While I was travelling back to Mumbai from Kolkata, I was accompanied by a couple with their 1 year old. And like some kids, this one was more affectionate towards mom than dad.
And looking at the little brat, a simple yet a tricky question popped in my mind – WHY? What is it that makes this little one inclined towards the mother?
That is where I was able to relate the “mom-child” relationship with that of a brand with its customers.
As mom is aware of the likes and dislikes of her baby, the kid is more affectionate towards her mom. She knows when to feed her, what to feed her, how to feed her, when will she sleep and so on….
So what are these influencing factors, or touch points as we call them. Nothing but DATA.
The more you know your customer, the better you can serve them. That’s where DATA DRIVEN MARKETING comes into the picture.
It’s all about knowing your customers’ behaviour just like the way the mother knows about her kid.
Basis having multiple data points of their customers like: demographics, transactional data, ticket size, social data etc. a marketer can do a rich analysis of all these and craft relevant, action-based communication.
Here are different personas of marketers (I came across on Skyword and SC Media) of which you would love to be some (and also skip some.
- 87% of marketers consider data is their organizations’ most underutilised asset
- 49 % of respondents feel “significant pressure” to increase the data’s role in their current strategy
- 39 % of organisations are capturing significant business benefits such as improved ROI, increased customer loyalty, or more sales conversions from acting on customer data
- 59 % marketers also cite the ability to make faster decisions as a key benefit of this data analytical approach
- 41% believe that using the insights from data-driven marketing would help better allocate budgets for marketing activities
With a gamut of data, various segments can be created and communication can be done mapping it with the business objective.
Ask a few questions to yourself which will truly push you to go an additional mile to know your customer better.
- Do you really know who is visiting your Website or the App?
- What product is the visitor looking for?
- How much time has the visitor invested in surfing a product?
- Are you really talking to him/her about the right product?
- Has she changed her mind/decision about buying a product?
- How can you add value to the visitor’s shopping experience with your brand?
Imagine how hyper-personalised will your content become once you know all the behavioural aspects of your customers. This will ultimately help you with maximised customer engagement, loyal customers and better ROI.
As Data Driven Marketing is being practiced aggressively for better and personalised communication, the question still stands tall today – “Do you really know your customer and do you know them more than they know themselves?”
Talk to us to explore how data-driven marketing can help you maximise your engagement and ROI.