consumers would change to a provider that excels at personalization without compromising trust.
Accenture Strategy 2017 Global Consumer Pulse Research
of US consumers hold back data when they don’t trust a company.
BCG: Bridging the Trust Gap in Personal Data, 2018
of online customers are frustrated with with irrelevant content.
Janrain 2013 Online Personal Experience Study
of consumers would stop using a product made by a company they couldn't trust.
Edelman Trust Borometer, 2018
Consumers are wary. Over the last decade they’ve been inundated with marketing that promised personalized service and convenience...then fell short. They want to be known, understood, and respected--especially when it comes to their personal data. But what matters most to our customers is that we give them just what they need, just when they need it. And people want to feel that the brand will serve the consumer’s best interests before it serves its own.
Companies that invest in understanding their customers through data--and use that data to serve the customers purpose and interests--are taking over their markets. They are the ones that can truly do what they say they’re going to do and help customers achieve the outcomes they desire, building relationships that keep customers coming back.
In the past decade, companies acquired more and more marketing tools--an average of 91 tools per enterprise. Each tool captured information about your customers, but it remained siloed and only delivered generic, time-lagged, incoherent experiences based on someone’s best guess. Even when this data was aggregated into “data lakes” there were no good ways to make it actionable and impact customer experiences. Opportunities were missed, and millions of dollars of investment—and goodwill—were squandered.
What we need now is a way to unify all that we know about our customers, using the information they’ve entrusted to us, to reveal a multi-dimensional profile of preferences, requests, and needs. With this complete view of our customers, we can harness the power of AI to orchestrate experiences to deliver on the promise of true 1:1 person-centered marketing that earns trust.
Putting customer trust at the center of marketing will mean a significant shift in how we work. Instead of spamming as many eyeballs as possible, we can focus on finding the right person and delivering the best possible experience for them in the right location, and at precisely the right time. Automation and machine learning allow us to do this at scale, offering continuity of experience across channels that builds confidence and a trusted, long-term relationship with your brand.
Customer trust is a quantifiable business asset and no company can operate without it. It builds customer equity, that directly translates to customer lifetime value. To have it we must focus on a fair exchange of value with consumers, be transparent with them in all of our dealings, and keep our promises always.