As brands continue to focus on data strategies aligned to the integration of offline and online, modeling and analytics to achieve personalization and more, it’s become apparent that data is taking on a bigger role. Companies are hiring teams of data scientists to generate deep customer insights and are relying on data efforts to generate a return on marketing spend.
Because data touches every piece of a brand’s marketing organization, marketers need to re-think their organizational structure to achieve success through data. Start by evaluating your data assets and resources to determine what can be managed internally, and what items should be outsourced. For example, if you have employees who are experienced in data science (analytics, modeling, etc), then create an in-house team. As you’re reviewing your actual data needs, consider integrating third party data assets into your marketing programs. Focus on your data strategy and how you can best achieve your omnichannel goals.
At the NEMOA Spring 2018 Summit last week, my colleague and I presented in the session: “Leverage data and analytics in an omnichannel market.” With consumers using seven or more channels (on average), the marketer’s customer engagement strategy has changed. It’s important to understand which channels, and the combination of touchpoints, that generate incremental responses and creates a connection with your brand. For example, mobile is a channel that’s on the rise. Mobile is expected to continue to be the fastest growing digital channel in 2018. – The mobile digital market is expected to reach over $90B by 2020. Think about how mobile fits into your omnichannel goals and embrace it as a functional component of your data efforts.
As you look to enhance your omnichannel strategy, it comes down to four things. Test, analyze results, adjust strategy based on results and retest. Your ominchannel strategy will guide your path to personalization. Understanding what personalization means to consumers is important to your marketing success. From our recent research, when asking what personalization means to consumers, we learned that customization, service, discount and offers, product and service offerings and convenience are essential. Here’s the breakdown of the responses:
· 32% customization
· 32% service
· 16% discounts/offers
· 8% specific products/services
· 7% convenience
Start small, begin to test to see if you get incremental lift (when creating personas), continually ask yourself, what are our stated goals and create segments as a starting point to incorporate into marketing your initiatives. Data will continue to set the direction for maximizing the audience you’re targeting.