Salesforce recently released the Fifth Edition of the Connected Customer report, and the results indicate that despite the push for enhanced privacy regulations across borders, consumers are asking for experiences that are uniquely driven by data.
While the sentiment around service expectations has increased in importance with 88% of respondents feeling that the level of service is as important as the core product or services offered, two data points stand out to tell the story of first party data and how advertisers are being evaluated.
Seventy three percent of consumers expect companies to understand their unique needs and expectations and 62% expect companies to anticipate their needs. These are the kind of expectations that can only be delivered through the processing of data. Understanding needs requires some indication for context whether it is sourced by capturing the point of entry or recognizing an existing customer and responding to their previously captured preferences.
Significant investments towards developing predictive modeling tools that are compatible with customer data platforms answer the call to anticipate a customer’s needs. From recommendation engines to follow up communications that are customized to specific anticipated interests, the future of personalization and marketing hinges on the use of data.
While the industry continues to tighten the controls and transparency offered to consumers throughout their online journeys, it has never been more important for advertisers to communicate their purpose for collecting select data. We must be prepared to show the connection of value delivered to the customer when they consent to sharing information about their interests and needs. The best way to do this is through clearly demonstrating a “return on consent”.