19 Three key data-driven
Consumer expectations are rising – fast! Te ‘always on, always connected’ consumer demands engaging, relevant, seamless and immediate communication from an organisation and they expect to be communicated with as individuals, irrespective of the channel and device they are using.
Delivering an individual experience at a true one-to-one level for each customer presents digital marketers with a huge challenge. It not only requires the ability to continuously ‘listen’ and piece together a 360º understanding of how a single customer interacts across all touchpoints, but also to interpret those signals, create new insights and take appropriate actions. All increasingly in real-time. Our ‘Digital Marketing Insights Report 2014’ jointly written
with Teradata and based on a survey carried out by MyCustomer. com, showcases an industry that acknowledges the importance of data-driven approach to marketing. Understanding, identifying and adapting to opportunities in this rapidly shifting world requires data and analytics on an unprecedented scale. However, organisations will need to negotiate certain roadblocks and identify the best opportunities that will propel their digital marketing efforts forward.
Single Customer View
One key prerequisite for really effective real-time personalised marketing is a single customer view (SCV). To achieve this 50% of organisations are currently using either a single centralised database or Big Data platform for customer data storage. In the next two years, however, there is a projected increase in the use of single centralised databases at 49% and Big Data platforms at 27% and away from separate data silos, and third party storage options. Tis bodes well then for a SCV: currently less than a quarter
(21%) state they currently have a single customer view of their customers, though this is set to leap significantly with 57% expecting they will have achieved a SCV in two years’ time.
Analytics
Whilst an SCV is a key building block of a data-driven organisation, it’s analytics that starts to really add value. However, there are a number of obstacles to a more proficient
use of analytics: nearly half report a lack of time as the main hindrance. Tis is reinforced by anecdotal comments, which point to small analytics teams having other duties to focus on and confusion regarding data ownership – in both scenarios analytics is pushed to the margins. With such business critical benefits as improved targeting reported by 71% of respondents, increased conversion rates (59%) and an enhanced customer experience (51%), organisations are looking to augment their analytics resources, mainly by bolstering in-house teams (51%) within the next two years.
Personalisation
If organisations get analytics right, then the ultimate marketing dream is the obvious next step: saying the right thing to the right customer via the right channel at the right time – every time! Customers increasingly demand a bespoke and relevant experience and with the growing volumes of customer data and insight at their disposal, marketers have a greater opportunity to deliver personalisation than ever before. Whether this is on a basic level – such as a name on an email – to far more sophisticated personalisation, such as one-to-one real-time website personalisation. Currently 51% of respondents say that personalisation is
critically or very important to their current digital marketing efforts. Tis is expected to rise to a highly significant 80% in the next two years. As with any major shift in thinking, there is a range of barriers
to delivering personalised marketing: legacy systems are holding some organisations back with old technology lacking the agility to deal with current personalisation demands. Other barriers include data quality and lack of depth, plus a paucity of internal skills and expertise about how to use the data to transform customer engagement, experience and business efficiencies. Of the respondents that use personalised marketing, almost half (45%) report they are doing some degree of personalisation in real-time at present. Encouragingly this number is expected to swell significantly: 75% expect to be undertaking real-time one-to- one personalisation in the next two years.
Conclusion
While it is clear that the industry completely acknowledges the importance of data-driven marketing, departments are struggling to contend with its execution, especially amongst the other numerous projects and tasks that must continue to be fulfilled. Having said that, it’s possible for every business to unlock the potential in its data and transform digital marketing with unique and powerful analytics and marketing applications. Tose organisations that dedicate greater resources into
supporting data-driven marketing are the ones likely to reap the promised rewards and capitalise on the improving economy.
‘Digital Marketing Insights Report 2014’ is available from the Celebrus Technologies website:
http://www.celebrus.com/digital-marketing-insights-report-2014
Direct Commerce |
www.directcommercemagazine.com
marketing trends: SCV, analytics and personalisation
By Katharine Hulls, VP Marketing at Celebrus Technologies
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