A situation has arisen where customers are getting worried about advertising that target customers and it is a question how business houses can be assured of getting maximum information from the customer data without influencing the privacy.
In the earlier days, mail order catalogue was introduced for the first time which is considered a customer revolution even today. The Americans called it as the wish bookas they had restricted access to various products available at good prices and it henceforth came to be the platform for a totally different industry.
The online store run by Amazon is said to be a very effective continuation of this idea in various aspects. But this change had an inner meaning within it: it showed how an efficient business house could change the information into profit.
The idea of converting the data into money is found to be common these days. But the one aspect which has changed and is picking momentum is the volume of data about the customers available to the organizations. When Ward could build a business empire with details of addresses of households, the business concerns of today are exposed to a huge treasure of data such as location, contact, online behavior and the reviews which are collected in realty.
One must thank the fast developing technology that companies are able to combine both unstructured and structured ones from various sources and websites. Put together this mixture of information will help in getting full picture of consumers and what they prefer.
What could be the problem?Just like the companies which are trying to gain access to the vast database, the clients are also searching for means to hide the data and confine it to them. Within one year, the number of US youngsters who wanted to keep away from behavioral adverting found online has increased almost double.
install platform detection. In the beginning of the year, a survey from Pew indicated that many respondents were against targeted advertising since they did not approve of their online behavior being exposed. The same trend continues in the number of consumers who do not wish to be approached by mail or phone calls. Since the privacy laws are getting stricter, many companies are even pondering over getting out of contacting customers as they are scared of violating the rules.
installcore.org. But withdrawing from such great potential is similar to losing a good chance and also it will not help in sustaining in the industry. And the companies have to understand that the customers would like to have control over their data. But it does not imply that they will not do this forever.
They will surely do so if the situation warrants it. For example, Nike earns a huge profit by enabling the joggers to exchange their current runs through social media, getting in turn some simple tools for facing challenges and to find out the progress.
Also the businessmen should understand that times have changed and the norms set by twentieth century for earning profit using data are changing constantly. Hence the tools and the strategies used earlier have to be changed to suit the new era and this should happen quickly since things are changing fast.