This year’s V!A marketing summit was three years in the making. We went from Zoom meetings and digital conference landscapes to our first in-person summit since 2019, and it was a major success.
Hosted in Philadelphia, the event featured content rich sessions where marketing leaders shared their expertise in how to innovate the marketing space through the application of data and technology. It was made clear that we are working in markets going through considerable amounts of change, and more change warrants more considerations, like new market entrants, new business models, and the increasing pressures from consumers and business stakeholders for consumer privacy legislation.
We’ve narrowed down five key takeaways from V!A that will spark discussion in your organization. Diving right in:
Marketers need to provide personalized consumer experiences while also protecting consumer privacy
Consumers want personalized experiences. According to a survey conducted by Accenture, 91% of consumers are more likely to shop with brands that provide them with relevant offers and recommendations. Marketers want to deliver personalized customer experiences – not only to do right by the consumer, but also to increase the ROI on their marketing spend. At the same time, consumers want more privacy and their data protected. A general lack of trust exists among consumers due to creepy, personalized advertising, causing them to start any shopping journey with a baseline of distrust with regards to how their data is used.
38% of Consumers will stop doing business with a company if they deem personalization to be “creepy.” – Gartner
Navigating this paradox will require marketers to be thoughtful and deliberate in designing personalized experiences on a solid foundation of privacy to form trust and transparency with consumers.
A culture of compliance is an asset to your organization
How you address and communicate consumer marketing compliance sets the tone for your organization and sets a roadmap for your employees. It also tells your external stakeholders that complying with the law is important to you while increasing goodwill and brand reputation. For us, compliance is cultural. We believe in the Golden Rule of Data – treat other people’s data how you would want your data treated.
The law may allow you to reach out to your consumers 6–8x a day and you would be compliant with the law – but should you? Is that the sort of interaction you want to have with your consumer base? Businesses that invest in compliance and data governance strategy will thrive overall.
Disruptive growth comes from identifying and serving the needs of future customers, not today’s customers
When we think about disruption, it’s often coded in our minds as something we should avoid. The slightest change in perspective can alter that avoidance mindset into one of acceptance – because at the end of the day, disruption brings opportunity and growth. V!A’s Keynote Speaker, Charlene Li, illustrated how disruptive organizations refine their ability to see where the future is going despite all odds.
As uncomfortable as it may feel, don’t be blinded by the loyal customers in front of you to the point where you can’t see emerging markets. Being able to provide exceptional consumer experiences for tomorrow’s customers means implementing processes for change and ditching processes that will simply maintain the status quo.
Customer centricity is key
Customer centricity proved to be a common thread tying together the expertise and real data stories shared at V!A. Right now, consumers are in control – they demand their banking, insurance, healthcare, etc. experiences be as seamless and simple as possible. That simplicity is what consumers expect because that is what they experience within other industries.
Behavioral data insights, the “whys” of consumer behavior, guide marketers in crafting a relevant message and delivering it to the right customer at the right time, creating that seamless consumer experience that marketers strive toward. An exceptional customer experience only strengthens your product and solution suite and should be a high priority when consumers hold the power to choose.
Consumer marketing should not be treated as an afterthought
Every day, companies invest in the expertise to build products and solutions that solve complex consumer problems. Marketing teams tackle how to develop, communicate, and build strategies to tackle those complex consumer problems. Marketing is getting a seat at the strategy table that it has not had in the past, and for good reason – marketers understand the consumer.
Personalization can produce 5 to 8 times the ROI on marketing spend – McKinsey
The challenge that businesses face for longevity in their industry is knowing where the market is headed. By understanding the complete customer lifecycle, marketers can see the future and build solutions for both today and tomorrow.
Couldn’t make it to V!A 2022? Check out V!A On Demand to hear from all our industry thought leaders and updates on the excitement that lies ahead with Verisk Marketing Solutions.