Know your Customer before they go elsewhere

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An interesting week that highlights the dream and the reality of where we are with digital…….

  • confirmation from the Consumer Electronics Show in Las Vegas that confirm your refrigerator will soon be able to call you automatically on your smartphone
  • a loyal and heavy spender in a particular electronics department store in France is upset that he is not recognised for his loyalty or level of spending. In fact there is absolutely no attempt to determine who he is from the moment he enters the store to the moment he hands ovrer his credit card (that has his full name written on it) to pay for a high ticket item. He says he will go elsewhere
  • a rail traveller on Paris metro line tweeted that every day this week there have been serious delays and yet no one from the RATP bothered to reply to him

Companies and Brands need to make more of an effort to use all the data at their disposal to intelligently engage with their customers who have every right to feel hard done by through not being cared for or acknowledged in an age where they are the ones informing the company of their issues.

Roles are reversed. Now its the turn of the consumer to be king, not content. The decision making power is totally in the hand of the mobile consumer.

I came across an interesting Harvard Business Review article written a year ago that highlights this same issue.The article stated that customer profiles are the secret weapon, allowing brands to:

1. More intelligently push content and experiences to their consumers
By mapping out better consumer target segments, brands can push out more personalized experiences and messages on their websites, in social media, on mobile, and in retail. For instance, car dealers will now be able to reach someone who has specifically browsed or liked a certain make/model of car on an advertiser’s website or Facebook property and who has shown behavior that he or she will soon purchase a vehicle.

2. Improve their real-time marketing efforts
We saw a ton of real-time marketing recently during the Oscars and Super Bowl where a good majority of the real-time efforts felt like spam. Brands like Kellogg’sStella Artois, and U.S. Cellular jumped on the bandwagon, pumping out generic tweets and images about the Oscars and mass broadcasting them via social media. None of it was very interesting, personalized, or targeted to a brand’s high-value customer. Brands that make the leap into real-time marketing and engage with their most influential customers in a personalized way will have a decided advantage over competitors.

3. Improve a customer’s lifetime value by better engaging them over the long term and with purpose
As discussed by Bill Lee in “Marketing Is Dead,” in the past, the definition of customer lifetime value (CLV) was based only on a consumer’s purchases. In the future, with the proliferation of social media, a customer’s CLV will have to factor in the influence the customer wields over their social networks and ultimately how much that influence drives others into a transaction with a specific brand. This social factor will be weighted by reach (number of connections in the social graph), frequency (amount of sharing), impact on others (overall or for the category), and individual engagement with the brand. With this updated calculation of CLV, a brand must have a 360-degree view of the customer. Brands will want to spend more time engaging and dialoguing with customers who have a higher CLV.

Though digital channels continue to proliferate and consumers continue to distribute their time spent with a brand across this fragmented landscape, most brands are still using outdated tactics to reach the masses. Some advertisers are creating a virtual landfill that makes it difficult for any message to resonate. To surgically cut through the noise, advertisers need to develop richer customer profiles. It’s not the sexiest of topics in advertising, but it’s one that will ultimately allow brands to target and personalize the experiences and messages that consumers deserve.

We like to be greeted by our local butcher by name and yet when we go to supermarket and spend 10x the amount that was spent at the butcher, we are not even thanked personally, even when we give the checkout person our loyalty card to recover points that actually are not at all motivating or incentivising.

Start developing those profiles and get to know who is really your customer before they go elsewhere

EXPERIENCE IS THE NEW CURRENCY OF THE DIGITAL ECONOMY

 

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