How frustrated do we as humans get if we are not addressed in the right way or information that is stated about us is wrong? It makes us angry, especially when people or brands who should know better have somehow not used what information they have in a more accurate way.
The more conversations I have around data with customers the more I see that there is a naivety or lack or resource applied to that part of business culture. In fact, we state on our web site that as much as 80% of businesses within the UK would admit that their data is not structured well enough so that it may be used effectively within an engagement, acquisition or retention strategy!!!
Once we have data then we can define exactly where the holes are, what is it that is missing from the files that would improve and allow businesses to be much more effective in their outbound marketing or communication activities..
I spend much of my time engaging in conversation and solutions around the effective use of data, and from what I am seeing consumers are starting to become a little more protective in just who and why they give their data away…….que the “Compelling Reason !!!!” The younger demographic today give their data away more freely than people say in their 40’s and 50’s. In fact, it has been said that the older generation are the last of their kind to actually value privacy in this way.
However, brands are starting to realise that to get, you have to give. What are you going to give me the consumer if I entrust my data with you? The scenario I like to give is that if I ask you for an expansive list of data, cold, without any incentive drive, then the likelihood is you won’t engage with the task as well as if you are incentivised to do so. But, make it worthwhile; well that is a totally different thing!
The lure of offering discounts, exclusive offers or even a product in exchange for your beloved Data DNA creates so much more traction within the proposition. In that movement, where someone is driven by desire or want” that’s when you have them at their weakest point. Hence if you are making the request worth their while then at that time people are more willing to tell you much more than they would normally.
I liken this example to work I undertook last year for a large retailer within the consumer electronics industry. The offer they made was the opportunity to win upwards of £15,000 worth of high tech TV and Audio equipment. The response was amazing, but not only was the level of interaction good, the campaign also drove for an extended data capture initiative, age, mobile, personal interests, and the final holy grail, what would be likely to be their next high value purchase within the home over the next 12 months.
Now, armed with that kind of information, consider how much more expansive and compelling any outbound marketing communication can be using parts of that knowledge to engage with the target audience.
My view, data in the next decade will become one of the most important aspects of marketing engagement, regardless of channel delivery whether that be digital, print or cross channel as long as it is used correctly the levels of engagement and follow though will significantly increase the outcomes to campaign people run and subsequently achieve greater ROI