According to a study, 67% of consumers show their willingness to share their data if they receive some benefits like discounts, points in return. When consumers are willing to share their personal data for marketing purposes, then why not capture their data for retaining their loyalty strategically and reaping other benefits?

The current scenario of the market emphasises the importance of first party data. Brands can use this data to retarget their existing consumers and retain them with their loyalty programs. There are multiple ways to capture data like QR codes, long-code SMS, hidden scratch code, coupons and social media links. 

As a brand, you can always rely on a solution like the one provided by Genefied. It’s unique QR code is helping brands capture the buyer’s data smartly and allowing brands to re-market.

You are here and reading this article probably means you are a brand owner. Congratulations! You are at the right place for this blog post sheds light upon why losing out on consumer data could be dangerous for your brand. Let’s see what drawbacks it can bring for your brand!

You can lose relationships

Gone are the days when brands never felt the need to retain its loyal consumers. Surprisingly, things have changed for the better good and brands are striving to make their consumers stick to their brand. However, things are not as easy as they seem for consumer data management has gotten bigger.

Danger of being Ignored at Ecommerce

Your brand can be easily wiped out by the giant eCommerce channels like Amazon & Flipkart in a price war. To combat, you ought to bring in stronger strategies and one of them being capturing consumer data through various modes. 

You can lose on improving NPS

The net promoter score (NPS) sums up a consumer’s engagement and loyalty in numbers. It understands consumer’s behavior & intent and conveys it in unstructured data. Unstructured consumer data allows a brand to explain its NPS and look for ways to improve it. In case you miss collecting consumer data, you are simply losing a larger chunk of your brand’s success. 

Loss of distributor’s motivation

Distributors tend to lose motivation if they don’t get much in return for sticking to your brand. They might switch the sale on noticing what better the other brands are offering to their distributors. 

Missing consumer segmentation & understanding consumer’s behaviour

Around 70% of companies capture consumer data across multiple channels and segment the data based on different criteria. Segmenting the consumer data allows brands to enhance their engagement with the consumers and create buyer’s journey models for similar prospects. This makes marketers add more value at the top of the funnel. 

The danger of not understanding your buyer’s persona leads you to misinterpret their behavior. Consequently, the link between your brand and consumers breaks. 

Inability to target the right area

Brands that don’t understand the relevance of capturing consumer data fail to target the right area of the market. What results can you expect for a brand that discusses a case study of a brand selling in a particular region, but not supplying there itself?

Loss of ROI

Brands that are taking consumer data collection and consumer data management for granted make conditions unfavourable for themselves and a fair share of ROI slips from their hands. This means they could have earned high revenues if they had paid heed to the importance of capturing consumer data.

Conclusion:

Make hay while the sun shines! This idiom suits the market conditions aptly. Capitalize on the technology of QR codes for it is here and rocking. 

Let us take off the burden from your shoulder and show you how our seamless solutions can strengthen your position in the market. We will make you learn how consumer data is collected and how it can be used further. Connect GenefiedTech today!