Personalisation is the key to getting people to hand over data, according to McKinsey & Company’s Joshua Goff.
Addressing the ADMA Forum in Sydney today, Goff (pictured), who is based at the management consultancy’s Tokyo office, said: “Most people expect personalisation, but you have to gear your solutions to solve their problems, not your own, and they will be more willing to give you their personal information.”
Goff said it is also important to personalise physical stores, highlighting the example of a Korean duty free store which looks at customer demographics and switches out stock, such as its watches, to suit the preferences of people from different countries.
As well as personalisation, content is king, said Goff. Content can give you differentiation and, therefore, a competitive advantage.
“Content is a source of competitive advantage,” he said. “Build a world class editorial team to do it. Bring in a creative director to help and don't be afraid to let the customers play an active role."
He also advised that brands should be synchronising their content on other devices when it is running on TV. And he said the power of word-of-mouth and social media should not be underestimated.
“The path to purchase has become confused, and marketers need to heat map what they are good at and improve in other areas,” said Goff, adding that McKinsey & Company is advising its clients to "double or triple" their digital spend, not just in display and search, but in other areas as well.