Indian marketer
continues to face steep challenges when it comes to engaging with customers
across multiple channels and touch points. It takes both smart marketing and
the right technology to be able to listen, learn and respond to your customer
at speed and with scale. Marketers today have access to more data than
ever before. But, delivering experiences that will truly engage your customers
requires you to go beyond the numbers—you’ve got to be able to translate data
into actionable insights.In the new world of marketing—personalized,
contextualized, and dynamic—CMOs are partnering with their social media
analytics organizations to bring control of the human experience with a fresh
arsenal of experience-focused marketing tools. We know this might work as 54%
of customers think companies need to fundamentally transform how they engage.[1]
This can only
be achieved when the 3D's ie Data, Decision, and Delivery that your company
will need to meet consumer expectations is in place. Diverse Data can help an
organization to develop a deeper understanding of current and prospective
customer’s behavior and preferences. