Retailers have made progress over the last decade trying to piece together a complete view of what’s going on with customers across marketing channels and touchpoints, but there’s clearly much more opportunity that exists to increase performance and minimize lost revenue when it comes to campaigns.
According to this piece of research, the percentage of marketers actually doing campaigns tailored to the individual recipient based on that unified view, the percentage of retailers with access to in-the-moment analytics, the percentage of retailers able to update profile information in real-time based on behaviors that are happening – it’s really only around 25 percent. (We’re exploring additional research to confirm this.)
Knowing what we know here at Knotice, we see this as enormous opportunity here for brands that get it right. To take advantage of it now, begin with a look at the infrastructure that’s been put into place over the last 10 years in your organization and start to rethink it. That infrastructure – the siloing of data and delivery platforms– is actually contributing to the lack of success and frustration experienced today.
From a best practices standpoint, marketers need to explore their current data collection and storage practices – getting everything into a single repository is a critical component to know what’s really going on with customers. The second thing is being in a position to be able to measure it. The measurement in itself is going to drive a lot of the optimization or the messaging best practices moving forward. That measurement, or analytics insight, is going to help you discover what the best practices are for your organization. A best practice for company A does not necessarily translate to best practice for company B. Having that qualitative backdrop for best practices (those you’re developing or others that you might want to introduce into your organization) really lets you know if it’s a best for you or not. The data will back you up.
For us, it all starts with data – being able to have that unified customer identity that you can message off of, and that you can also develop insights and analytics from. If you have those three things working together, you can accelerate the cycle of being able to go from insight to action quickly, to drive results and greater success in 2013.