Marketing is evolving fast — in large part because technology is evolving fast. The internet allows consumers to easily access and share information about products and brands and engage with brands in unprecedented ways. At the same time, companies like Amazon, Uber, Spotify, and others have revolutionized the way products and services are delivered to the market, forever changing consumer expectations in the process.
These incredible advances in technology mean brands are now competing in an economic landscape that is entirely consumer-driven. Those that can meet consumer demands for convenience, quality, and, above all, value, are poised to win.
Of course, consumers aren’t the only ones benefiting from technological growth. Sophisticated tools are allowing marketers to gather extraordinary amounts of information about their customers, which they can use to guide their engagement efforts. But this requires that companies serve as good stewards of consumer data.
Consumers demand privacy and value. They won’t willingly give up personal information if they don’t receive something they value in return. So advertisers need to get to know consumers on their terms — to respect them as people, not data points, by providing information and deals that matter to them.
Don’t serve a consumer an ad because you saw that individual at a particular point in time. A consumer who visits a pet store once to pick up dog food doesn’t necessarily indicate a dog owner. Maybe that person was helping out a friend by running an errand. It’s by paying attention to data over time that will give marketers a proper understanding of consumers.
Marketers need to get people in their full context, seek only the information they need, and respect consumers enough to use that information in a mutually beneficial manner.
Read the rest of our new white paper “Respecting the Privacy-Minded Consumer’s Buying Journey.”