Despite the clear dysfunction created by having fragmented views of customer data, we continue to see enterprise marketers battling with silos, disparate systems, and endless tools – not to forget often working with imprecise and stale data.
This week at Signals21 we explored how by collecting the right class of data and harmonizing it in a single source of truth, marketers can truly understand each customer as an individual and deliver game-changing personalization. Here’s our recap of week 3.
Zero-Party Data: Building Crucial First Party Relationships
You know what your customers have done in the past. But do you have the data to know what they are going to purchase in the future?
It is possible for marketers to collect this data that is intentionally and proactively shared directly with you by the consumer. This is zero-party data. Rather than inferring, you ask, and consumers willingly and intentionally share, but it’s not merely a case of ask and you shall receive.
Consumers need to be entertained, engaged and receive something in return for
their attention and preference data. Brands can deliver this through interactive experiences that conduct research, accrue opt-ins and deliver an altogether better experience with a tangible value exchange for the consumer.
Whether a questionnaire, poll, quiz or social story, by leveraging these interactive experiences that incorporate incentive mechanics, marketers can quickly and easily collect zero-party data at speed and scale.
4 Critical Considerations When Talking CDPs
63% of marketers still can’t assemble unified customer data – which is crucial in forging long-lasting relationships and delivering the experiences that they demand today.
Marketers have long understood the high value of customer data, but many churlishly complain of having too much data to analyze, with it siloed in disparte systems that don’t integrate, nor were designed to. A CDP should harmonize these systems and give marketers that utopian single source of truth of the customer. In essence, the actual requirement of a true CDP is that it should be able to intake data from all sources, store that data indefinitely, present the data in unified customer profiles, and it should also be able to share the data with all the systems.
David Raab, founder of the CDP Institute went on to discuss the best use case of a CDP, and whether to build or buy.
Generating Insights from Data – Citizen Data Scientist
Enterprise marketers who have a citizen data scientist on hand to configure, run, and optimize machine learning models can be well-positioned to harness their customer data, generate insights, and steward more sophisticated and cross-channel marketing programs.
With a citizen data scientist, you can: leverage simple, guided workflows to customize the family of embedded algorithms to suit specific/unique predictive use cases. Extend send time optimization, propensity, and clustering models with customized data and parameters to more efficiently hone and optimize models. Integrate virtually any customer data at your disposal and deploy models against any target outcome variable of interest to detect all relevant signals needed to maximize marketing potential. And incorporate model outcomes and predictions into a more robust customer profile that drives engagement and personalization strategies.
How to Utilize Mobile Across the Entire Customer Lifecycle
Consumers interact with an average of 6 digital touchpoints when engaging with a brand. Whether that be content on social media, payment through wallet, news from SMS, or offers via email to name but a few. Principally however, all these touchpoints can be directly accessed through mobile. And the upside to this is brands can gather vast amounts of consumer data, opt-ins, preference insights and behavioural data to no longer infer, but anticipate what its customers are likely to do next. Then they can use this data to power more-personalized, and critically, frictionless engagement across all touchpoints. What’s clear is that mobile should be the nucleus of any digital communication strategy.
A centralized approach enables marketers to engage with customers in a personalized, meaningful way – anticipating customer behavior through insight enables you to keep ahead of the competition by delivering the right experiences at the precise moment a customer engages. You can see what was the last activity and what their behaviors have been within the mobile app before you choose to send an email. This helps to assure that those things correlate to have the right level of relevance and value, as well as drive a single voice.
What’s Next?
We roll into our penultimate week at Signals21 – Activate week. We have a whopping 5 sessions covering client stories from leading brands on how they are connecting with their customers on the right channel, with the right message, at the right time.
