There is an abundance of buzz about big data and analytics and how it can revolutionize business – from improving the London transport system and managing the allergy medicine supply chain, to improving energy efficiency of buildings and understanding employee churn.
Marketing, too, is evolving because of big data. Using big data for personalizing a brand’s marketing to individual consumers is predicated on an exchange – consumers must be willing to share some details about themselves and their preferences in order for the big data analytics & personalization efforts to be effective.
However, new research from Boxever finds that there’s still a disconnect between what consumers say they want from brands regarding personalized messages, offers, and experiences and the reality of the volume and types of information about themselves they’re willing to share.
The recent study of more than 500 consumers found that:
62% of consumers don’t want brands tracking their location and
49% of consumers don’t want to share their personal information
61% of consumers want offers targeted to where they are and what they are doing and
56% of consumers want offers tailored to their interests and needs.
On top of that, Boxever found that only 2% of consumers believe that the brands they frequent and patronize know them extremely well – a shockingly low number in today’s customer-centric market.
Clearly, a disconnect exists. The core of the problem is that retailers are not effectively leveraging the data they already collect, and are failing to create an experience that consumers truly see as valuable and personalized.
Thus, consumers and retailers are at odds. Consumers crave tailored, personalized and value-added offers and communications from the brands they follow, but have been burned too many times by ”superficial personalization” – retailers’ failed attempts at personalizing marketing offers, which often result in irrelevant noise and spam. We cover the impact of irrelevant messages in the report and also in our previous blog post.