Consumers increasingly seek out customization, with almost nine in ten shoppers saying that personalization plays a role in their purchase decisions. Improving methods of collecting data can help companies build those personalized experiences, while also increasing their ability to target their desired audiences. Spotify provides an example of how brands can provide a customized experience that benefits both advertisers and users.
With over 140 million active users, Spotify is the dominant force in the world of music streaming. The company last month debuted a function that interprets the character traits of users based on the music they listen to; businesses can then utilize this information to target advertising. Nearly a third of consumers say they would be willing to share information with brands if they received something in return. In Spotify’s case, they receive curated playlists.
According to L2’s Data & Targeting report, many brands struggle to find a balance between asking for excessive information and not asking for enough. Combining data capture and personalization into one seamless process, like Spotify, can save time for both consumers and businesses.
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