With greater choice, more sources of information, and social media outlets to voice their opinions, consumers have never been more powerful and
In response, modern marketers have adopted more customer-centric strategies which establish more direct relationships with customers and engage them in customer journeys made up of highly personalized experiences across touchpoints and channels.
To be effective, these strategies require visibility into the always-changing attitudes, needs, and preferences of individual customers – visibility found in the form of data. Data is the lifeblood of modern marketing – it is the fuel required to deliver the personalization of products and services customers now expect.
Businesses are entering an era in which this rich, detailed personal data is
becoming increasingly scarce due to declining consumer trust, mounting
privacy regulations, and disappearing sources third-party data.
However, consumers have shown a willingness to share personal information with companies they perceive as trustworthy, making trust a primary factor of determining if a consumer will give companies access to their data - data
marketers can then use to deliver the high-quality experiences they want.
Companies that invest in and master the dynamics of trust in their
customer relationships will be able to build their own data assets, accessing the rich, personal information they need directly from their customers. Their ability to establish and grow customer trust will become a significant competitive advantage.
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