Previous research has suggested that marketers are now focused on personalizing the customer experience, and new statistics indicate that customers are expecting a more customized experience when they do business with a particular brand.
WE Communications recently published the “Brands in Motion” white paper and discovered that almost half (47 percent) of customers now believe that over the next few years, technology will allow companies to customize their buying experience.
About 52 percent believe it will allow them to assess brands/products online, while 49 percent think it will give them the opportunity to develop new products and services.
However, customers also have their fair share of fears as technology evolves. About 84 percent at least “strongly agree” or “somewhat agree” that their personal data may not be secure as a result. Eighty percent believe their family or themselves can be compromised online.
Marketers Lack Confidence in Data and Analytics
While it’s true that marketers now have an ample amount of data at their fingertips, previous research suggests that they are not entirely confident in their information.
Lotame published “The State of Audience Data Research Report” and found that when purchasing demographic data, accuracy is “very important” to the majority (84 percent) of marketers. However, only 20 percent are “very confident” in the data accuracy of their purchased data.
In addition, 65 percent of marketers claimed that they would be willing to spend 5 percent or more than what they are currently spending on data for information of higher quality.