Why You Need To Provide Value To Get Customer Data

If you are a marketer and you collect personal information like email addresses and personal relevant information from customers, do you provide value in return? Unfortunately according to a recent study by LoyaltyOne, a customer analytics and loyalty services provider, the majority (78%) of consumers don’t feel that they receive any benefit at all from sharing information and the trend is going up as it was 74% in 2011.

This is disturbing information for many marketers because they rely on data collection for the success of their business and to build their customer base. Public trust of organizations seems to be eroding and consumers are less inclined to give personal information away. They feel that there is little value in sharing because they are not getting any value in return. Organizations need to take a stand and start providing more value for the information they collect.

Additional findings in the study on what people would share:

50% of respondents would share religious affiliation

49% – would share political affiliation

49% – said they would share sexual orientation

36% – health information

26% – mental health information

24% – would share browsing history from web use

15% – smartphone location information

11% – Last on the list was their social security number (11%).

So what can marketers do?

First of all, provide value. Don’t just ask for information without offering value. Whatever you offer, make it good.

Next, set realistic expectations. Say what you are going to do and do it. If you are trading a free report or whitepaper for some personal information, give the consumer a realistic explanation of what is in it and then deliver that.

Take small steps and get micro-commitments. Sometimes it’s better to give a little and get a little to build trust in the beginning of the relationship before you ask for everything. If you build trust up front, everything you try to do after that will be easier.

Focus on relevancy with the audience. Make the offer a perfect match for the audience and the channel that brought them to the offer. The more relevant the better.

Keep it simple. Don’t over think this. Walk a mile in your audiences shoes. Look at your offer objectively and ask yourself if you think it’s a good trade. Then, ask others around you to do the same, preferably someone with no connection or interest in the offer.

If you are a marketer that has been collecting data without giving real value, you might think this is too much work or simply not worth it. Some marketers just want to drive traffic or whatever they are good at and not work on providing real value. I get that, but reach out and get some help to try it if you don’t want to do it yourself. I challenge anyone that is not providing real value to their audience to try it, I can assure you, the benefits far outweigh the work involved. The world is changing and customers are also changing. They are becoming more savvy and less inclined to just blindly do what they are told. Add value to the relationships (even if you are just collecting the lead/data) and everyone involved will be happier.

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