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Responsible Marketing with First-Party Data
Article

Responsible Marketing with First-Party Data

Henry Leon, Shilpa Patel and Dominic Field
Boston Consulting Group, 2020
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Your customers no longer just want a great product at a good price – they want a product that feels individualized and relevant to their unique lifestyles. Sound like a daunting task? In this report, the Boston Consulting Group explores 70+ interviews conducted with leading European companies to get a clearer picture of how successful firms wield first-party data in the fight for market relevance. Based on these findings, the authors offer practical tips for collecting, analyzing, using and sharing data without violating your customers’ trust.

Summary

Historically, companies won market share by making a better, cheaper product; now, your must personalize your product to each customer.

Think providing an inexpensive, high-quality product is enough to ensure your business’ success? Think again. Customer-relevant experiences are a make-or-break proposition in the modern marketplace. In 2019, Harris conducted a survey for Redpoint Global which revealed that 63% of consumers “expect personalization as a standard of service.”

Delivering a personalized customer experience starts with “multimoment maturity”: sophisticated digital marketing techniques that repeatedly deliver relevant messages to the customer as they make their way along the purchase journey. True multimoment...

About the Authors

Shilpa Patel is a Managing Director & Partner, Dominic Field is a Senior Advisor, and Henry Leon is a Principal in the Boston Consulting Group’s London office.

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