More than half of customers are willing to share personal information in return for personalised experiences.
With 63% of consumers across the US, UK and Canada expecting personalisation as standard, businesses should find ways to collect customers’ personal information and create personalised campaigns. Because it is privacy-compliant and more transparent, first-part data fits the bill.
Businesses should be transparent about data usage along providing consumer’s easy opt-out and information deletion options. Businesses should also provide value in exchange for their data. For instance, companies can offer loyalty programs that provide personalised recommendations or discount coupons for essential customer information.
Investing in first-party data can also help companies perform better. A 2020 Boston Consulting Group study found marketers that use all of the available first-party data can generate double the incremental revenue from single ad placement, communication or outreach. Read the original article
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