Mastering The Give-to-Get Ratio: What You Must Give To Get Consumers’ Trust (And Business)
In this guest post, Manish Bahl (pictured below), senior director, Centre for the Future of Work at Cognizant, says taht brand/consumer trust is a quid pro quo that needs to be handled delicately…
What makes you trust someone? Maybe it’s because you’ve known them for a long time, or their personality and behaviours make them seem trustworthy. Maybe it’s because you know that they trust you and you feel like you can trust them as a consequence.
What is certain is that trust cannot be quantified or measured, and often comes down to elusive characteristics and traits such as reliability and integrity. Whilst understanding the significance of such traits is important in our personal lives, a heightened understanding and application of these traits can also improve the trust relationship between brands and consumers.
As organisations become more digitally focused and use increasing amounts of personal data to provide customised experiences, maintaining consumers’ trust has never been more critical to business success. This is especially true of organisations in the retail and financial services sectors, for example, where the use of consumers’ personal data is at the heart of sales strategies and product offerings. Yet, most organisations in these sectors still suffer from a lack of trust among consumers.
The ‘personal data vs. trust’ flow-on effect
A recent survey by Cognizant of over 2,400 consumers across the Asia-Pacific found 58 per cent of consumers felt that they had little control over the use of their personal data by companies. Furthermore, 65 per cent of respondents said they are concerned about how and where their personal data is being stored, eroding their trust in the brands holding their data.
This is a major issue as trust motivates spending and loyalty. What most organisations still don’t understand is that a loss of trust means a loss of business, whether it is in the short or long term.
A two-way street
Although most consumers have trust issues when it comes to letting organisations use their personal data, the majority (58 per cent) of consumers actually expect to receive personalised products or services based on their needs and preferences, particularly Millennials.
In an age where digital sharing on media platforms is commonplace, consumers are happy to let organisations they like and trust access personal data, as long as they are receiving something in return.
Organisations must understand that each piece of information they get from consumers has a certain perceived value. Consequently, when consumers share a specific type of information, they expect a certain level of ‘reward’.
Obviously, the higher the perceived value of the information, the less the consumer will be willing to share it, and the more the organisation will have to give in exchange. In other words, you need to put yourself in your customer’s shoes, and ask: ‘Is the risk of sharing personal information worth the return?’
The survey revealed that consumers in Asia-Pacific consider the following as the most valuable information they could share and, therefore, the information they’d be least willing to share:
- Banking and financial information
- Family-related information
- Data from utility and other bills
- Personal profile information
- Online buying behaviour
Consumers want to see and feel that the company using their data is grateful, and acknowledges the value of the information that is being shared. This includes curating experiences and tailoring goods and services to the customer, but also going beyond this by communicating effectively and transparently about how their data would be handled and how it will be used to make their experience better.
Transparency is the new spearhead
Almost half (45 per cent) of consumers in the Asia-Pacific are willing to share their personal information when companies ask upfront for permission to use their data and clearly state how it will be used. Interestingly, a whopping 80 per cent said improved customer service resulting from this data collection would motivate them to share more personal data.
In an ever more connected environment, companies must actively position themselves as transparent and effective communicators if they want to establish a trusted relationship with their customers, and continue to use personal data to increase loyalty and sales.
Trust and transparency are two key elements of the marketing mix, and should be considered by the C-suite as important KPIs.
Please login with linkedin to comment
consumer marketing New Site Retail markteting The Smith FamilyLatest News
Kathmandu Launches An ‘Out There’ Sonic Logo
Outdoor lifestyle brand, Kathmandu, has teamed up with international music agency, MassiveMusic, to bring the brand sonically to life with the launch of a distinctive audio identity. What do you get when you combine the sound of you outdoors, a wooden melody and a unique bird call? The Sound of Kathmandu. Sound gives shape to […]
#OnlyOnTwitter: Top Moments In Australia 2021
Twitter’s top moments in Australia revealed that this year, not unlike last, has been a unique one for us Down Under but our sense of humour and shared love of sport were a few things that helped us get through together. Twitter has been focused on serving the public conversation while connecting people with the […]
Method Announces Agency Development Partnership With Snapchat
Creative technology studio, Method has been selected as one of Snapchat’s first agency development partners across Australaisa. As one of a group of early Snap Development Partners selected across Australia and New Zealand, Method is able to provide clients with the opportunity to design and create Snapchat filters and games aimed to reach audiences across […]
Big Ads’ Rich Media Solution Now Integrated With The Trade Desk
Big Ads and The Trade Desk have joined forces to enable traders to build rich media ads which are ready to serve at the touch of a button. Once built-in Big Ads’ creative & deal ID platform Buddy, the tags are deployed directly to The Trade Desk for the campaign to go live. Tech teams […]
Pinterest Expands Parental Leave Policies
Pinterest’s progressive parental policies are being expanded company wide. Beginning on January 1, 2022, employees in all global offices will have a minimum of 20 weeks of parental leave. This benefit extends to adoptive parents who will also have 20 weeks of paid leave which was previously 16 weeks. This is in addition to an […]
Today Extra’s Festive Instagram Post Gets Taken Hostage By Anti-Vaxxers
Note to anti-vaxxers - if Pfizer was going to make us sterile, autistic, Democrat voters, it would've happened by now.
