3 Retailers Leveraging the Value Exchange Economy to Understand User Preferences
With individuals exposed to over 5,000 marketing messages a day, retailers must strive to create that moment of magic that captures attention and facilitates direct engagement with consumers.
But how can retail brands cut through the marketing “noise” without being creepy?
The answer is to offer a tangible value exchange. The value exchange economy is where marketers offer consumers something in return for their attention, engagement, and preference data. And it doesn’t always have to be a discount or red-letter prize; exclusive content, social kudos, personalized recommendations, and loyalty points can also be the catalyst for the collection of opt-ins and self-reported data.
Brands should forego buying dodgy data and snooping on consumers, and instead strive for more honest, direct, and mutually valuable relationships with consumers. Not only does this give brands the edge, but providing a value exchange in return for consumer data, engagement, and loyalty enables brands to connect directly with consumers and drive more personalized initiatives.
“Treat customers and prospects differently to avoid creepiness. Prospects expect you to know them personally. They want value, not a background check.” --Marketers Versus Customers, Forrester Research, September 2019
Here we’ll look at three retailers that are using Cheetah Experiences to leverage the value exchange economy, building consumer relationships by offering interactions that prove how well they understand consumers’ preferences, motivations, and desires.
Veet drives engagement to collect valuable zero-party data
Consumer goods company Reckitt Benckiser used Cheetah Experiences to create and publish an engaging social story ad to its Veet Instagram page. Complete with a swipe poll and Spotify playlist creator to target and engage potential consumers, Veet had Instagram users covered as they prepare for their big night; whether it be a date night with bae, or a girls night out on the town.
After selecting what night they are getting ready for, participants could start creating their customized Spotify playlist by submitting their personal details within the form provided, acting as valuable first-party data for Veet Canada.
Cheetah Experiences call-to-action pages load 5x faster than traditional web pages
Windsor uses prize incentives to understand consumers’ party-style preferences
To ignite engagement surrounding its range of occasion wear, women’s online clothing and fashion brand Windsor created an engaging “Coast to Coast” quiz giveaway using Cheetah Experiences.
Fans were taken through a selection of fun-filled questions surrounding their New Year’s Eve party style, before submitting their personal contact details to see their results. By taking consumers on a journey to understand their party-style preferences, Windsor can use this preference data to drive personalized marketing initiatives.
To incentivize participation and ensure the perfect value exchange for its audience, Windsor gave fans the chance to win a trip to a party city of their choice.
Results:
- 61% conversion rate
- 7K campaign entries
Book Outlet hosts a range of engaging experiences to boost consumer loyalty
To drive interaction among website visitors and ultimately increase book sales, Book Outlet combined an expansive selection of digital marketing activations, including live weekly polls, Instagram and Twitter content feeds, and a growing number of quiz experiences.
As a way of maximizing campaign reach, Book Outlet also utilized and promoted the dedicated hashtags #BookOutletHaul and #BookOutletBear to inspire social conversation and intrigue visitors to drive traffic to its website.
3M reach across Book Outlet’s campaign activations
Capturing motivations, intentions, and preferences at scale lets you truly personalize each customer’s experience with your retail brand. And by leveraging Cheetah Experiences — and offering a value exchange — consumers will tell you products they desire, what they look for in loyalty programs, and what motivates them to engage.
