Forbes Features Phil Lockhart on Innovating Company Data to Increase Personalization

Ariel Hooper

Forbes Features Phil Lockhart on Innovating Company Data to Increase Personalization

It’s no secret the world is becoming increasingly digital, pushing businesses out of their comfort zones to not only adopt the latest technology trends, but understand them as well. With technological transformations changing the consumer landscape, businesses are forced to reevaluate their customer retention strategies.

Serenity Gibbons at Forbes recently sat down with Credera’s Chief Digital Officer and MarTech expert Phil Lockhart to discuss why harnessing technology and data are key in forging long-lasting customer relationships.

“The average person now sees thousands of ads per day but registers the contents of just a few,” Lockhart explains. “Personalization helps a company’s ads connect with the individual and stand out from the rest. In many ways, it’s already become an expectation of customers.”

This expectation comes from an increase in digital marketing channels, which expose the average American consumer to 4,000 to 10,000 ads per day. For companies, this grants the opportunity to target individuals with more ease and less cost, but at the price of increased competition and consumer skepticism.

The Challenges of Personalization

As tech giants like Apple and Google look to minimize the use of third-party cookies, iOS device trackers, and other commonly used targeting technologies, customer trust has become a focal point in data collection. A staggering 96% of iOS users have already chosen to opt-out of ad tracking with Apple’s latest privacy updates, leaving companies to find alternative personalization tactics.

Lockhart’s solution? “There needs to be a clear value exchange realized for customers for all of the data shared; customers should know that sharing their data results in better outcomes for them down the line.”

By being open about what data is being collected, how it will be used, and how safely it’s being stored, companies will find less resistance from consumers. Explore more in Credera’s whitepaper about using data to deliver better customer experiences.

The Future of Personalization

As personalization becomes more and more prioritized by companies and customers alike, seeking out successful data innovation trends helps businesses stay up to date with top technology tactics. One of these trends, real-time propensity models, uses data to predict the actions a consumer will take as they’re happening. In turn, businesses can respond more accurately and appropriately to fit the consumer’s journey.

The future of personalization, according to Lockhart, will be one that moves beyond the digital landscape to become interwoven with everyday physical spaces—making it crucial for business leaders to fulfill the demands of customer connectedness.

Continue reading the full article here.

Utilizing Personalization Technology for Your Business

At Credera, we’ve partnered with a diverse portfolio of organizations to address their leading personalization, data collection, and marketing challenges. Want to learn more about harnessing data and MarTech tools? Reach out to findoutmore@credera.com to start a conversation.