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The Value Exchange Economy

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Modern consumers are more cognizant than ever of the value of their personal and preference data. They are not going to hand it over without receiving something of value in return. To collect the zero-party data required to power better personalization, consumers must be entertained, engaged and receive a tangible commodity in reciprocation for their attention and preference data. This is the value exchange economy.

Fortunately, this isn’t the latest marketing buzz phase.  The idea of a value exchange is as old as civilization and omnipresent in life. Our surveyed over 11,000 global consumers, and an encouraging  70% of consumers stated they would happily share their behavioural and psychographic data in return for a better service.

Whether you鈥檙e looking at it from the marketer鈥檚 or the customer鈥檚 perspective, it鈥檚 simple: ask, receive, give, repeat. It鈥檚 a match made in relationship marketing heaven. 

70% of consumers stated they would happily share their behavioural and psychographic data in return for a better service.

Marigold Grow

Marketers can realize this through interactive experiences that conduct granular research, progressively profile and accrue opt-ins. Questionnaires, polls, quizzes, sweepstakes, contests, QR codes at point-of-sale and social stories, to name a few, can incorporate reward mechanics that give consumers a genuine reason to engage and submit their zero-party data.

It doesn鈥檛 have to be a red-letter prize or huge discount (although these of course work). 
86% of consumers declared that they will share their personal, psychographic and behavioral data in return for early or exclusive access to products and services, 91% for personalized loyalty rewards, 59% to feel part of a brand鈥檚 community and 51% for unlocking content. By leveraging the right mechanics, and offering a tempting value exchange, your customers will tell you what products they desire, what they look for in a service, and what motivates them to purchase.

Shifting  to a , where you ask rather than infer, means that your audience building and profiling doesn’t stop but that it also allows for change. This keeps your data accurate, relevant and current because the data points are coming directly from your audience.

Check out three of our favourite brands that are collecting zero-party data at scale and using it to deliver the individualization consumers crave and build more meaningful, one-to-one relationships.

86% of consumers declared that they will share their personal, psychographic and behavioral data in return for early or exclusive access to products and services

Discovery

Discovery wanted to load its marketing database with zero-party data…and lots of it. With the red letter prize of a fully-furnished waterfront home in Florida on offer, consumers were always going to enter en-masse.

On a dedicated microsite, participants were asked to submit a small amount of PII data in return for entry into the sweepstakes, as well as information that Discovery could monetize 鈥 things like, what TV provider an entrant subscribed to, and whether or not they were a homeowner. Consumers could enter once per day, and each time they returned they would be asked different questions allowing Discovery to progressively profile the entrant.

The results were staggering, with over 110 million unique entries and over two billion individual behavioral data points gathered. Of course, most marketing departments don鈥檛 have the resources available to give away a $2.7m house, but the concepts are true whatever your scale 鈥 offer an enticing value exchange and ask the right questions to learn more about your customer and start owning those relationships. 

Hill鈥檚 Pet Nutrition

Hill鈥檚 recognizes that every pet is unique, with its own preferences and quirks just like their owner. With this in mind and the objective of collecting zero-party data, they deployed a relatively simple yet hugely effective interactive experience.

Rather than a traditional short-lived experience, Hill鈥檚 embedded an always-on interactive experience into its homepage, collecting incredibly granular data points complemented by branching logic so pet owners are swiftly driven to the right resolution.

Starting with your pet鈥檚 name, then birthday, size, weight, food preferences, allergies, any health issues and even if it鈥檚 currently eating a competitor’s pet food, pet owners are driven on the pathway to the right product for their pet and directly towards sales.

By entering an email address, the customer will then receive highly-personalized emails  – imagine receiving an email with your pet鈥檚 name in the preview text or a discount on their birthday 鈥 who wouldn’t open and click through?

Tailored Brands: Men鈥檚 Wearhouse

Using zero-party data to turn one-off shoppers into returning customers

For nearly 50 years, Men鈥檚 Wearhouse has been at the forefront of the suit and tuxedo rental market,  serving customers with high-quality, affordable designer apparel for all occasions. Although a great market to lead, it has its limitations, with the typical customer hiring a suit or tuxedo for a one-off special occasion 鈥 seldom making a transaction with the brand again.

To combat this, Men鈥檚 Wearhouse deployed a post-rental interactive experience where customers could share their individual style preferences. Things like the professional or casual, slim or modern fit, single or double-breasted jacket, lapel type and budget etc. Customers were then directed to specific products that fit their personal preferences, which they could purchase online.

However, the campaign was not merely limited to a virtual stylist. Suits are an expensive purchase, that, for many, requires some consideration. Using customers’ self-reported preferences, Men鈥檚 Wearhouse emailed its customers their unique product selections, with a personalized subject line and preheader, the nearest store to their location and individualized styling tips. This is a great story of re-engaging lost customers, audience building and converting. 

Learn more in our Complete Guide to Zero-Party Data.

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