|Customers with digital DNA expect data driven value|
Envisioning your role within a larger context opens up possibilities. “Marketing” is mostly an internal work categorization. So, why limit your vision to marketing’s traditional box? The IBM Smarter Commerce conference is unique. It isn’t really a marketing conference. Instead, marketing is placed within the context of the overall commercial supply chain – a view I support.
Customers do not readily distinguish interactions from specific company departments. IBM says that 74% of customers regard the post-purchase experience (such as retail fulfillment, or the cost of service in technology purchases) as critical in vendor selection. What possibilities open up when marketers with this broader supply-chain vision – and access to supply-chain data – start applying these tools to modern marketing? Here are a few insights I picked up from the early experts at the IBM Smarter Commerce conference.
- Marketing works better when delivered as a service. “Marketing should be so helpful that customers would be willing to pay for it,” said Jay Baer, event MC and author of the new book, Youtility. Baer says that your competition for attention isn’t just businesses like you but everyone! Only if you are useful will the customer keep you close. Among the interesting case studies of marketing-as-a-service highlighted at the event was insurance company USAA. USAA provides customers with an “auto circle experience“. Although they do not sell autos, USAA offer buyers free services at each step of the car-buying process: research on cars, auto evaluation tools, and various purchasing services. Once USAA builds trust, then they offer their for-profit insurance services. USAA’s extensive database of car ownership and usage stats directs them when to promote these services thus stimulating purchases. My take-away: Think beyond your own product and even outside of your own company. Offer services that customers will view as unexpected but delightful and highly useful.
- Personalization must actually benefit the customer. People do want personalization and will go to some effort to get it. But people like personalization only if it benefits them. If it only benefits you or if it has unintended consequences, personalization will backfire. Big, powerful, data engines can do really horrible things to people if you aren’t careful. A major retailer explained to me how data elements have differing degrees of confidence. You will know some things for sure (maybe a person’s age), but many more things are merely estimates. This retailer used to send hyper-personalized emails (13 million variations!) But this resulted in frantic calls such as, “Did my identity get stolen? You know everything about me, but I didn’t buy this!” The combination of highly accurate data mixed with the semi-accurate can spook people. Now this retailer sends only 10 versions of their campaign.
- Every interaction is a link within the context of a communication supply-chain. Don’t look at each discrete message, or even each campaign, as a unique event with a direct link to the end result. Marketing is not a candy machine. Instead, view each as a link in a chain of events each of which leads to other actions. The most important data attribution task is to discover that chain– what activity in which order and through which messaging channel tends to lead to another event. For example, social media tends to drive to search rather than directly to your website. Mobile scanning tends to drive buyers to a physical store or to a desktop purchase.
Managing your marketing as an element in a supply-chain will not be easy. Some of the challenges include delivering on true omnichannel capability, inconsistent fulfillment of content, inconsistent service delivery, and gaining visibility across the customer interactions. However, this vision brings you closer to the customer’s point-of-view and thus opens up more possibilities for competitive differentiation and revenue success.
- Is this an existing customer?
- Is this person’s company in the same corporate family as an existing customer?
- Is this a targeted segment, vertical, or named account?
- Who are their direct competitors?
- What role are they likely to play in the education, evaluation, and purchase processes?
- Deploy an IP identification capability that can be easily integrated with your customer databases, web, marketing and CRM systems.
- Adopt an account level attribution model so contacts can be readily assigned to accounts in the CRM, and marketing influence can be tracked through the sales pipeline.
- Push the engagement envelop as far as possible because the more immediate it is the more influential, e.g. integrate chat with key targets and offer them chat sessions with subject matter experts not just sales people.
- Connect contacts within accounts carefully. Regional proximity, departmental similarities, and what search terms/links they used to reach your site should be factored in to increase the likelihood of finding familiar people or priorities.