Triple J Announces Dates And New Partnership For 2022’s Hottest 100
B&T upping our cool cachet with this Hottest 100 news. And that's despite Barry Manilow on high rotation in the office.
Brittany Lefave’s Top Of the Agenda Predictions For Publishers And Buyside Partners
It's what's hot in the world of addressability & supply path optimisation. Bad news if you were after cupcake trends.
Acast Nabs Daisy Smith As New Regional Automation Director
Independent podcast company, Acast, has further grown its Australia and New Zealand team, hiring Daisy Smith as the region’s new automation director. Having jumped ship from Nielsen, Smith will now lead Acast’s local programmatic advertising offering, as the company continues to develop automated ad buying for agencies and direct clients. Smith boasts previous experience with […]
Seven West Media Gets Green Light From ACCC To Aquire Prime Media Group
Seven continues with its impressive string of wins, as the gnashing of teeth emanates out of the Nine boardroom.
One Green Bean Announces Two Internal Promotions
One Green Bean has promoted two senior staffers. Presumably making them senior senior staffers.
SCA Teams Up With Salesforce
SCA has teamed up with Salesforce. Although that's not to suggest Salesforce will be hosting the Triple M Grill Team.
Rethink Ink: A Fire Inside
It's the latest in B&T's series of Re-Think Ink. That's the power of print and not anaphylaxis from ordering the squid.
“Dangerfield, Like Many Brands, Has A Problem With Fat People!” Aussie Label Goes Viral For Axing Plus-Size Range
With all the lockdowns and working from home, B&T's surprised not to have seen the resurgence of the shell suit.
Ryan Reynolds Spoofs 80s Ads And It’s Bloody Hilarious!
You'll laugh & cry at this 80s ad retrospective. Or, you'll be nonchalant & indifferent if you don't remember the 80s.
ABC Appoints Jessica Ellis To Head Of Commercial
News from ABC headquarters today amid revelations someone's been using Ita's Nuttelex from office work fridge.
Meltwater Appoints John Bissinella As Enterprise Solutions Manage
Meltwater has appointed seasoned media intelligence executive, John Bissinella as enterprise solutions manager for ANZ to help drive the continued expansion of its Enterprise solutions. He joins with a remit to consult Australia and New Zealand’s largest organisations on how to leverage the most comprehensive news, social and customer insights data available. Meltwater’s enterprise team […]
oOh! Grows Out Of Home Portfolio With Regional NSW Rollout
oOh!media has ramped up its regional offering and is now alerting drivers of the next McDonald's in 156kms.
Messina & Special Launches Campaign To Promote Exclusive Uber Eats Partnership
Special unveils new work for Uber Eats. Sadly it's not as good as the stuff it did with The Wiggles & Sharon Strzelecki.
Carat Australia Releases Its “Forgotten Generation” Gen X Report
Drop an E, whack on some Nirvana and feel the arthritis in your left knee as you read this Carat report into Gen X.
The Hallway Drives Off With Auto Brand GWM’s Creative & Social
The Hallway nabs ute brand GWM's creative. Confirms it's not in a position to move any fridges this Saturday.
Spark Foundry Launches The Spark Planning Academy
Spark Foundry launches the Spark Planning Academy amid reports it was a long time in the planning.
Brett Lee Launches Weekly Summer Podcast
Former Aussie quick, Brett Lee, announces new podcast. Sadly, still no news on Six & Out reforming.
Shaping The Stories Everyone Is Talking About On Saturdays: Meet Good Weekend’s Editor Katrina Strickland
Who doesn't love the Good Weekend & coffee on Saturday mornings. Unless, of course, children have destroyed your life.
Havas Media Nabs IPG’s Daniel Tozer As Trading Director
Havas Media names Daniel Tozer as trading director. Promptly bags himself the office 42.5-inch Dell dual monitor.
Spikes Asia Announces Full Jury Line-Up For 2022
Spikes Asia announces its jury line-up for 2022 & it's as long as your arm! Fractionally shorter if you're long-limbed.
Sixt Teams Up With Bastion For A New Integrated Campaign
Global vehicle rental and mobility provider, Sixt, has teamed with Bastion Creative and Bastion Experience for a new integrated campaign. After launching into the Australian market, Sixt is now leveraging its “Above and Beyonding” brand positioning with eight separate film executions, several digital, print, and outdoor components, and specific creative to support its 163 retail […]
Shane Warne Brutally Mocked After Mitchel Starc Criticism Falls Flat
The Ashes isn't merely compelling cricket, it's also the perfect opportunity to hang shit on British colleagues.
Six Things To Stop Doing To Become A Better Leader
Here's six things to STOP doing to be a better leader. Had we included farting & robot dancing, it would've been eight.
Pinterest Predicts Future 2022 Trends
As predicted, the 2022 prediction articles have turned from trickle to flood. Read the latest predictions here.
