Purposeful Loyalty: Customers Are Driving and Data is the Fuel
American Marketing Association
Marketing Insights newsletter
The recent Business Value Global Consumer Study from the IBM Institute found that many customers will share their data with retailers or brands if they get something valuable in return. The desired reward? Offers customized to their wants and needs.
Unfortunately, many companies are collecting shopper data and not doing anything with it that benefits the customer. Beyond neglect, this practice could also be killing your company’s future and ensuring greater share of wallet goes to your competitors.
Meanwhile, customers are only growing more used to co-creating value with brands and retailers with every passing year. Boston Consulting Group’s recent research on millennials showed that these customers expect reciprocal relationships with companies and their brands. As well as sharing feedback online and offline to influence others, millennials also fully expect to influence the brand itself. This could be as simple as flexing their social media muscle to criticize or praise a product. Or it could be as involved as producing an original video ad submission, such as the Doritos “Crash the Super Bowl” campaign, which has run for eight years now.