Have you ever done a web search for a new item, for example a toaster, and then notice that you suddenly see ads for toasters everywhere you look? On Facebook, on your favorite news and sports webpages, on Google, etc.? That’s data analytics and hyper-personalized marketing at work.
You’d be surprised at how easy it can be to access customer data points that can help you build a picture of who your client is – their hobbies, their shopping habits, their pets, and more. Using this data not only helps you build a better, more accurate customer persona, but it also helps you relate to your customers on a one-on-one basis.
Consumer are now used to seeing this kind of marketing, so when they DON’T receive communication from you in a hyper-personalized way, you risk turning them off to your brand and losing a sale. Meanwhile, data-savvy competitors will be there to pick them up where you leave them.
Here are the main tenets of running a data-driven marketing program:
Segmentation involves understanding who your customer is, such as age range, location, shopping habits, or product usage – and grouping similar data together. Ultimately guiding you on which segments to avoid and which to focus on to maximize profits.
This information enables messaging that resonates with each demographic or geographic segment. It also correlates interests in different hobbies or activities to tailor your marketing so it will be relatable to individual interests.
Companies are channeling resources towards keeping existing customers in fast-moving markets because acquiring new ones is getting more difficult. Keeping customers means adapting to their needs, anticipating problems, offering solutions, and adjusting strategy. Without data, how would you know what to do? If you gain a new customer but lose an existing customer, that’s a zero-sum game.
3. Disruption and Innovation
Companies that began as start-ups not long ago are disrupting traditional industries. All have been founded on analyzing data, allied to smart use of AI, bots, and apps as central pillars of their business delivery. They are reinventing established business sectors. Examples are Uber for in-town transportation, Airbnb for hospitality, Lemonade for Insurance, Monzo, Starling, and Revolut for banking. Even automobiles and delivery will experience disruption as Autonomous Vehicles (AV), and self-driving cars get more refined. Data will be the key to market domination in a disrupted world.
Imagine, thanks to data, saying in the not-too-distant future, “Alexa, have Tesla pick the kids up after school at 3:30, then swing by Kroger for groceries on the way back.”
4. Turning Data Analysis Insights into Action
One of the most exciting developments in marketing is the use of analytics to forecast your consumer behavior before it takes place (at FiO, we call these Prescriptive Analytics). By using audience profiling data to predict what customers want, marketers can be much more proactive, upselling products, creating long-term relationships with consumers, and determining market shifts before rival brands.
How to Manage a Data-Driven Marketing and Sales Organization
Group FiO’s ai-InteleKt puts analytic technology to work for your business so sales and marketing teams can manage all of your company’s relationships and interactions with current and potential customers. FiO‘s Hyper-Personalization, Customer Journey Analytics, Prescriptive Analysis and Closed-Loop Integration gives you a deep understanding of what your customers want and how they want it.