How well do today’s marketers know their customers and prospects? It’s not a new question, yet it remains an important one. Data is having its moment and the moment seems (to me) suspended in amber. But data is not knowledge nor is it intelligence. Data is the raw material that human beings can use to make meaning and in some cases that meaning may grow into the sort of knowledge that provides a competitive edge in business.
To this end, Treasure Data, an enterprise customer data platform, published new research exploring the dynamics of C-suite decision-making and consumer preferences in Data-Driven Insights: Navigating the Consumer Landscape in 2024.
According to the report, 76% of business leaders express confidence in having a comprehensive customer 360-view to deliver personalized experiences. However, a mere 25% of consumers share this sentiment regarding their favorite brands, revealing a significant perception gap. The research highlights another notable finding – 88% of consumers believe that less than half of the content they receive from brands is relevant.
“As 2023 comes to a close, it’s worth reflecting on consumer expectations and taking an honest assessment of how to best meet their ever-evolving needs,” says Mark Tack, Chief Marketing Officer at Treasure Data. “Despite brands’ best efforts, they struggle with messy, complex customer data challenges that limit their ability to understand and engage consumers effectively.”
Additional US-specific findings on the gaping trust gap:
- 49% of US consumers deliberately try to withhold their data from brands
- A further 41% would prefer to remain entirely anonymous to brands altogether
One way to close the perception gap is to get a better handle on what people truly think. It may take better data and it may take a better approach to interpreting what the data says. At the same time, people with high-paying jobs to protect may not want to hear or share what customers truly think and say about the brand. It depends on the thickness of the skin on the corporate bubble.
What if the message from customers is simply to cut the bullshit? Who among us is prepared to hear it? Are the decision-makers at our largest corporations ready to hear it? Is the agency team prepared to hear it and help turn these sorts of findings into an opportunity to make more meaningful connections?
For the brave few who do listen and learn, the opportunity is there to make a much larger impact, and thus a more powerful statement, by going beyond messaging. When you want to build trust and grow a strong customer base, the more pertinent question is, “What can a brand contribute?” Not, “What can a brand say?”
