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
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.