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)

Consumers ignore security with trusted brands

The survey, entitled 'Finding the Right Balance Between Personalisation and Privacy', noted a strong correlation between trust and willingness to share information on the part of the consumer. Trust in data security is by far the biggest factor when customers decide to provide information.

It's a conundrum. While consumers don't feel businesses are being upfront about their privacy policies - US respondents' concerns about businesses tapping their personal information jumped this year from 72 to 77% - a majority of respondents still expect businesses to understand them.

"To build trust, brands can assure customers that their data is managed well and give customers options to decide how their personal information is used," said Wilson Raj, global director of customer intelligence for SAS. "Consumers are OK with giving up some of their personal information for greater personalisation - as long as they get to make that choice themselves and as long as brands demonstrate that they value and protect customer data."

Globally, necessity and good relationships between customer and business seem to affect willingness to share data. For example, nearly three in four respondents are likely to share information with banks or credit unions, who require significant personal information to be a trusted financial intermediary. Customers rely heavily on an institution's integrity to protect their assets and their information.

People are far less likely to share information with other industries, such as phone services, retailers, and travel and leisure. Customers are slightly more likely to share information with their phone companies, because phone service is typically exclusive and involves a long commitment. Retailers and travel businesses, however, fall into an "as-needed" category where customers easily switch loyalties and engage with multiple businesses at once.

Consumers are stingiest about personal information with entertainment providers. Customer dealings with these businesses are more superficial, involving small investments and limited time commitments. They don't see why such businesses need to know more than their transaction history.

If trust in data security is the top indicator of a consumer's willingness to share personal data, then the second is the "give to get" factor. Customers want something in return. While it's a balancing act between how much private information they are willing to share and how much personalisation they expect, 69% of respondents would share hobbies and interests. That information helps marketers reach the next level of intimacy by understanding customer preferences.

In order to get more personalised and relevant offers, about three-quarters of customers are willing to provide their birthday month and year. Not surprising, since birthday offers are very popular with customers and yield 481% better transaction rates than promotional emails.

As companies make more use of customer information they still have work to do to ease their customers' minds about the use and security of personal information. Companies that use data in ways that customers expect and trust will gain advantage.

Companies must set clear expectations with the customer and then build that trust through parallel internal and external activities. Internally they can achieve this through the development of guidelines for collecting, using, analysing and disseminating data, and establishing processes to ensure compliance. Frameworks can be built to monitor ongoing consistency. Externally clear communication with customers on how their data is stewarded and used helps provide transparency and increases trust.

"While it's difficult to get people's attention today, it's more difficult to get their personal information from them," said Brent Leary, CRM analyst and managing partner for CRM Essentials. "Getting people to like you on Facebook or Twitter is more driven by emotion and impulse. Getting them to divulge personal information addresses their practical side. And as this study shows, proving that you can safeguard their information and use it to provide them with value in return can win both their head and their heart."

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)