This article was based on the interview with Tara DeZao of Pega by Greg Kihlström, MarTech keynote speaker for The Agile Brand with Greg Kihlström podcast. Listen to the original episode here:
Value exchange drives data collection in the digital age, as demonstrated in the podcast transcript. The conversation highlights the importance of transparently communicating the benefits of sharing first-party data with brands and the need for a clear rationale behind collecting additional information. By offering incentives, demonstrating the value of data exchange, and creating helpful content, businesses can engage customers and encourage them to provide valuable data.
One key point discussed in the podcast is the concept of contextual data. Unlike inaccurate survey data where participants may provide false information to quickly complete a survey, contextual data obtained through value exchange is accurate and valuable. For example, when purchasing a running shoe, customers are more likely to provide accurate information about their preferences and needs because they want to ensure they are making the right purchase decision. This exchange of accurate data benefits both the customer and the brand, leading to a more personalized and satisfying customer experience.
The use of AI-powered platforms like Pega Customer Decision Hub further enhances the value exchange by enabling real-time decision-making and adaptive modeling. By understanding customer behavior across various channels and interactions, brands can pivot quickly to meet changing customer needs and preferences. This level of personalization and responsiveness is only possible through the collection of accurate and relevant data, emphasizing the importance of value exchange in driving data collection efforts.
Incentives, transparency, and a customer-centric approach are key strategies for businesses to overcome customer reluctance and encourage data sharing. By clearly communicating the benefits of sharing data, offering valuable incentives, and creating helpful content, brands can build trust with customers and establish a mutually beneficial relationship. Additionally, the podcast highlights the importance of informed consent and the need for brands to respect customer preferences and boundaries when collecting data.
As businesses navigate the evolving landscape of data privacy regulations and the sunsetting of third-party cookies, prioritizing real-time data collection, encouraging customer participation, and adopting a customer-centric approach are essential for success. By embracing data-driven strategies and leveraging AI technologies, enterprises can stay ahead of the curve, deliver exceptional customer experiences, and drive growth in the digital age.
