15th July 2021
4 types of value exchange you should build into your lead generation.
A thought or two on how we can think differently about the value exchange, and in doing so, ensure more than 15% of consumers feel they’re getting fair value from granting brands access to their data. Why? Because successful lead generation relies on it.
The exchange in this instance: four minutes of your time for a practical takeaway about the four different types of value exchange you can build into your lead generation efforts.
Today’s world runs on data
The IDC predicts that by 2025, the digital universe will reach a staggering 180 zettabytes (that’s 180 followed by 21 zeros) – it’s one of those big numbers that we need a David McCandless Billion-dollar-o-gram-style graphic to put in perspective.
Data – luckily not all 180 zettabytes of it – is one side of the coin that is the ‘value exchange’.
At risk of preaching to the converted, the ‘value exchange’ between brand and consumer is one of the fundamentals of modern marketing, the simple trading of valuable data for valuable experiences.
But ‘value’ – as definitive as it can be where economics is concerned – is ultimately for the recipient (the consumer) to decide, not us (the marketeer).
There’s work to be done
Data is now a tradable commodity and one that consumers across the globe are becoming savvier at bargaining with. So, calling all marketeers, there’s work to be done…
According to a recent global report conducted by Microsoft Advertising:
Just 15% of consumers feel they’re getting good value from granting access to their data, and only 24% see the value of personalisation as the result of sharing data
Roughly half of consumers don’t feel the benefits they receive are as valuable as the personal data shared
Regardless of the industry, at least two-thirds of consumers don’t understand how their data is being used
To put it mildly, that’s a bleak performance review of the equality consumers see in the current value exchange between themselves and brands.
It’s not all bad news though (thankfully). Consumers are open to sharing their data – 51% say they willingly share basic information such as name and email – but there’s a consistent critical factor, and the clue is in the name: ‘value’.
So how do you resolve the disconnect between marketeer’s intent and consumer’s expectation?
Exchanging our data for something of perceived value is simply a fact of life these days. But we as marketeers need to think more broadly about what that ‘something’ can be (and put ourselves in the consumer’s shoes whilst doing so).
So (two minutes down, two to go), here are four different types of value exchange that you can and should be considering when developing your lead generation programmes.
1. A customer–experience-based value exchange
Put simply, the exchange of data in return for an improved customer experience.
At one end of the spectrum, that can be things like personalisation – based on something like location or the context of the customer’s situation.
At the other end, it can be an experienced-based offer – consultancy or expertise, for example. Things that fundamentally add value to the way someone experiences that brand, solution or service.
2. A content-based value exchange
The exchange of data in return for valuable information.
This most common type of value exchange can be hugely successful and advantageous to both parties. But it’s here we must always remind ourselves that when it comes to content, beauty is very much in the eye of the beholder. Put yourself in the consumer’s shoes… does the content you’re producing help solve a genuine issue or challenge they’re facing?
3. A social– or community–based value exchange
Here we’re talking about the exchange of data in return for access. Access to beneficial communities, networks and platforms.
Less common, but when done right, social- or community-based value exchanges can make for an interesting and inviting proposition where the consumer is concerned – access to a group or network of like–minded individuals.
Where the brand’s concerned, it’s a great way to encourage and leverage social proof, advocacy and referrals.
4. An incentive-based value exchange
Lastly, the exchange of data in return for offers, discounts or competition entry, for example.
These are arguably the most tangible value exchanges where the consumers are concerned – a strong, incentive-based value exchange can really help generate interest and/or action.
If brands can get their approach to the value exchange right, by being self-critical as to the value they’re providing, whilst ensuring they demonstrate integrity through better data stewardship and transparency, then everyone stands to win.
So, let’s resolve the discontent between marketeer’s intent and consumer expectations. Let’s think more broadly about what that ‘something’ of perceived value can be. We can do so much better than 15%!