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Did you know 90% of the world’s data was created in the past two years?
It’s one of the many takeaways in Simon Data’s 2022 State of Customer Data report (available here).
That statistic alone shows how vital it is to stay on top of the latest consumer data, trends and habits. This exponential growth means marketers need to keep up… or get left behind.
So looking ahead: what’s next for marketing data? Here’s how data trends are evolving in 2022.
1. Use more data points per customer
The more data you have, the better you can personalize your marketing campaigns. And marketers are collecting more data than they have in the past. In 2020, companies used an average of six data fields per campaign. In just two years, that number has sailed to eleven. This specificity will only increase as marketers move from basic demographic information to more qualitative, psychographic data. Interests, habits, food preferences, historical and real-time data and more can create a rich campaign that taps into someone’s personality.
2. Tap into zero-party data
Data that a customer intentionally shares, including preference center data, purchase intentions, or personal context.
Customers crave control over what data is collected. In fact, 88% of customers said they want to consent to how their data is used.
These privacy concerns have soured many consumers away from third-party data. It’s collected from cookies and often used without the consent of the customer. But changes like Google’s shift away from third-party cookies have made this type of data less appealing to marketers.
Unlike first-party data, which is collected from a company’s customer base, zero-party data is volunteered by a customer. This means they’ve opted to share preferences with you, whether from a preference center, survey, or purchases.
What does this tell us?
Ask and you shall receive.
Customers would rather tell you their preferences than have you guess… or worse, use their data in a manner that comes across as creepy.
BUT — in a world of highly personalized communications, customers appreciate special attention. Just let them tell you who they are… what they like… and what they want to hear about. Use that to build a loyal customer base that is willing to give you information to improve their experience.
3. Create a fair value exchange
Customers are willing to fill out top-of-funnel quizzes, questionnaires and surveys… but if you ask them to do this, you should deliver a worthy exchange.
Don’t make your customers jump through hoops if you can’t deliver customer-specific communications. You run the risk of making them feel cheated out of their time and effort. Reward them for their efforts with discount codes, personalized suggestions and follow-up campaigns built around the information they provided. That’s the kind of effort that builds up a loyal customer base. Everyone wants to feel special.
More data, more problems
So yes, more data means more personalization. But it also leads to lower confidence in what data you should use. With a wealth of data and insights, it can be difficult to translate that data into a strategy with a ROI.
That’s where a strong, data-driven partner can help.
J&C creates data-driven campaigns built to bust controls and build loyal customer bases. Whether you need a data strategy, acquisition campaign, retention program or something else, J&C can help. Get in touch today.