This is Part 2 of a 2-part series. Check out Part 1 here.
Last week, we discussed 3 resolutions every marketer should have for 2019: find a real CDP, get loyalty right, and understand the importance of behavior segmentation. Below are two additional goals to accomplish to create seamless marketing that drives results:
- Realize it’s more than technology
Do you have a major technology purchase budgeted for this year? Have you thought about where it will fit in with your marketing strategy? Time and time again, we see marketers who buy a new CDP, ESP, etc., without a detailed plan of how to use it. It’s like going to the hardware store and buying tools, then finding a project.
People talk about the shiny new tools, but continue to struggle with this mythological “customer.” Who are you really marketing to, and how does this new technology improve their experience and engagement with your brand? Marketers need to stop trying to project what customers do, and identify real behavior by actual customers.
It’s always been all about the customer and what they’ll do next, instead of forcefitting their actions into your technology and your segments. We need to start with the single view of the customer, then use data and insight to develop a relevant strategy that drives results. Once we have the strategy and the supporting tactics, we need to get the organization on board, and finally, determine the right martech solution that will help us achieve our goals.
- Create Best Customers
An effective way to create Best Customers is through lifecycle marketing and modeled lift. Marketers sometimes think that lifecycle marketing is taking from Peter to pay Paul, but in reality, this is additional revenue on top of what the customers were going to spend already.
Customers who have purchased should be treated differently than prospects, with whom you don’t have a relationship (yet). If you blast everyone in your database with the same messaging, you are not building a relationship with customers who are already more likely to purchase again. You should be able to understand what customers have done, what they’re likely to do next, and how to get them to do it.
You need to calculate a customer’s current value, future value, and what they are indicating interest in currently. When you bring that together, you can be relevant and increase the likelihood they’ll convert. Then you can measure the success of your marketing, being customer-centric to the individual vs. the business.
We all have a lot to achieve this year. Take some time now and write down your marketing goals. Are they customer-centric, data-based, and likely to generate incremental revenue? If so, you’re on the right track for a successful 2020. Good luck!