Marketers harbor many false assumptions about consumers.
Take the idea that discounts drive most sales. They don’t, according Building Long-Term Customer Loyalty, a study released Tuesday by Braze.
Consumers come back repeatedly to brands based on these factors:
The takeaway: Trust is more critical than discounts.
Then there’s the idea that consumers will share data in return for personalization.
Shoppers don’t entirely trust brands to responsibly collect their data. They are:
That means almost half distrust the process. And while 26% are more willing to provide personal data to brands than they were three years ago and 44% are as willing, 30% are less willing.
But most want personalization based on browsing habits with brands. They say it is:
What do they do when they don’t receive a personalized experience? They will:
Meanwhile, consumers appear to be more distrustful of mobile apps than they are of websites. Seventy-one percent will ask an app not to track them, while 11% will allow an app to track their activity across other companies’ apps and websites.
In contrast, 55% of website visitors will click Accept cookies, while 23% will chose to manage their cookie preferences and 22/% will reject all.
Braze surveyed 2,219 consumers in the U.S. and the U.K. from August 10-26, 2023.