Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Trust is still key to the loyalty of anxious customers

Three out of four will share data in return for benefits

However, they will gladly trade this information for more personalization, a better customer experience or a good deal, according to KPMG's Global Consumer Insights program and the 2018 "Me, my life, my wallet" report based upon a survey of 25,000 global consumers.

The research shows that almost half (47%) of consumers feel more anxious than last year, as well as five years ago. Millennial consumers are more anxious (51%), compared to Baby Boomers (36%).

The majority of consumers are willing to provide businesses with data but half (51%) are anxious about identity theft, and the majority (72%) say they don't trust anyone with their social media data.

Despite increasing anxiety and recent data scandals, three-quarters (75%) of consumers are still willing to provide businesses with their data, according to the study.

"Consumers are anxious, with younger generations feeling it the most," said Julio J. Hernandez, principal, KPMG's head of global Customer Advisory and U.S. Customer Advisory lead. "They like new technology, but are concerned about handing over personal data and what that could mean for their privacy and security. Our research demonstrates that organizations should be aware of the heightened awareness people have about the value of their data; they want to feel that they are in control at every stage of the business relationship."

Anxiety and Trade-Offs over Data
Younger consumers say they are just as concerned about identify fraud; however, they are more likely to see the benefits of sharing data. Millennial consumers are more likely (21%) than their Baby Boomer counterparts (5%) to trade data for better customer experience and personalization. And 71% of those polled said they would trade their personal information for better personalization, security or bargains.

Four out of 10 U.S. consumers say engaging in social media presence is important among the brands they frequently purchase from and 58% say they will likely view those offering discounts or deals.

"Businesses all too often view the exchange of data as a one-way street, expecting consumers to give away data with little benefit," said Colleen Drummond, partner, KPMG in the U.S. and KPMG Innovation Lab lead. "However, as our reliance on technology grows, we're becoming more and more aware of the data we create and are starting to see it as a valuable currency that businesses need to earn if they want to earn our cash. Those businesses that fail to shore up consumer trust in the way they hold, protect and use data will lose out in the long-run, and consumers will vote with their feet."

The full 'Me, my life, my wallet' report has been made available on KPMG's web site, here: https://assets.kpmg.com

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)