The "personal" nature of text messaging and the high need for user opt in are key reasons why the channels mostly appeal to different types of retailer relationships. Text messages require some sort of pre-existing relationship. Perhaps email messages are supposed to require opt in as well, but frequently permission is more tacit than formally acknowledged.
A user that has opted in to receive SMS messages presumably already has significant interest in a particular product or retailer. Email messages can cover a wider range of consumers.
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