Customer data is the lifeblood of driving better customer experience but shhhhh -if you say it too loud you will scare the customer away! Or will they keep coming back?
There are several curious twists to the customer data conversation.
The first twist - customers are actually willing to share data but they have the expectation that they should receive something in return. According to the 2023 Marigold Consumer Trends Index, 93% of consumers will share their data for a discount. Brands are working hard on creating experiences that can capture this first-party data and increasingly so with the fading of cookies.
The second twist - once you have captured all of this data, how are you, as a business, making use of this data? How do you make sure it doesn't get locked away? How do you make sure it becomes operational and helps build a more interactive, better customer experience? And perhaps more importantly (to both build trust and stay out of jail)- how do you safeguard this data?
By year end 2024, 75% of the world's population will have its personal data covered under modern privacy regulations. This means that more than ever businesses will be scrambling to be compliant - it is estimated by Gartner that enterprises average $300,000 on consent and preference management solutions.
So, where should we put our focus? According to investments, it seems that organizations have chosen the compliance angle and rightfully so - it is complex and consequential. But when the problem is being tackled from a pure consent management and security angle we miss the bigger issue at hand - the application and use of customer data. Current methods of solving this problem in the identity space are limited and do not capture the challenges of sharing, understanding and connecting identity data.
A single, security-focused approach to customer data limits an organization's ability to use data to its full potential, to put consent data to work and to drive better experiences. Modern businesses that desire a differentiated experience should focus on the strategy and technology to meet the demands of the privacy-conscious customer of today. To do that, businesses need technology flexible enough to achieve both security and uncover opportunities for their organizations.
A solution exists
At IndyKite, we are driven by the core principle that customers should own their data and have simple tools in which they can share data according to their preferences. Data sharing should be dynamic, time and context based, fully transparent and revocable at any time. This principle should not be in conflict with businesses knowing their customers and delivering personalized services. With IndyKite, both realities can exist at the same time.
To solve for the limitations of current solutions, we have introduced Trusted Data Sharing. Trusted Data Sharing gives businesses the tools to interact with their customers with full privacy & transparency, provides industry-compliant data collection and unlocks real-time insights about customers behavior across brands and partner networks. With Trusted Data Sharing, it is possible to to deliver personalized product offerings that are time-based, customer-owned and fully auditable and compliant.
Learn more about Trusted Data Sharing, and keep an eye on for next week's blog as we continue the series.