The Econsultancy Value Exchange from Data Exchange report, in partnership with Acxiom, examines customer relationships as those customers are becoming increasingly data-savvy and data-wary. It also includes recommendations for businesses looking to move away from short-term incentives in return for data, and towards a more sustainable approach.
This research shows the importance of addressing the customer’s definition of value, and the need to move forwards from the incentive system which has been the norm for the last 20 years.
- The customer is now asking ‘What’s in it for us?’ when it comes to brands using their data. This report examines how companies can effectively deal with this question.
- It takes very little for consumers to ‘opt out’ and an awful lot to get them back again. Could there be a way to deliver value that encourages customers to consent to sharing their data as part of ‘business-as-usual’ in the background?”
- The meaning of value is different for different customers, but long-term relationships with brands are built on trust and value. Customisability and ongoing relevancy are key.
- If companies cannot continue to deliver value to customers, the customer will go dark. This report considers how companies can continue to react and adapt to the way customers expect to be rewarded for their information, in order to be able to continue to use the valuable insights the data exchange can bring.