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One of the most intriguing topics to me with marketing today is the introduction of advanced technology like that mentioned in this week's podcast. The reason for this intrigue is because now more than ever, companies are able to obtain consumer data that is so personalized it allows for the potential to create an even better customer experience.

PR Newswire released an article last year in which they discuss how personalized marketing allows for a better online and mobile experience, and a comment from Karen Fichuk explains it best in stating, "This should have a big impact on retail customer acquisition and retention efforts - effectively increasing lifetime value with the best data, technology and analytics available." (2017)

When considering this thought around companies using technology to leverage consumer behaviors for their advantage it is important to note that consumers may feel like they are losing their purchasing freedom and privacy. From one perspective it could be viewed this way as companies now have access to data that tells them, in many cases, more about you than you may know about yourself. This is because the data is obtained from historical purchases, websites visited, and sometimes social media.

In a study from the Marketing Letters, the authors explain that, "personalized services represent a double-edged sword." (2016) Like mentioned above, consumers feel that while the personalized marketing creates a unique buying experience, it does give a sense of lost privacy. The authors further explain one way to navigate this is by allowing the consumers to control their personal information, which will allow companies to soften the delivery of the personalized marketing.

While I agree with what the authors had to say along with some of the recent news around Cambridge Analytica in the sense that they do have personal information consumers may not realize, I feel like this type of data collection is valuable to creating a more seamless consumer experience.

This allows companies to tailor items such as discounts, private events, and new product releases to each individual consumer. Obviously this information could be dangerous in the wrong hands, which is why there needs to be some sort of regulation around how the data is collected and used, but I feel that removing this access for companies is a negative direction.

When a company gives a consumer something like an unexpected discount the moment they step in the store, it creates a sense of surprise and delight that will not only ensure they have a good experience, but also loyalty to the company long-term.

References:

Nielsen collaborates with RichRelevance to bring new retail personalization capabilities to nielsen marketing cloud. (2017, Feb 06). PR Newswire.

Song, J. H., Kim, H. Y., Kim, S., Lee, S. W., & Lee, J. (2016). Effects of personalized e-mail messages on privacy risk: Moderating roles of control and intimacy. Marketing Letters, 27(1), 89-101.