How Data is Shaping the Future of Marketing and Customer Experience？
Marketers and analysts have spent a significant amount of effort in recent years researching changes in customer behaviour as customers transition from traditional to digital channels.
Providing value in exchange for shared data
Customer data is the most important resource that merchants require for consumer experience(CX) operations. However, there is frequently a mismatch between the data that businesses want and the value that customers anticipate from giving that information. According to an Adobe study, 78 % of businesses ask customers for their phone numbers, yet just 24% of customers are ready to do so.
Customers are unlikely to share data if it is unclear what benefit they would receive from doing so. 59% of customers are ready to provide organizations with their email addresses, and 50% will provide their entire names. This is reasonable due to the value that marketing emails, customer accounts, and order updates may offer by sharing information. However, the statistics drop dramatically for various types of data. Only 30% say they share demographic information about themselves. Regardless of the fact that half of the companies desire it, just 22% provide their location.
Giving customers transparent control of their data
Customers are also sensitive about transparency. Customers frequently do not trust corporations to utilize their data appropriately. Brands that are transparent about how they utilize data may earn the trust of their consumers and communicate with them in a more relevant and effective manner.
However, according to Adobe's research, "transparency may not be enough" to win over hesitant customers. 52% of businesses think transparent data-handling procedures help them build trust. However, the number one method customers believe businesses can demonstrate their trustworthiness (61 percent) is by "never sharing or selling data to other organizations." Giving clients the option to opt-out of personal data use came in second at 60%.
Data value exchange, transparency, trust, and control are crucial since consumer data is increasingly serving as a barometer for changes in the marketplace across personas, regions, and segments.
Managing data resources
Data relationship management (DRM) is emerging as a way to manipulate first-party data in a cookieless environment where businesses may not have as easy access to third-party data as they did in the past. Add to that the reality that as channels grow and real-time tailored interaction becomes the Customer experience norm, each company may be responsible for managing hundreds or thousands of distinct customer experiences across segments and personas.
Beginning to develop a DRM program today can assist firms in unifying first-party data from various organizational silos such as marketing, sales, and service. Businesses can use and collect customer insights across the enterprise — and throughout the customer experience — by using data to identify consumers and utilize and collect customer insights. A DRM can also assist firms with another crucial trust-related consumer data challenge: data security.
Strengthening customer data security
Brands may better comply with the best security and compliance policies by centralizing data management. When a strong foundation of security practices is applied to unified, individual client profiles, security updates and reporting become much easier. This might assist companies in closing communication and perception gaps about data exposures.
According to Adobe's The Power of Data research, just 39% of firms immediately reveal data losses, and 88% of companies that have suffered a data breach claim it had little impact on their business. Meanwhile, 57% of customers stated they would cease doing business with a firm if they were victims of identity theft as a result of a data breach.
Developing new types of talent
Despite all of these changes, marketing expenditures remain unchanged. As a result, we should consider finding jobs that can be automated, not only within customer identification and data gathering, content development, and next best actions but also across the whole business. As marketing and technology merge, there will be greater demand for marketing people with both Customer experience and data skills. According to those polled in The Power of Data, 35% of global firms indicated their top data goal for 2020 is educating their employees to comprehend better and use data. Another circumstance in which silos must be broken down. Currently, most data talent in a typical firm is on data warehousing teams, whereas consumer experience talent is at the agency. We will witness a confluence of these two expertise domains in the future in order to establish and expand a data-savvy marketing talent pool.
Adapting to new consumer habits necessitates marketers adopting new practices as well. Marketers can boost brand loyalty and provide their companies an advantage now and in the future by providing consumers more value and control over their data, integrating customer data and security, extending automation, and bringing data experts into the marketing wheelhouse.
