Today’s consumers understand the value of their personal data. They will only share it with brands they trust. But once that trust is earned, so begins a relationship where customer and brand exchange value through digital interactions, ultimately enabling the brand to provide a better, more personalized service based on the customer’s own self-reported data.
Third party databases have long been the go-to mechanism for building demand, but a combination of privacy legislation and elevated consumer expectations mean that this method is becoming less and less effective. Instead, marketers are looking at ways of engaging prospects ‘in the moment’ and incentivising them to provide data in exchange for value.
The GDPR in Europe and the CCPA in California now mandate how companies are allowed to gather customer data and communicate with prospects. But rather than legislation being a hindrance, marketers should view it as an opportunity. Those brands who embrace the opportunity to find new ways of encouraging the willing provision of self-reported data, and can then progressively personalize the customer experience over time, will be the ones who win in this new age of marketing.