Marketers and analysts have spent a great deal of time over the past few years analyzing changes in behavior as customers move from physical to digital commerce channels. There are several developments that require marketers to change the way they practice customer identification, segmentation, and engagement — and the first step is getting to know your data.
While it is important to understand these changes to deliver a better customer experience, it is also helpful to take a step back and look at how the change in customer behavior is creating a cascade of changes in the marketing space itself. Specifically, we are seeing several developments that require marketers to change the way they practice customer identification, segmentation, and engagement. CMOs, marketing professionals, and other leaders who understand and plan for these changes will be in the best position to gather the resources and deliver the performance that marketing requires now and into the future.
Providing value in exchange for shared data
The key resource that retailers need for CX activities is customer data. However, there is often a disconnect between the data companies request and the value that customers expect from sharing that information. For example, Adobe research found 78 percent of businesses ask customers to share their telephone numbers, but only 24 percent of customers say they’re willing to do that.
If it’s not clear to customers what value they will get from sharing a specific piece of data, they are unlikely to share it. Fifty-nine percent of consumers are willing to give companies their email address and 50 percent will offer their full name. That makes sense because of the value that marketing emails, customer accounts, and order updates can provide. However, the numbers drop sharply for other kinds of data, not just for telephone numbers. Just 30 percent say they share demographic details about themselves. Only 22 percent share their location, even though half of businesses request it.