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Does the old adage of “it’s not what you know, but who you know” no longer apply in today’s ‘always clicking’ world of big data?
According to the latest Harvard report on Big Data the marketing world as we know it is changing. The market is being flooded with new technology that makes users walking data generators. Data generators that can help us learn what channels drive our customers to respond. They are not only telling us but demanding we communicate with them the way they want, when they want and how they want. We can no longer act solely on hunches and instinct.
The days of businesses using traditional HiPPO (highest paid person’s opinion) approach to making decisions is being replaced by data-driven decisions. Leaders will either embrace this fact or run the risk of being replaced by others who do. As the big data revolution continues to evolve so too should the ways we engage with our customers. Making it less about channel selection and more about what do we know about our customers to enrich their experience with our brand.Marketers spend a great deal of time and money to study what compels consumers to make purchasing decisions so that they can better formulate appropriate marketing strategies. So much so, that it would take volumes of space to list them all. One thing is for sure , technology has shifted marketing from brand push to consumer pull as consumers' demand brands listen to them, understand them and know them.
Where the connected world will have the greatest impact on marketing will be in the opportunity to deepen relationships with their customers at every touchpoint across multiple integrated channels. The science of analyzing, evaluating and influencing consumer behavior is foremost in determining which marketing efforts will be used and when.
IN A COMPLEX AND SHIFTING LANDSCAPE,
where is marketing to start?
The good news is... the shifting landscape has given us more channels to communicate with our customers, the bad news is....the shifting landscape has given our competition more channels to communicate with our customers. To differentiate yourself from the competition the best approach is to start by defining a strategic roadmap that is focused on the customer and how to improve their experience and journey. What channels do they prefer that you use to communicate with them and how can you better serve their needs?
When applying a customer-centric approach to your marketing mix it is imperative that you strengthen two solutions:
Customer insights - by using analytics and predictive modeling you can better understanding both the persona (group of demographics) and the person by paying closer attention to their behaviors. What message or platform gets their attention?
Brand Relationships - be consistent and coordinated with sustained interactions and engagement. Build loyalty by building a customer engagement framework.
Methodology to create an engagement framework and optimize customer experience:
Source: Harvard Business Journal