3 challenges customer data presents for marketers
Statista recorded the total number of active websites at 200 million in 2019. That’s from a total of 1.7 billion websites the world has seen built. And while that’s a monumental accomplishment, it also presents a challenge.
As the web evolves, the need for more information on how people interact with brands, consume content, and how brands are able to make meaningful decisions based on these interactions grows. And today, while brands scurry to learn as much about what makes their audiences tick, data is a problem. There’s far too much of it and it’s pouring in from multiple sources.
What’s does this mean for organisations that want to get ahead of the curve? In this article, we’ll explore ideas that the c-suite should consider as they plan for a data-backed customer engagement approach.
We’ll look at three challenges customer data presents, that can help you better define what your data landscape looks like, and what it should help you accomplish. We’ll also examine why you’ve got to think about personalisation if your brand wants to stand a chance in today’s buyer-focused world.
Data in all shapes and sizes
It’s every marketer’s dream to have keen insights. Understanding your audience is and what influences sound decision-making. Today, the convergence of tech offers much more opportunity to tell more connected customer stories, but that’s easier said than done.
Data is streaming into organisations faster than most know what to do with it. From visitors logging onto guest WiFi in-store to email marketing campaigns, POS purchases, social media interactions, and your website, making sense of it all is a full-time job. Together, these sources create a holistic view of who you’re selling to and what they want.
As you examine the data your organisation collects, what do you see? Are you collecting it from various sources, or not enough to give you a multi-dimensional perspective of how buyers interact with your brand?
Understanding the value of your data
There’s no dismissing the importance of an omnichannel marketing approach. It pulls together the most telling behaviours of your audience, making it easier to reach them where they are, and serve-up the content and offers that will make them take action.
But often, brands ignore the value of their data. Its seldom given context and that leads to less informed decision making. Uncovering the value of your data is best explained by tying a monetary value to it. For example, most brands consider the life-time value of a customer. It’s the revenue a customer will generate in their lifespan as a customer.
And to make this calculation, factors considered include revenue, budget, profitability, and forecasting. Marketing is also a key factor. It influences the acquisition and retention of customers, something you can only improve when you know what customers want, how they want it, and when they are ready to take action.
Do you know what your customer lifetime value is? Which data insights help you refine your marketing approach for the best results? Can you do more to improve your results?
Personalisation isn’t a nice-to-have, it’s a must-have
Personalisation is officially here. There’s a good chance that your brand offers personalised experiences, possibly through email marketing campaigns or product recommendations. But there are levels to personalisation, levels that will separate industry winners from losers. For example, while remarketing campaigns aren’t a secret, smart brands have perfectly timed theirs with relevant messaging based on where their buyers are in the buyer’s journey, and not just with sales offers after a single website visit.
Consumers are also hitting back. As millennials and GenZ’s become the dominant generations, they have begun exercising their preferences. Research by Accenture shows that 91% of consumers are more likely to shop with brands who recognise, remember and provide relevant offers and recommendations.
How is your brand creating personalised buyer experiences? Are you developing insights to help improve them?
Data’s all around us, but it’s a more complex beast than most brands know. Gathering and making use of it to create more engaging and personalized experiences is what matters today. Question is, how is your brand rising to the customer data challenge?
You can learn more about Customer Insights here.