Social Media is currently in a strange place. And with the most recent issue being trust, thanks to Facebook, consumers are having a really hard time now that the negative aspects of social media are in the limelight. Between this and the negative health effects that have risen, consumer confidence is slowly deteriorating. As a marketer, a shaky trust foundation can mean shaky campaign results, but a loss of trust in social media doesn’t mean a loss of trust with your company. In a time that seems to lack transparency, there are some ways to keep an honest profile with consumers.
Don’t Believe the Trade Off Fallacy
If you ask most marketers, they will tell you that consumers are more willing to provide their information in exchange for something of value, like a discount or a free item. However, researchers have found that these marketers have been living under what they call the “Trade-Off Fallacy.” In Fact, only 21% of Americans agreed that getting discounts or something for free is a fair trade off for collecting online information. If you’re trying to obtain information, you might have to get a little more creative than just “Receive this white paper if you fill out this form.”
Perform an Internal Audit
Due to social media’s negative spotlight and GDPR, this may be the perfect time to analyze your company’s practices. Think about the data you collect and whether all or any of it is necessary. How long should you keep it? Is the information collected a fair trade off based on the value you provide to the consumer? This may also be a good time to revisit your Privacy Policy. According to Fairer Finance Survey, the privacy policy for most companies runs more than 30,000 words with 73% not even reading all of it.
GDPR requires a clear and concise privacy policy, and even th0ugh there is no federal data privacy law like GDPR in the United States, that doesn’t mean that you shouldn’t follow suit. If you outline, simply, in one or two pages how their data will be used or sold (if applicable), you’ve established trust.
Personalization is Important, but Don’t be a Creep
A study from Deloitte found that 75% of consumers think that most forms of personalization are creepy. The key is to not go overboard. Personalization is most effective in the body of an email or a subject line. How weirded out would you be if you saw your name on a website you visited for the first time? If you were creeped, imagine what other people must feel.
With that being said, consumers do enjoy a tailored experience. According to a survey by Time, Inc., almost 90% of people like their online content to be customized. This is a great way for brands to engage with their consumers. And you are providing value to your consumer by giving them personalized or tailored content.
The foundation of all three of these is trust. According to a survey catered to food brands, 94% of respondents are more likely to be loyal towards a brand that’s completely transparent with 73% willing to pay more for that transparency. Losing trust means losing customers, new and returning, which can turn into a loss of revenue if it escalates.
If you’re thinking about upping your social media game or personalizing your user experience, call the experts at Incitrio.
