The digital revolution we have been experiencing for the past 25 years has been a fast and furious one. Changes in what we sell, how we sell it, and especially the way we market to customers seem to be an ever-evolving chase to master search engine algorithms and keep up with educated, savvy consumers who have a growing multitude of choices and stated preferences to satisfy. Through all these many fluctuations, some basic marketing principles have emerged all of which surround one focused idea: getting and keeping a customer means ensuring they have a positive, personal, and consistent experience every time they interact with your brand.
This ideal has brought about a major shift from a once product-dominated economy to the dawn of the platform economy. For proof of this, look no further than the once (and not so long ago) must-haves like Blackberries, HP calculators, music CDs, and CD-ROM copies of video games that have now become obsolete in the world of streaming and platforms. The modern eCommerce world becomes more interconnected via the platform economy every day.
Data-Driven Platforms Command Customer Experience
The platform age has never been more evident than in the current focus on brands providing a top-drawer customer experience. Research indicates that to win the business and long-term loyalty of modern consumers, brands must provide not just a great transactional interaction, but one that is personalized to their needs, goals, and preferences and one that is consistent across all brand touchpoints.
To do that right, you need data.
Data-driven platforms like Group FiO’s Insight Marketing Platform provide brands with deep data that empowers them to give customers what they want from today’s eCommerce world. It also provides brands with the analytics and long-term strategy that builds real customer loyalty and true Customer Lifetime Value (CLV).
Not all customer data platforms are built equal, however. Data-driven marketing is they key to winning and keeping customers, but it needs to be the RIGHT data, with the right focus on creating long-term, personal relationships with consumers and ensuring that you have the tools to keep them engaged even with heavy competition for their attention and money.
Here’s a look at 3 areas you need to ensure you’re covering from your customer data platforms.
Zero-Party Data Platform
With Google doing away with third-party cookies, brands need to have a solid strategy in place to continue marketing to leads and customers effectively while also respecting consumer privacy.
This is where Zero-Party Data enters the picture.
Zero-party data is about as close to marketing gold as a brand can get. That’s because zero-party data is intel that has been provided by the consumer themselves, self-reported for the purposes of having a more personalized interaction with your brand and so that they receive certain perks in exchange for the information. These perks include special coupons and other offers, exclusive access to sales, additional content and insight, personal recommendations, and more.
If you’re not currently working to capture zero-party data on your customers and leads, in short, you’re falling behind the competition. While first-party data is good, zero-party data is better. It is owned and governed by the consumer themselves and is therefore both more accurate and more respectful of customer privacy and autonomy, which is something that today’s conscientious consumers demand from the businesses they patronize. Zero-party data enables you to craft personalized workflows and highly specific marketing campaigns that promote not just your products and services, but more your relationship with your customers, continually demonstrating your role in their lives and your investment in them as a valued patron of your business.
If you’re new to zero-party data and don’t know where to begin, Group FiO is here to help. We have a limited time offer to both new and current customers looking to get a leg up on the competition and unleash the power of zero-party data on their marketing strategy. Find out more about our zero-party data platform here.
Customer Loyalty Platform
In the early days of eCommerce, having a straight-forward customer loyalty or rewards program was seen as being more than enough of a brand offering to keep clients loyal. There were fewer of them, they were novel, and early eCommerce customers were satisfied with getting one free item after purchasing ten and a coupon on their birthday.
Those days are long gone.
Today, a frequent buyer punch card or star reward program is only one small piece of building true customer loyalty. Everyone has some type of VIP program available to consumers; to stand out, you need to be building REAL customer loyalty with every brand interaction you have with customers, and you need to do it via every brand channel in which a customer interacts with your business.
Strong brand fidelity is built primarily through an equally strong commitment to personalization. Modern day customers expect that a brand is invested in them and making their brand experience as rewarding as possible by providing them with specialized recommendations, special content and frequent special offers, excellent customer service, and a deep understanding of what they want and how they want it. This includes marketing to them through the channels they prefer (be it email, social media, etc.) and helping them come away from each interaction with a positive, “cared for” feeling. Since research indicates that a staggering 92% of consumers indicate that they will walk away from a brand that has caused them just one bad experience, consistency is key to building solid loyalty.
To accomplish this, you need reliable, current data on your customers and leads, and you also know how to use that data to empower personalized marketing campaigns. Smart segmentation, content that enriches and inspires, personalized campaigns and offers all factor in to creating the type of consistent, focused strategy that boosts loyalty and builds Customer Lifetime Value (CLV.) Group FiO is offering a special offer for businesses that are starting to ramp up their customer loyalty efforts; find out more by clicking here.
Insight Marketing Platform
CDP technology emerged on the scene with the guarantee that they would give marketers the tools needed to unify data across their entire organization and deliver consistent, nearly automated experiences across all brand channels. Unfortunately, most point CDP’s usually fail to offer a cohesive customer profile across your entire brand ecosystem. Why? CDP’s often neglect that the information they contain is of more value to the brand than just the marketing department. They’re often too narrowly focused, stuck in department data silos, and not generating an entire end-to-end customer experience across sales, service, loyalty, marketing, commerce, etc.
This is why you need a tool like Group FIO’s Insight Marketing Platform (IMP).
The evolution of a tool like IMP is vital because it incorporates anonymous, third-party data, as well as first-party and even zero-party data to provide a comprehensive understanding of your customer. IMP’s have an intelligence that utilizes AIso build predictive models and produces recommendations to give powerful and actionable insights. The best IMPs – like Group FiO’s solution – shares these insights with other internal systems to enable sales, service, marketing, commerce, field service, finance, social, and others with more data and stronger intelligence. For example, if a customer is discussing an issue with a service agent, it’s vital that the screen in front of them can inform the agent that they ate speaking with a high-value customer who just made a major upgrade purchase of the latest model of your product.
In the same vein, if a customer has an open support ticket with your service department, it’s imperative that your marketing team knows not to include that customer in a marketing campaign until their issue is resolved. After all, there are few things more annoying than getting an email from a brand wanting you to refer a friend or consider an additional purchase when you’re already having service issues with the products you’ve purchased from them. This approach helps you maximize customer engagement, improve customer satisfaction, and increase customer lifetime value.
Your customers deserve a great experience whenever they interact with your brand. An IMP enables your brand hyper-personalized experiences that delight customers whenever and however they engage with them, improving customer satisfaction, and increasing greater customer lifetime value.
If you have yet to begin utilizing Zero-Party Data, Customer Loyalty or Insight Marketing Platforms to boost your customer engagement and overall customer lifetime value (CLV), then it’s time you begin implementing this next wave of technology into your marketing strategy. Contact the team at Group FiO today to find out more.