At face value, brands have all the necessary ingredients to create the ideal marketing blend: a wealth of data, sophisticated tools and technology to help them understand it, and even an audience with a strong appetite for personalisation.
But there’s one key problem — with data pools constantly expanding, it’s increasingly difficult to distinguish the good from the bad. For many marketers this is holding them back from harnessing the knowledge at their disposal to deliver engaging experiences.
So what can marketers do to ensure that they are using only good data – reliable, valuable information that offers true consumer insight?
In short, they need to reimagine their data approach and the traditional customer relationship management (CRM) model. But before we explore how, let’s recap on what makes the data-driven marketing opportunity worth pursuing.
A competitive data-powered advantage
It’s proven that when consumers are delivered unique communications that align with their specific shopping journey, the reaction is positive, with 77% of consumers having opted for brands because they provided a personalised experience.
Thus, acquiring deep insight is essential to capture and retain consumer interest and stay ahead of competitors. By combining multiple data points, marketers can define which stage individuals have reached in their path to purchase and adjust messages for optimal resonance; delivering relevant offers to the most appropriate on or offline channel, at the ideal moment. What’s more, they can also use granular insight to build unique profiles that fuel joined-up and impactful messaging throughout consumer journeys.
Taming the data cloud to create a streamlined customer view
With over half (54%) of marketers stating that they are underperforming when it comes to obtaining high quality information and utilising it effectively; finding smart solutions capable of turning huge stores of data into a streamlined consumer view must be a priority.
And here are the three stages they should follow to do just that:
- Matching up data sources
Often referred to as multi-pronged matching, this solution helps marketers link together an array of disordered data to form usable insight. It works by taking data sets where individual identify is defined, such as permission-based customer lists, and matching them to digital identifiers associated with specific households. These identifiers may vary from mobile IDs to IP addresses or cookies from different household devices, but the key is that every source is included. Doing so ensures all connection points are tied to one CRM record, giving marketers a solid basis for building profiles.
- A fully rounded consumer view
Once the pieces of consumer networks are unified, marketers can then add further data sources to improve the quality of each profile. For instance, they can integrate owned data about digital and offline interactions with their brand, as well as third-party information, such as; consumer interests, real-time location, purchase history and intent, and favourite retailers. By collating and continuously refreshing this broad spectrum of consumer insight — so that shifts in behaviour and new devices are always incorporated — marketers can map individual journeys in motion, accurately identifying what consumers are doing and what they will want next.
- Initiating data activation
The last but most crucial stage is activation, and with valuable data at their fingertips marketers have multiple options. They can draw on their pool of data to enhance targeting relevancy, increasing sales and brand perception. They can also use data to develop services and offer seamless omnichannel experiences that increase loyalty, and outpace rivals. And they can take advantage of the growing movement towards convergence that is leading walled gardens to share data with marketing cloud platforms — porting in their own data in exchange for insights about varied mediums, from TV to social media. Thus, their existing data stack can be significantly bolstered with premium and useful consumer knowledge.
Marketers already have the right information and technology at their disposal; all they need to do is find a means of bringing them together successfully.
By connecting consumer networks to create actionable high-quality profiles, they can at last achieve an accurate understanding of individuals and deliver the personalised campaigns that their consumers want and deserve.