In the latest edition of TheCustomer Quick-Take: Paying attention to culture is paying off, The downside of more Martech, Robinhood rescues Burger King’s loyalty, and 2 important data privacy items you need to know.
Editor’s Note: Someone in our office is getting married so the QT will be on a short hiatus.
CULTURE
Culture Beats Strategy. Again.
Quick-Take: Companies with the strongest ethical cultures outperform others by 40%. Across all measures of business performance—including customer satisfaction, employee loyalty, innovation, adaptability, and growth.
Putting Money Where Mouth Is
Quick-Take: More than half (57%) of consumers surveyed are more loyal to brands that commit to actionably addressing social inequities. That’s according to Deloitte’s third annual Global Marketing Trends Report, which outlines seven key trends driving companies forward.
Brand Responsibility 2.0
Quick-Take: According to a new global report by Exasol, 85% of consumers have changed their minds about purchasing from a company because they felt it did not do enough to properly address climate change. Fifty-four percent of corporate social responsibility (CSR) decision-makers share a similar mentality, believing companies that fail to act on “going green” and other sustainability initiatives will no longer exist in ten years.
TECHNOLOGY
More Tools = More Manual Tasks
Quick-Take: According to a recent report from Airtable, organizations that employ between 1-9 martech tools spend 28% of their work week on manual tasks. Organizations with 10-19 tools spend 31% of their work week on manual tasks. 20-29 tools equates to 35% of work week on manual tasks. 30-39 tools take that number up to 36%, and 40+ tools puts the percentage of the work week spent on manual tasks at 39%.
LOYALTY
Burger King Loyalty Goes Crypto
Quick-Take: Burger King has teamed with investment platform Robinhood to offer members of its Royal Perks loyalty program a chance to win various cryptocurrency, according to a press release.
Hospitality’s Big Data Gap
Quick-Take: Data consistently shows that only about 40 percent of travelers are in a loyalty program, and a recent Skift Research survey discovered that even fewer (32 percent) were in a hotel loyalty program. This means that well more than half of any given hotel’s customers are going to be left out of data sets that are exclusively focused on members. At face value, that gap is massive.
DATA & PRIVACY
Navigating California Privacy
Quick-Take: By Jan. 1, 2023, businesses that collect personal information from California consumers must enter into an agreement with every service provider or contractor to which such information is disclosed, as well as with any third party to which such information is sold. Agreements with a service provider or contractor, as the CPRA defines such terms, are already standard practice. But the exact nature of other arrangements that will soon require formal contracts is not so clear.
Navigating China Privacy
Quick-Take: China’s Personal Information Protection Law (PIPL) is now in force, laying out ground rules around how data is collected, used, and stored. It also outlines data processing requirements for companies based outside of China, including passing a security assessment conducted by state authorities.
TRENDS
Consumer Sentiment: Supply Shortages
Quick-Take: Over 75% of shoppers are worried that product shortages have an impact on their holiday shopping. While most are either slightly or somewhat concerned, 8% are extremely concerned, while 14% are moderately concerned. The categories consumers most expect to be hit by the supply chain issues are overwhelmingly electronics (54%) and toys & games (48%). Gaming consoles are expected to be in short supply for at least another year due to the shortage of power-regulating chips.
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Photo by Emiliano Bar on Unsplash
