Data is the fuel of closed-loop marketing - the ability to close the loop between customer understanding and customer experience and between marketing spend and marketing results.
In a previous blog we covered the golden rules to follow to ensure that you are capturing the right data for your marketing programmes.
One of our golden rules was the need to have a powerful, clear value proposition: focussing on the customer and the benefit to them of sharing their information with your brand.
So let's drill into what this really means and the areas to focus on to build compelling reasons for your customers to share their data.
Show Me You Know Me
Today's consumers know that their personal information has value to businesses. This is true of B2C and B2B relationships.
There is the basic expectation that this information will be used responsibly and to deliver some sort of value to the individual; we call this 'show me you know me'. This is your value proposition and it should be central to your data capture.
There are five dimensions that you can build your proposition around:
- Incentivise - the default for many brands is some sort of price promotion or discount.
- Entertain - providing different and exclusive experiences for customers who share their information
- Support - better support for the customer as a result of knowing more about them.
- Values - sharing the customer's values and delivering customer experiences around these values.
- Interests - sharing the customer's interests and providing them with richer information on the things that matter to them.
Your proposition should be focussed but doesn't need to be one-dimensional. Equally, don't try to do everything and remember that, if you are marketing at an individual level, you can dial up or down on these dimensions for each customer or persona.
The best value propositions play on two of these dimensions.
The dimensions that you choose should be rooted in the best of your brand (entertainment might not be relevant if you are an insurance company and your brand positioning is about stability and support).
Be very clear about how data will be used and live up to your promise.
When describing the value to the customer, try to find ways of creating compelling benefits (that will support your data capture in the first place) and then exceding the expectation that you have set.
Make it easy to change
This works both ways.
As your relationship develops with a customer, you should make it easy for them to provide more information that deepens the proposition and your customer data.
As a responsible brand you should also make it easy for customers to change their details if they feel that you aren't living up to the promise that you made.