Guest post by Steve Zisk, Sr. Product Marketing Manager, RedPoint
As today’s consumers take the lead in designing their own customer journeys, smart marketers need to understand three core issues to survive and thrive in today’s marketplace. Below I outline these areas that you need to understand and deliver on the expectations of modern consumers.
Constant Balance Between Personalization and Privacy – Personalization is now table stakes for marketers because it drives customer loyalty, which is why according to research from a Harris Poll survey sponsored by RedPoint Global, 37 percent of consumers will stop doing business with a brand that fails to offer a personalized experience. Data also shows two-thirds of customers expect transparency and control over collection, use, and sharing of their personal data. While transparency is a top priority, most consumers also understand that data drives personalization in a modern, omnichannel world and 54 percent will willingly share personal data in exchange for a more relevant experience.
Continued Need to Break Down Silos – While more marketers understand the risk of siloed data, the recent CDP Report from The Relevancy Group shows that 56 percent of marketers have yet to implement a comprehensive data solution and 14 percent are not yet convinced of the need. Marketers stymied by siloed customer data have little insight into potential opportunities or problems that customers’ seemingly disconnected interactions may signal. It is necessary to integrate this data to create a single point of control for customer data, processes, insights and orchestration if marketers expect to meet the requirements of today’s omnichannel consumer.
Rationalize Approach to MarTech & AdTech – Marketers continue to look for a “silver bullet” solution that will meet all their marketing goals, but they may chase solutions that meet only specific and current short-term needs, often as adjuncts to marketing cloud promises to simplify marketer workflow and control the technology stack. Instead of depending on a (someday) unified stack from a single vendor, marketers should consider CDPs to help their organizations abstract, analyze, control, optimize and orchestrate their data. CDPs can be a smart investment to best drive revenue today, while providing a base for harmonizing existing and emerging technologies in designing new customer experiences.
Leading marketing organizations prioritize these three principles:
Integrate one’s technology stack. Research shows nearly 7 of 10 consumers will transact with another brand due to a disconnected experience (source). Leaders should prioritize establishing a single customer view that contains all of their customers’ historical interactions, while making it available to all customer facing solutions across marketing, service, and commerce channels. Leaders should also prioritize connecting their non-customer systems for efficiencies too (e.g. content management solution, workflow management solution, etc.). Manual processes and incomplete customer intelligence consistently undermine innovation.
Enable data democracy. There’s no faster way to scale customer intelligence and employee productivity than to put the power of data in your workforce’s hands. In fact, McKinsey says personalization is impossible if marketers don’t have the means to understand the needs of customers on an ongoing basis (source). Leading organizations fully democratize access to data, insights, and analytics.
Activate, measure, and iterate. No matter how super one’s intuition is, it should never be considered a substitute for ideation, testing, and iteration. For example, McKinsey research finds it typically takes four to five refinements of a personalized trigger to capture the first 80 percent of its potential value (source), underscoring the value of testing and iteration. Leaders should instill a culture of testing by gaining executive sponsorship, creating performance goals, and following testing best practices.
Guest post by Sam Ngo, Director of Product Marketing at BlueConic
Smart marketing leaders are putting the customer at the center of their marketing infrastructure. With new privacy regulations and an ever-changing data landscape, brands need to own their relationships with customers and customers need to have transparency and control over their data. While many marketers fear new privacy regulations, companies should embrace it. It’s an opportunity to rethink the data they currently collect and decide what data is actually helping them build mutually beneficial experiences for the customer and the business.
Companies must build out their first-party data assets now. As third-party data becomes less reliable, companies need to leverage a customer data platform (CDP) to empower their marketing team with their own customer database; or risk falling behind competitors who are already evolving their practices and infrastructure. While many brands collect first-party data today, some struggle to free that data from disparate systems and channel-specific silos. With the right CDP, you can consolidate all of the data from your CRM, ESP, and other online and offline data sources into one, centralized location and use that data for real-time marketing efforts. Companies that have first-party data at their fingertips can leverage a single view of the customer to create valuable 1:1 experiences for their customers and prospects at every touchpoint.
Authentication, consent, and value exchange are core to customer identity. Over the past couple of years, we’ve seen privacy and compliance regulations evolve at a rapid clip. Customer expectations are rising, and new privacy regulations are being passed – creating a new normal for marketers. Marketers will have to explicitly ask for permission to gather customer data and use it to inform marketing and customer experiences. To operate in this new normal, marketers must anchor customer identity with:
Authentication: As cookie data becomes less reliable thanks to ITP and other browser tracking changes, companies must ask explicitly ask individuals to identify themselves in order for companies to accurately recognize them across channels – including offline ones. Create experiences where customers want to identify themselves quickly so you can understand their behaviors and offer personalized experiences and specific value exchanges.
Consent: New privacy regulations like GDPR and CCPA require you to ask for consent for what you can do with an individual’s data. How you present these requests, however, is up to you.
Value exchange: Customers are willing to give you data – but only if they get something in return. In fact, it’s not that different from the idea of building loyalty programs. Brands will need to find creative ways to collect data and give customers something of value in return.
AI for marketing. A truly effective individualized marketing approach requires not just a complete understanding of who each prospect or customer is now, but also the ability to predict how those individuals are likely to engage with you in the future. As a CDP that embeds Jupyter notebooks for the purposes of predictive modeling within the platform, BlueConic makes it possible for marketers to use the outcome of these models for segmentation, analytics, and real-time customer scoring. Not only does this eliminate operational inefficiencies by reducing the number of hand-offs between marketing and data science & BI teams, it also allows marketers to design experiences based on a combination of customer attributes including predictive customer scores and various behavioral, transactional, or preferential data.
Do you have great creative and campaigns that you would like to celebrate from 2019? We are currently looking for submissions to the 2019 Marketer Quarterly Awards.
You’ll be among great company. Former winners include: Dell, Marriott, See’s Candy and Land’s End, among many many more leading and upstart brands. That glass trophy will look amazing on your desk!
Submissions will be judged by analysts from The Relevancy Group in a quantifiable scorecard driven process based on a variety of attributes including: relevance, utilization of data, creative, strategy, and results, among other category specific characteristics.
And good, news, you can submit to more than one category! Follow this link to apply. The submission deadline is 10/15/19.
Home-sharing platform Airbnb will soon be open to public investment.
The popular San Francisco-based company revealed plans for its IPO to take place in 2020. The company put out a press release revealing the news as part of the required process of going public.
The company reported more than $1 billion in revenue during Q2 2018. The company has yet to report full year revenues for 2018 but reported more than $2.5 billion in revenue for 2017, a 50% increase over 2016 revenue. Earlier this year, the company privately sold common shares, valuing the hotels at around $35 billion.
Airbnb’s IPO comes as other popular unicorns have gone public in recent months including Uber and Lyft. Earlier this week, WeWork pulled back on its plans to go public.