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• Data Science & Analytics
• Data
• AI
• CX
• Customer Analytics

13 May, 2022

The laws of attraction

The collection of customer data is often perceived as big brother, a one-way mirror with someone watching over your every move. However, the balance of power is starting to shift and we wanted to understand what influences brand selection.

Over the last week we've been asking a series of questions on our LinkedIn page . Here's a recap so you can cast your vote before the polls close:

• Q5. Would you be prepared to pay more for a more personalised experience?
• Q4. Would you choose to purchase a product from a specific brand if they curate a more personalised experience?
• Q3. What is typically the biggest factor for you in making a product selection?
• Q2. What is the biggest turn off when choosing a product?
• Q1. What is typically the biggest factor for you in making a product selection?

Organisations have the power to seamlessly aggregate data to tailor their promotions and products to fit a customer’s pattern of behaviour or perceived needs. This means that promotions are likely to be more relevant, timely, and ultimately there is a greater chance of conversion to a successful sale. Potentially win-win.

But where do you draw the line? How do you ensure that these ‘interventions’ are in the best interest of customers? How can organisations better serve the needs of their customers while growing their business and complying with legislation.

• Consumers today are more informed, more sophisticated, and better able to decide when and how to share their personal data.
• Legislation has helped to "harmonise" international data privacy laws for any organisation or institution engaging within a member country - providing greater transparency as well as greater protection and rights for citizens.
• Technology has also become smarter and more accessible. Advances in AI is helping organisations make more timely and accurate interventions with consumers empowered to modify their data to aligns with their preferences and avoid social, economic, or personal triggers. 

(Final poll closes Fri 20th May '22)