The simple question of “How are we reaching our customer and are we engaging them?” has caused more fear and panic in board rooms all over. The issue of transparency and it’s inherent issues, and having the ability to attribute the marketing efforts to actual sales is becoming even more of an issue. CMO’s are investing more in MarTech and data in order to make the transition to being more customer focused. The need to overcome things like ad blockers, shortening attention spans and competition to reach and engage customers at a more personal level has made it a challenge to keep up and stay relevant. What are the steps marketers should be taking in order to “keep up” with the consumer and the ever-changing ecosystem?
More targeted experience – The first step is data. The first party data you have is great for retargeting. Once you have sifted through all of the first party data and gotten it to a point where it makes sense you will find unfortunately retargeting alone will not be enough. Recent studies show only 1-3% of first party data actually converts. That translates to two things. 1. No or slow growth in ROI. 2. You will need scale and a third-party data strategy. Being able to build larger segments to market to and engage, is no longer a nice to have. Having a strategy and being able to make the most of that data strategy should also cut your marketing costs and boost ROI. With better-targeted display, mobile, emails and direct marketing, the waste from click fraud and ads not being viewed or missed by consumers is cut drastically. If they are better targeted (search history, purchase history, deterministic AI) and they offer the consumer value it is not unusual to see ROI jump by at least double if not sometimes triple digits. Things such as offers in mobile notifications, discounts via e-mail and notifications, personalized content, in-store notifications, and personalized display campaigns all have seen increased engagement and conversion through better targeting.
Quality data at scale – As consumers continue to warm to beacons and location-based technology, along with more personalized content, the need to be able to deliver this to households and individuals is becoming more of a priority. Data specialists are beginning to ask how accurate the data is (household or individual, specific location, etc), how often it is updated and what type of verification is run on it. The ability to ingest first party data and append additional scale and then push that audience to programmatic platforms and agencies is a growing part of most campaigns now. But it shouldn’t stop there. Taking that audience and continuing to build the data set around it to include offline and mobile data to have the ability to do a true omnichannel, cross-device campaign should be the goal once the display campaign has been set.
It’s not just the delivery – Keeping n mind that that segment may also be broken up into groups such as past purchases, browser history showing product intent, and other factors should be taken into account when looking at what campaign to run to who and how to best reach them. Also looking at how they like to be reached (mobile vs display, morning or evening, etc.) and really getting a full view of the customer will help you cut through the clutter and competition and add value., which in turn helps you engage the customer, with the hopes of becoming part of their life’s routine. Knowing life changing events like, the birth of a child, purchase of a new home or car, job change, income increase or decrease, also helps give insight into which campaigns to run and services or products to offer.
Getting your house in order – All of this is for not if your “house” is not in order. Disparate POS systems, outdated database software, antiquated servers, siloed access to data, a siloed marketing environment and more, can all undermine the best data and campaigns. No matter how well you deliver none of it will come together to help you realize the full ROI potential until it is all working together. More and more CMO’s need to have a marketing technologist with a map or blueprint of how it will all work together to provide insight and attribution from beginning to end, holding vendors to transparency, fighting for data rights and making sure it all flows like it should from creation to delivery through the sales funnel. It is a special mix of technology, marketing and sales person that can make sure all of it fits and flows to the benefit of the consumer.
The bottom line – Your digital strategy is a work in progress with a bunch of moving parts. Keeping the customer first and walking through how they interact with your company and products and services, with an eye to how to add value and deliver relevant content is the key to the process from beginning to end and will reap the most reward. Making sure transparency and results and clearly stated with MarTech partners is also key.Getting them to buy into your final vision and if possible become stakeholders, will also help with this process.
Looking for help with data? – Datastream Group, Inc. has over 400 million data records providing data for of companies who use the data for everything from e-mail campaigns, display campaigns, programmatic, mobile programmatic, as well as for TV and radio live transfer leads. Datastream provides consumer online and offline information for use in any number of different types of marketing campaigns. OneDB is derived from self-reported consumer data and compiled data.
Datastream’s OneDB records are all opted in, and consumers can be targeted offline by postal and telemarketing efforts, and online by keyword, interest, and intent. Audiences can be targeted by intent to purchase categories, IP Address (B2B & B2C), and by a device (desktop, tablet, and smartphone). Data can be licensed for append purposes, marketing purposes, and hygiene & verification uses. Datastream will also enhance and enrich a company’s existing records through their OneDB platform.
Datastream has a competitive edge licensing their data because there is a large appetite in the current market for a marriage of digital identities to households. The Consumer Master File is built from active online consumer and business audiences and can be traced back to a postal address. You can also find our data on platforms like LiveRamp datastore, Lotame, BDex and others. For custom requests contact us to build audiences for you using keyword and or location data. We specialize in that. (firstname.lastname@example.org)