Ranking trust, privacy, affordability, and personalization
- Part 1 Ranking trust, privacy, affordability, and personalization
Show Notes
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02:23What matters to consumers from brandsBraze's Consumer Research Report revealed that consumers value affordability and brand trust equally important. Discounts, while tempting for marketers, are less influential in retaining customers than the overall value and quality of the product experience.
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04:26Establishing trust through responsible first party data collectionBuilding trust involves being transparent about first-party data collection and showing consumers that their needs are understood. Without this foundation of trust, it's difficult to demonstrate the value and relevance of a brand's products or services to consumers.
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05:34Personalization and consumer trustConsumers highly value personalization, but if their personal data is used inappropriately, it can quickly erode trust. Only 53% of Braze's surveyed consumers feel somewhat confident or more that brands use their personal data responsibly.
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07:35Evolving personalization strategies with dataTo build connections with customers, brands must move beyond surface-level personalization, like using first names or recommending products by gender. Consumers expect tailored recommendations, across all touchpoints, based on past purchases and their interests.
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11:01Consumer sentiment toward AI personalizationWhile consumers feel uneasy about AI-driven personalization, personalized experiences influence their purchasing decisions. Brands have an opportunity to educate consumers about AI technology to alleviate concerns while leveraging it to enhance personalized experiences.
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12:24Takeaways for marketers from Braze's studyMarketers must prioritize transparency in data usage for personalization, ensuring consumers understand the value exchange. Additionally, focus on the entire customer journey to acquire a deeper understanding of customers and create a more personalized, human brand experience.
Quotes
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"Only 53% of surveyed consumers say that they're somewhat confident that brands use their personal data responsibly." - Spencer Burke
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"Trust erodes when brands fail to deliver personalized experiences based on the data they collect from consumers." - Spencer Burke
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"Brands must move beyond basic tactics to fulfill consumers' expectations of personalized experiences, drawing inspiration from leaders like Amazon." - Spencer Burke
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"In the survey, 30% of participants expressed discomfort with AI-driven personalization. However, over 80% responded favorably to personalized experiences, indicating its influence on their purchasing decisions." - Spencer Burke
- Part 1 Ranking trust, privacy, affordability, and personalization
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Part 1Ranking trust, privacy, affordability, and personalization
Spencer Burke, SVP of Growth at Braze, delves into consumer expectations for brands. Establishing trust with consumers is crucial for brands, as it greatly influences purchasing decisions. Leveraging technology and first-party data presents brands with an opportunity to cultivate trust and deliver highly personalized experiences, fostering strong brand loyalty. Today, Spencer discusses ranking trust, privacy, affordability, and personalization.