The battle for the consumer’s share of mind and wallet gets more complex every day. And to win, companies are looking to transform their marketing in big ways, armed with a multitude of available data and modern toolsets. All too often, though, the vision is not supported with the technology, mindset and organizational design to fully engage in a people-based marketing strategy.
Further, given the availability of new marketing channels (addressable TV, messaging apps and so on), we need to think beyond customary tactics. And this transformation starts with laying the right foundation; shifting your focus from channel to audience; and layering in the right technology.
Laying the right foundation
The ultimate goals of increased revenue and earnings per share can only be achieved after the necessary groundwork has been laid. In short, you need to invest money to make money. That investment should be targeted in three main areas:
- collecting data;
- analyzing the data; and
- making the data accessible.
Collecting the data. You’re aiming for a 360-degree view of the customer. People say that as if it’s easy. It’s not; but it is a foundational component of any serious marketing capability.
You need to know who you are talking to, especially if you believe that marketing to existing customers is important. I have been lucky enough to work at companies that understand this, but I still see brands that have not yet invested in this fundamental capability.
Once you have the essentials, such as name, address, email and demographics, you can add on more information — either through data appends, connecting anonymous and known IDs on owned properties, or simply asking the customer. Transactional details (purchase dates, categories and so on) need to be available as well. Those are the basics. Seriously. You can do marketing without it, but you’d be missing the boat.
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