The top 5 takeaways from our webinar: How Organizations Can Differentiate Themselves to Remain Relevant to Empowered Consumers
In case you missed our recent webinar, we’ve wrapped up the main five takeaways from speakers Tiffani Montez, Senior Analyst at Aite Group, Tarrill Baker, Data Empowerment Expert, and Michael Fisher, CEO of 3radical. You can also listen to the webinar on-demand — by clicking the link here.
- Data requires action
During the webinar, all speakers centered on data being actioned. 3radical’s Michael Fisher illustrated this through a real-life data set showing a sub-set of highly-engaged consumers giving data but not converting. Indicating that the data collected was not being acted on or used constructively. The experience for those customers is likely not personalized nor taking place on their favored channel.
To deliver any real value, the data you collect must be actionable, and this should be your priority when considering your data and digital marketing strategy. Every piece of data you are collecting from customers must have a purpose.
- Create a value exchange and measure that relationship
All our speakers commented on the importance of creating a genuine value exchange between brand and consumer. On the topic, Tiffani Montez stated that companies must adopt a changing mindset and look at data under the lens of a relationship and long-term service to the customer. Using an example from a financial institution’s chatbot, Tiffani outlined how, when provided with an exact reason for data collection, customers were more than happy to provide data in return for a more personalized service.
This is a cultural shift that requires measuring the overall relationship and the value that relationship brings to your organization. It’s saying, how can we offer a better service to our customers, and what data would help us to achieve that?
- Companies do not own data; they are the data custodians.
Regarding data ownership, Tarril Baker commented that “brands are only ever the custodians of data; you can’t own someone’s data.” This plays into how brands action their data and thus communicate this with their customers. It is essential to be transparent and share the intention when receiving the data through to the application of the data.
- Adapt consumer experience by platforms they frequent
3radical CEO Michael Fisher comments that “data is at the core of what we need to focus on to engage with customers, and we must support the consumer as an individual.”
Building a consent-based relationship with your customers is easier if you engage on their chosen platforms, says Michael. Build gamification and fun into how you are engaging with customers on platforms they naturally enjoy. Creating a long-lasting relationship with your customers is easier if you talk to them in the way that they prefer; consumer choice is the key to retaining relationships.
- Earned data is king
Aggregate data and third-party data are easy to buy or acquire but challenging to govern ethically. Tarril Baker commented that while voluminous aggregate data gives comfort for the analysis, brands should build volume around earned data to create value. Investing in your customer’s data is investing in their overall experience. It shouldn’t just be another cost.
Building a fulfilling customer experience means treating people like individuals, and that requires their consent. Aggregate data can lead to cookie-cutter banners that target consumers without their permission leading to a bad brand experience. Make it fun and enjoyable for customers to share data and clearly show them how it will improve their future interactions with your brand.
In summary, today’s consumers understand how brands and companies use their data, and they expect it to be treated securely and with respect. Because of this awareness, and consumer protections, acquiring data is becoming more challenging, but the overall outcome will be better for the brand and the consumer. A cultural change is required inside organizations to shift how data is viewed, gathered, and actioned to make this happen. The exchange of information is a two-way dialogue and a relationship, not a transaction and that is the secret to differentiating your organization.
At the heart of this new landscape is the need to action data ethically and in partnership with customers. Change is required to get to this point, and customers are driving this transformation. Smart brands will unlearn outdated data practices and remodel their strategies accordingly.
If you’d like expert advice on capturing and action earned data more effectively, contact one of 3radical’s data specialists.
If you’d like to watch the webinar recording in full click here.