How to Use Data to Build Marketing Moments
Today's consumers are more sophisticated than ever: They want information, not advertisements, and they expect brands to know them and what they want before they even ask.
Savvy marketers are using customer data to create marketing moments that surprise and delight customers, fostering long-term loyalty in the process. Here's how to do it.
Collect Data
To create marketing moments that are both personalized and relevant, you need to collect data from a variety of sources. This includes demographic information, such as age and location, as well as information about customers' past purchases, interests, and online behavior. Innovative data-driven companies go a step further and collect data from social media, forums, video and other third party sources to help track trends and competitive marketing initiatives.
There's more data out there than ever before, so it can be tough to make sense of it all. In fact, the big data market is already worth over $138 billion, reflecting the critical importance of data in marketing today.
Further, in 2020, every person generated 1.7 megabytes per second. Given this explosion of data, it's more important than ever to have the right tools in place to make sense of it all. Traditional analytical methods fall short in the big data era, but machine learning can help you make sense of all this data and create marketing moments that are truly personalized and relevant.
Machine learning is a type of artificial intelligence that enables computers to learn from data without being explicitly programmed. By using machine learning algorithms, you can analyze large amounts of data in order to find patterns and insights that would be otherwise impossible to detect.
Machine learning can help you understand which factors are most important for predicting customer behavior. For example, you may find that customers who live in a certain city are more likely to purchase a certain type of product. Or you may discover that customers who have purchased a particular product in the past are more likely to buy it again.
Once you've identified these patterns, you can use them to create targeted marketing messages that are more likely to resonate with customers. Machine learning can also help you determine how best to personalize your messages, depending on individual customers' needs and preferences.
By using machine learning, you can make sense of all the data at your disposal and use it to create marketing moments that are truly relevant and personalized for each individual customer.
Create Relevant Product Information
When it comes to content, once you have this data, you can also use it to create aligned product information. This means ensuring that the information on your products – including titles, descriptions, and images – is in line with what customers are looking for.
You can do this manually, but it's often more efficient to use a tool like Commerce.AI, which automatically monitors, enhances, and recommends product content.
Further, your customers don't just buy products from you – they also interact with your brand on social media, leave reviews, and recommend your products to their friends. Use customer data to track all of these interactions and the content that resonates with these interactions, and give your customers personalized treatment wherever they go.
Create Targeted Offers
Once you have a good understanding of your customers' preferences, you can use that data to create targeted offers that are likely to be of interest to them.
For example, if you know a customer is interested in a particular product, you could send them a special offer for that product. Or, if you know a customer is about to reach the end of their subscription renewal period, you could offer them a renewal plan with additional months at no extra cost.
In addition to sending targeted offers, you can also use customer data to surprise and delight customers with unexpected offers. These offers can be customized based on customers' individual preferences or interests. For example, you could send a customer a free product on their birthday or a gift card when they reach a professional milestone.
Consumers appreciate when retailers take the time to understand their needs and preferences, and send them offers that are relevant and interesting. By using customer data to create marketing moments, you can show your customers that you appreciate them and that you're committed to providing them with an excellent shopping experience.
This is reflected in the data as well: SmarterHQ reports that 72% of consumers in 2019 only engage with marketing messages that are customized to their specific interests. If you're not creating marketing moments based on customer data, you're likely missing out on a significant portion of your customer base.
When it comes to customer retention, personalization is vital as well, as 80% of those who classify themselves as frequent shoppers say they only shop with brands who personalize their experience.
We all know that customer retention is key to a successful business, and that personalization is one of the most effective ways to achieve it. So, if you're not already using customer data to create marketing moments, now is the time to start.
In fact, Bain & Company reports that decreasing customer churn by just 5% can increase a company's profitability by 25% to 95%.
Go Beyond Discounts and Free Shipping
While discounts and free shipping are always appreciated, you can also use customer data to create marketing moments that are more personalized and creative. For example, you could send a customer a special offer for a product they've been eyeing or a complimentary service.
In addition to using customer data to create marketing moments, you can also use it to improve your customer service. By tracking customers' past interactions with your brand, or collecting customer feedback and comments across different touchpoints, you can get a better understanding of what they need and want from you. This can help you provide better customer support and ensure that customers are happy with their experience.
Excellent customer service directly impacts your bottom line by increasing customer loyalty and decreasing the likelihood that customers will switch to a competitor. Additionally, customer data can help you identify potential problems before they become major issues.
Indeed, according to Microsoft, 90% of Americans use customer service as a factor in deciding whether or not to do business with a company. Further, those customers are more likely to stick around and even recommend the business if they're happy with the customer service they've received.
Given that word-of-mouth marketing is so powerful, it's no wonder that many businesses are turning to customer data to improve their customer service. By using customer data, you can provide a customer service experience that is personalized and meets their needs. This will help you stand out from the competition and increase customer loyalty.
Marketing Moments Matter in Every Industry
From automotive to travel and hospitality, all industries are noticing the increasing impact of data and technology on marketing. And in order to stay competitive, companies must develop a data-driven marketing strategy.
In the automotive industry, for example, Suzuki is using Commerce.AI to improve their innovation lifecycle. Through predictive analytics and machine learning, Suzuki can now identify opportunities to ultimately improve the customer experience.
Data-driven marketing isn't limited to large brands or companies with big budgets. Even small businesses can use data to drive marketing decisions and improve the customer experience.
Data-driven marketing is essential for all businesses in today's digital age. By using Commerce.AI's platform, brands and retailers can improve the customer experience and stay competitive in their respective industries.
Takeaways
Marketing moments matter. They create an opportunity for brands to connect with customers in a more personal way, fostering loyalty and long-term relationships in the process.
With Commerce.AI, it's easier than ever to create marketing moments that are relevant and personalized for each individual customer. Using customer data, you can track customer interactions and preferences and use that information to create targeted offers, improve customer service, and more.
So, if you're not already using customer data to create marketing moments, it's time to start. The benefits are clear: Improved customer loyalty, increased profitability, and a better understanding of your customers' needs.
