Domestic energy, cable, and media companies have a short-term opportunity to take advantage of chaos in the consumer utilities market. As the shock waves of deregulation ripple through these industries, we will continue to observe consolidation, mergers, acquisitions, and new partnerships between and among cable, internet, energy, and streaming content, and other domestic service providers. Energy companies, in particular, will be compelled to diversify their product offerings to include services such as internet connectivity and streaming media services. At the same time, new providers will flood the market with bundles that include energy as well as cable subscriptions, home security, clean grid options, programming, and streaming content.
Consumers are adopting disruptive technology at an accelerating rate and this is changing their behavior. Energy companies, historically slow in responding to changes in consumer behavior, reluctant to invest in consumer analytics systems, and unprepared to take advantage of their own customer data, are at a disadvantage. Energy companies must review their marketing strategies and develop their digital assets in anticipation of a changing competitive landscape and evolving customer expectations.
United States energy suppliers face a challenge that is not unique to their industry and yet each and every one of the suppliers feels the pain in one way or another. Deregulation has forced energy companies to consider new ways to profit for the first time ever: to diversify their product offering and market for the first time. An increasingly crowded field of service providers offer an ever more varied assortment of pricing, packages, promotions, and add-ons, including energy. While this is happening, domestic utilities consumers are becoming more sensitive to the value of the service compared to the price they're paying. Consumers expect to be able to purchase only the services that they require based on their individual needs. And they are becoming more discerning on customer service when they need individualized attention – and more vocal when their expectations are not met.
As marketers, sometimes there’s a gap between the data we see, the data we use for reporting, and the data that actually drives change. Perhaps this comes down to looking at the wrong information – but more often, it’s that we just don’t know what we don’t know. Our CEO has excellent insight in this area so we grabbed some coffee and talked about what it takes to translate data to insights, then insights to action.
Too often, marketers are using multiple platforms but their tools are siloed. How do you work through that and bring together the tools you need in order to reap the benefits of customer analytics? In this week’s coffee talk, our CEO Michael Caccavale helps unravel the mystery of omnichannel integration.
I’m always surprised when I find a major brand doesn’t have an app, or when a smaller brand has a kick-ass mobile site. I, like most consumers, gravitate to the more seamless omnichannel experience – especially when it comes to mobile and in-store. To dig deeper into the “why” and the implications of brands who still haven’t invested in omnichannel, I sat down with our CEO, Michael Caccavale for a little coffee talk.
I left my last conversation with CEO Michael Caccavale wondering about my future fantasy football team and mulling over some great insight into the current state of consumer behavior. It’s clear we are convenience-driven and we want what we want when we want it. But brands are still falling short of meeting those needs, despite recognizing their importance. So how do we get there? I’ll start by feeding the boss more coffee and asking questions.
“Attribution—the practice of assigning credit to any advertising- or marketing-driven interaction or other brand-imposed touchpoint—is essential for marketers looking to plan and optimize media channels in this increasingly fragmented, digitally driven world.” – Lauren Fisher
Challenges to overcome in moving to an interactive marketing model
There are several key movements in the marketing technology are that are driving solutions today. One is the proliferation of web-based marketing tools. Many vendors have developed or are developing tools in the personalization, ad management, web measurement, e-marketing, and campaign management areas. These tools have significant overlap, often solve a tactical short-term problem, and don’t provide support for the entire marketing process – thereby falling short of improving the bottom line. This generates significant confusion in the industry and leads organizations down a solution path that might lock out future business alternatives.
This three-part series explores various attempts to exploit interactive marketing techniques, defines interactive marketing, and investigates how this new marketing technique recognizes the customer’s role in the customer-company relationship. Part 1 can be found here.