Get insights into effective ways to get the best out of your data-driven strategies
We all know that digital transformation is the need of the hour today, but how is it shaping data-driven strategies? What are some of the key market dynamics that can your business achieve success in the omni-channel landscape?
Undoubtedly, leveraging martech correctly is the key to achieving success: Brands are investing a substantial amount of their marketing expenditures in technology, according to a NASSCOM research, and 52 percent of businesses have increased their martech spending in 2021. Even in the Indian context, data-driven marketing that emphasizes on hyper-personalization is a game-changer for most businesses.
The fact remains that many organizations, as many as 40 percent, are still exploring martech capabilities and are in the early stages of effective martech implementation. However, as many as 30 percent of organizations are at the emerging level where co-ordination is taking place and standards are being established at the enterprise level. Wouldn’t you want your organization to also be in the top 30 percent who are establishing martech standards?
Based on insights from YOURSTORY, let’s take a closer look at how you can get the best out our data-driven marketing endeavours.
Leveraging martech stacks and customer journeys
Growing personalization and consumers’ ever-changing motivations have driven CMOs to use behavioural sciences in addition to data sciences to better comprehend the client psychology. Both behavioural and data sciences are required, since one aids in the curation of information on buying habits and preferred platforms, while the other answers the question of “Why” customers make these purchases on these platforms.
[box type=”info” align=”” class=”” width=””]An ideal martech stack includes all of the necessary technology and apps for effectively managing the full customer lifecycle, including recruiting the proper customers, interacting with them, and retaining them. Let’s take a look at some of the essential components of a solid stack. Many of these tools will be useful at various phases of the client journey. Compared to only 150 tools 10 years ago, brands now have access to over 8,000 martech tools.[/box]
Unifying customer data
The Marketer’s Guide to Customer Data Platforms, published by Gartner in March 2018, popularised the phrase “customer data platform” (CDP). Actually, the phrase was coined in 2013, so it’s not new.
David Raab, a marketing technology expert, was the first to observe that most marketing systems don’t allow for the unification of acquired data, and he proposed creating a new solution called CDP. Today, there are a plethora of tools available that make omni-channel communications as seamless as possible. Critical components of a contemporary martech stack are as follows.
- Content Management Systems
- Search Engine Optimisation (SEO)
- Conversion Rate Optimisation (CRO)
- Customer Relationship Management (CRM) platforms and tools
- Campaign management
- Social listening
These are the ingredients that enable digital marketeers to maximize the impact of their marketing efforts across platforms. But, you already were aware some of these components, weren’t you? Which is why we need to focus on the next step.
Focus on segmentation
You may use combinations of continuously changing characteristics to build dynamic segments if your marketing automation solution (including your CRM and email marketing provider) has enough server capacity.
As an example, you may automatically target a set of consumers who have viewed items in a specific category on your website for the past three days using a specific device type, but haven’t engaged with your email campaigns in the previous month, and so on.
For instance, you can automatically target Android users in Mumbai who have not interacted with emails in the past 2 months but are browsing the company’s website via their Android phones. Or, you can target customers who have put products in their cart but did not end up checking out. The latter approach could help with better conversions.
The end-goal of segmentation is to automate communications to achieve set marketing goals. Such an approach also paves the way for hyper-personalization and ensures that customers only get the most relevant communication. Tweaking the formula over time can ensure that CMOs get the best ROI on their marketing efforts and analytics shall help them identify potential areas of improvement and bottlenecks.
