The Marketing Catch-22

​THE MARKETING CATCH-22 DILEMMA

Consumers increasingly demand hyper-personalized experiences but are increasingly reluctant to hand over the data needed to make those experiences personalized. ​A recent Accenture report found that 44% of U.S. consumers are frustrated when companies fail to delivery relevant, personalized shopping experiences but half (49%) are concerned about personal data privacy. And 43% of U.S. consumers fear intelligent new services will come to know too much about them and their family.

Nearly half (48 percent) of U.S. consumers would use ‘smart-reordering’ services where intelligent sensors in the home pre-empt when a product, such as laundry detergent, is running low and automatically re-orders it on their behalf. Another 36 percent use digital assistants. While the vast majority (89 percent) are satisfied with the experience, 40 percent say it can feel slightly creepy when technology starts to correctly interpret and anticipate their needs.

Hyper-relevance is the next wave of growth for companies operating in consumer industries, but it cannot be achieved without engendering digital trust. To pivot to hyper-relevance, companies should consider:

• Giving customers full control over their data – As consumers demand greater control over how companies use their personal information, organizations must become more transparent. Customers must be given full access to, and control over, their data which will demonstrate responsible stewardship and ethics. Furthermore, they must ensure the appropriate safeguards are in place to protect it.
• Creating new customer value – Companies that distinguish themselves with hyper-relevant experiences look beyond the traditional customer journey. They prioritize areas where they can dynamically deliver something that customers value, at the right moment every time.
• Investing in precise insights – Hyper-relevant companies invest in predictive analytics, collaborate with an ecosystem of partners to capture real-time customer insight, and mine data in new ways to understand their specific needs.