Consumers want to be rewarded for their loyalty to a company or brand, but recoil when asked to share their personal data. At the same time, companies risk losing their competitive edge by not personalizing their offerings and acknowledging loyal customers.
Marketers toss around terms like “value” and “transparency” when explaining how to win a customer’s trust, but a company’s understanding of these terms may differ from consumer expectations.
When Forrester Research surveyed approximately 5,000 US adults on why they’d share personal information with companies and how companies can win their trust, it found tangible rewards like cash are more desirable than convenience.
Forty-one percent of respondents said they’d share personal information with companies for cash rewards. Nearly 30% would share their data in exchange for loyalty program points and only 11% chose faster customer service.