Customers Need Value in Exchange for their Information

Today, more and more companies aim to monetize the customer information they accumulate. They do this by targeting ads and promos based on customer preferences and history, or by sharing it with commercial partners. But before all that happens, the customer must first give their data willingly. How in the world will that happen? For starters, businesses must gain the trust of their customers first by ensuring that the advantages of signing up for a service, filling a survey, or getting subscription are clear for everyone. They must willingly give their data, and they won’t do that unless they see what’s in it for them.

Over the years, having detailed customer information has proved to be very powerful for many brands. Personalizing your campaigns leads to effective rewards program. In addition, with this data, you can make improvements for an overall improved customer experience.

Exchanging Value between Your Brand and Customers

Part of the basics of modern marketing today is the way businesses and customers communicate freely and quickly. There are three main points to creating this exchange that includes:

• The exchange of money for products and services
• Customers sharing information in exchange for a reward, freebie, discount or exclusive access
• The commitment and delivery of an enhanced customer experience

Making Customers See the Benefit

When you are collecting data for customer rewards, it is important that your target market see the clear benefit in providing and sharing their data with you. Of course, there are always others out there who aren’t comfortable with divulging their personal information and that is okay. Make it known as well that there is an opt-out option and providing their information isn't a requirement. Here are some tips to your customers see the benefit:

• Provide an incentive – this could be a free gift, discount, etc.
• Show proof of what you offer – you can do this through posting videos, testimonials, reviews, or images.
• Show a sample – giving customers a glimpse of the rewards they will get will excite them, and give them more reasons to provide their info.
• Make your privacy policy clear – reassuring customers that their information will be kept private will make them feel more comfortable about sharing their data.

Customer Research

Customer research is vital to getting the right information, along with offering the best experience possible for them. Your work doesn’t stop at just obtaining customer data. You need to continue to build trust and educate customers so that it is clear to them where and how their information will be used. This is a difficult task because not a lot of consumers see the benefit of filling out a form. You can change this attitude by giving them control on what information they choose to share.

Data harvesting for customer rewards will benefit everyone. As a company, you will be able to enhance customer experience by knowing customer preferences, and providing value added services based on their needs. The data collected will also enable you to plan strategies that will broaden your market. Customers, on the other hand, will gain from the rewards you provide and will benefit from the product improvements that you are able to implement from the details you acquire.

Photo Credits: Flickr Creative Commons