The secret says understand your customer before you sell anything to them. This means knowing exactly who they are, where they belong from, what they look for, and what they will convincingly respond to. Marketers intend to drive their campaigns based on shallow assumptions and intuitions or depend upon basic demographics to generate consumer profiles and this is where they fell wrong. Demographics are essential no doubt, but it’s not enough. This is because today’s audience demands personalized marketing and the growth in data analytics has clearly depicted how the ones who master this technique will propel ahead.
Creating strong customer profiles lead to granular segmentation and incredible insights that have potential revelations all the way to product development, like recognizing untapped market potential, exposing a separation between what your campaign is trying to portray and what is the real consumer perception and redefining the targeted audience or expand it. You can also cater promotions in distribution channels as per the preferences of customers and re-assess priorities.
As such, providing personalized experience and utilizing these insights to improve products is significantly important in present scenario.
Now, the next challenge in line is to create this actionable data. Extracting useful insights from huge reservoir of data can be tough or even impossible. The data mining should result in quality data extraction or else the marketing strategies will fail again.
While many brands wish to move towards personalization and create a holistic consumer view which combines all online and offline channels, the reality is it’s very tough to achieve; and only few have got successful so far. It’s only by integrating and closely tracking the consumers throughout your funnel that you can collect behavioral data and augment consumer profiles.
A centralized database should be created for consumer data and data quality should be kept at highest priority if marketers want to capture the power of implicit behavioral data. Developing a post-click technology can fill the gap and generate clean, implicit and explicit data. Also, all customer data should be integrated and work in co-ordination to achieve hyper-personalization.
It should be understood that highly personalized consumer experience can be delivered via targeted promotion strategy, custom-tailored messaging or language, strategic distribution channel usage and persuasion. Also, the needs or complaints of individual segments must be addressed in an agile manner.
By collecting and analyzing individual consumer profiles, the marketers can better illustrate the target market, identify new potential markets, iterate effectively on the product, and serve the needs of their customers, especially if we talk about e-commerce. E-commerce is one such segment where we interact with the customers in a virtual yet effective way. Powerful segmentation marketing can result in high-end results never seen before.
So, give a head start and see for yourself!