong purpose. Additionally, 71 percent of consumers indicated that traceability is very important to them and that they are willing to pay a premium for brands that provide it, according to IBM Research Insights.
Beyond the Profit Motive – Part 2
Quick-Take: Findings from IBM and NRF’s second global consumer retail study of 19,000+ consumers, include: 62% of consumers are willing to change their purchasing habits to reduce environmental impact, up from 57% two years ago. Many said they’d pay a premium for sustainability, but there’s still an intention/action gap. And Purpose-driven consumers, who choose products/brands based on their values like sustainability, are now the largest segment of consumers (44%)
Beyond the Profit Motive – Part 3
Quick-Take: Consumers also let their opinion on a company’s sustainability efforts influence their shopping behavior, with a majority of consumers saying they would stop using a product or service if they learned it damages the environment, per a recent report from dentsu and Microsoft Advertising.
Consumers are Willing to Support Your Recurring Revenue Model
Quick-Take: A new study from Juniper Research has found that the global market value of the subscription economy will grow to $275 billion in 2022; rising from $224 billion in 2021. After evaluating 10 key subscription-based markets, the research identified the following three as generating the highest revenue in 2022: 1) Physical Goods 2) Digital Video 3) Digital Music.
U.S. Data Privacy Laws Getting Exponentially More Complex
Quick-Take: With state legislatures resuming in 2022, we are tracking the states that may mimic California, Virginia and Colorado. Our interactive map tracks privacy legislation and provides links to resources and information related to active states. Click the states to learn more.
Pressure & Momentum Mounting for U.S. Federal Data Privacy Regs
Quick-Take: Fifty-six percent of registered voters said they support federal data privacy legislation, according to new polling from Morning Consult and Politico — findings that come after civil and human rights advocacy groups presented a 24,000-signature petition to Congress urging action on the issue.
Photo by José Jóvena on Unsplash.
