We’ve long known that social media is a deep data mine. It’s a space where (digitally speaking) communities gather, where people give of their personal information, and where companies can deepen their relationships with consumers through relevant content. That Facebook, our once favorite cat video- and baby photo-filled distraction from work, has become the central focus of election tampering signals a significant shift in our perception of social media as purely “social.” It is, in fact, a very powerful tool. Our CEO Michael Caccavale and I recently discussed this in more depth.
The key to developing profitable, long-term customer relationships is finding a way to personalize the customer experience. According to a study by Infosys, 70% of American consumers are encouraged to spend 13% more with companies that offer stand-out customer service. In response, marketing is increasingly moving away from mass, push-based marketing strategy to one that learns from and adapts to the consumer.
Nothing can fragment a marketing meeting like the subject of segmentation – and I don’t mean that in a good way. People are using market segmentation and customer segmentation interchangeably and while arguably one shouldn’t exist without the other, they are quite different and need to be treated as such.
We live in a multi-channel world. Consumers not only use more than one channel to make a purchase, they often use those channels simultaneously (checking online prices in stores, watching TV while browsing on their laptops) There are many factors that affect the quality of the cross channel experience. Externally, messaging, visuals, and functionality are all critical while internally marketers need to button up things like offer optimization, attribution modeling, and analytics.
Consumers are connected to the brands they use in more ways than we could have imagined just five years ago. Today, consumers are reaching out to the brands, and no longer wait for brand initiated conversations.