The amount and frequency of customer purchases depend a lot on the degree to which a company is trusted. Trust has an important role to play in generating revenue because people don’t buy from the brands and companies that they don’t trust. Companies need to develop strategies in order to build trust with their customers and prospects.
- 73% of consumers feel they haven’t been engaged in a personalized way. (Adweek)
- 79% of consumers will leave a brand if their personal data is used without their knowledge. (Sap.com)
- Nearly half of consumers leave a business’s website and make a purchase elsewhere if the experience was poorly curated. (Adweek)
1. Strengthen Customer Trust To Grow Revenue
Technologies such as artificial intelligence can prove helpful in it as it outlines all past behavior and communication of customer with the brand. Customers invest time and money in the fewer but deeper relationship which means they are loyal to only those brands that help them to achieve their daily lifestyle goals.
2. Treat Customers As Partners
Both relationship and brand trust are a must to keep customers and their loyalty. There are three attributes that create loyalty:
- Consistent product quality
- Brand characteristics
- Service excellence received whenever the customer buys and uses the product/service.
Put the welfare of the customers first to earn their trust. Your customers will become your partners once you show and they believe that you are genuinely concerned with their success.
3. Maintain Consistency
Let customer agree to data sharing, and give them incentives if they continue to share it. Marketers can maintain the strength of the relationship with customers by observing privacy policies and offering consistent, valuable communication.
4. Explain The Benefits That Customers Will Receive
The new Silvercar Premium Rewards Program. Source: Saverocity.com
You can provide specific advantages such as more personalized offers, exclusive rewards, or access to a premium tool that makes things easier. Netflix is doing it in an efficient way.
If the consumers want to take advantage of Netflix’s robust recommendation engine then they will have to grant access to their personal data. Once they do that then they get access to new content that is highly relevant to their interests.
5. Give Customers Full Control Over The Types Of Data They Share
Some data is more sensitive than others. A customer might be comfortable sharing a piece of information about then, but uncomfortable in sharing others. Let the customer take control and allow them to decide what and what not to share about them.
6. Ensure Customer Data Privacy
Implement a digital privacy center that allows customers to understand and manage their data choices easily. It should give them the ability to configure precisely who in an organization can access their data.
Add a “download my data” button that easily lets customers know the exact information that a company has access to at any given time.
- Review Your Policies And Practices Regarding Online Privacy
The more policymakers, platform owners, and users take interest in online privacy, the more intensified will be the pace and impact of changes. Online privacy concerns are real and smart need to be prepared for it all along.
Some of the serious privacy breaches that happened lately have made people regain control of their personal information. The government has also reacted to such consumer concerns and so has the technology. Apple’s Safari browser updated its intelligent tracking prevention to block third-party cookies and Mozilla’s Firefox browser also improved its tracking protection.
- Tell Consumers About Monetization Of Their Personal Data
It is imperative that the consumers should (and will) have complete knowledge about the ways their personal data is being monetized. In view of the EU’s General Data Protection Regulation (GDPR), brands will have to re-evaluate data practices and make it clear to the customers.
Also, as per GDPR and stricter privacy laws, marketers will have to give incentives to consumers to share their data. Digital marketing is impacted by such changes in the browser.
- Ads Personalization Is Now Limited.
Cookies are usually used to show Google ads for ecommerce to users depending on the websites they’ve surfed. Attempts to block these cookies regulate the ability to deliver personalized ads to users from these browsers.
- Conversions Are Being Underreported.
When cookies are blocked then view-through and cross-device conversions can’t be counted, causing advertising partners to believe that their reporting has become less dependable, particularly for campaigns that measure value via view-throughs. You can also follow conversion rate optimization tips.
- Measurement Methods Are Under Pressure.
When cookies are blocked then brand-lift surveys, holdback tests, and attribution models that rely on third-party cookies are not completely accurate.
Responsible marketing is crucial than ever because the expectations for privacy are higher than ever. Learn about online marketing for beginners and invest in ways to protect and strengthen relationships with your customers.