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HomePersonalizationLoosing Business? May be it lacks ” Only For Me Factor “.

Loosing Business? May be it lacks ” Only For Me Factor “.

Trust and Personalization: Key To Consumer Satisfaction.

In the 13th Annual Accenture Strategy Global Consumer Pulse Research Report, published in 2017, the company announced that it found about 41 percent of consumers switching their companies.  The reason is accounted to lack of reliability of a company and it’s a failure to design services as per individual requirements.   An estimated loss of $ 756 billion takes place annually due to this kind of seepage of consumers. This trend is seen in multinational companies as well as ventures that operate domestically.

With growing digital technology, marketers get easy access to consumer’s choice and preferences. Close monitoring, search spiders and several other techniques enable search engines and marketing sites to follow the trail of consumers clicks.  After that, there follows a series of advertisements that are fed by the data from the search histories of a person, the online sites visited and/or the online purchases made. Then follows a pop up every now and then of different ads displaying consumer goods and services.

  • Lack of trust and personalization compels a large number of consumers to switch companies.   But this type of practice often gives the feeling of loss of privacy. This may result in a customer losing its trust and companies losing the valuable customer base.
  • Personalized services are preferred criteria to stick to a company- say 48% US consumers
  • 92% people believe that privacy and trust are determining factors for making re-purchases.
  • Around 40% consumers reported anticipation when they found that their needs are interpreted accurately by the technology Business houses to avoid this type of catastrophic downfall of their client base, should choose the digital marketing partners very wisely.
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A marketing strategy should not be counterproductive so as to rob away the business.  Companies must choose a digital platform that strives to provide a complete, personalized experience along with building up of trust.  It should certainly be ensured that a stringent policy on safe relay of consumer data is applied. Along with the specific brief of which type of data is to be relayed across.  Many platforms use the strategy of Re-targeting ads of already made purchases. However, it is of no use as consumers have already made the purchases.  Such ads should be avoided by e-commerce sites. The tie-ups between the business houses and marketing sites should be carefully worded so as to know which type of data is taken, what type of information is collected and shared and so on.   The key is to build consumer trust and confidence by way of giving personalized services and taking care of sharing of information so as to keep the confidence of the customer in the company intact.  In the 13th Annual Accenture Strategy Global Consumer Pulse Research Report, published in 2017, the company announced that it found about 41 percent of consumers switching their companies.

The reason is accounted to lack of reliability of a company and it’s the failure to design services as per individual requirements. An estimated loss of $ 756 billion takes place annually due to this kind of seepage of consumers. This trend is seen in multinational companies as well as ventures that operate domestically.   With growing digital technology, marketers get easy access to consumer’s choice and preferences. Close monitoring, search spiders and several other techniques enable search engines and marketing sites to follow the trail of consumers clicks.  After that, there follows a series of advertisements that are fed by the data from the search histories of a person, the online sites visited and/or the online purchases made.   Then follows a pop up every now and then of different ads displaying consumer goods and services. But this type of practice often gives the feeling of loss of privacy.

This may result in a customer losing its trust and companies losing the valuable customer base

Business houses to avoid this type of catastrophic downfall of their client base should choose the digital marketing partners very wisely.  A marketing strategy should not be counterproductive so as to rob away the business. Companies must choose a digital platform that strives to provide a complete, personalized experience along with building up of the trust.  It should certainly be ensured that a stringent policy on safe relay of consumer data is applied. Along with the specific brief of which type of data is to be relayed across.

Many platforms use the strategy of Re-targeting ads of already made purchases. However, it is of no use as consumers have already made the purchases. Such ads should be avoided by e-commerce sites.   The tie-ups between the business houses and marketing sites should be carefully worded so as to know which type of data is taken, what type of information is collected and shared and so on.   The key is to build consumer trust and confidence by way of giving personalized services and taking care of sharing of information so as to keep the confidence of the customer in the company intact.

Alf Alferez
Author: Alf Alferez

Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on [email protected]

Author

Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on [email protected]