••• first-party data
Against a backdrop of increasing interest in data privacy, retailers that excel at personalizing their marketing can put themselves a step ahead in terms of data-gathering, according to a study conducted by marketing automation company Sailthru and Coresight Research. But they need to be honest in their self-assessments of their personalization skills, as the study found a disconnect between consumers’ views and marketers’ views in that area.
Consumers will share data to get more from retailers – when online and in-store – creating opportunities for an enhanced value exchange. Eighty percent of consumers are willing to share personal data to earn loyalty program benefits; 70% are willing to share their data to receive special discounts and offers; and 71% will shop more often with brands or retailers that personalize their communications.
While 71% of retailers think they excel in personalization in marketing, only 34% of consumers agree. Retailers surveyed cite e-mail as the fourth-most important channel for personalization, while consumers placed e-mail as the second-most important. Twenty-three percent of retailers and brands surveyed view social media as a top channel for personalization compared to only 11% of consumers. Providing personalization in areas that are rated poorly for customer experience, such as shipping and fulfillment, could provide measurable improvement for retailers, the study says.
••• consumer psychology
If your product has been scientifically developed, how you sell it depends on what you’re trying to sell: sensory pleasure or practicality.
In a study for the article, “Get your science out of here: When does invoking science in the marketing of consumer products backfire?” in the Journal of Consumer Research, researchers tested sales of a body wash that was marketed as pleasurable, for example, by highlighting its “indulgent scented ...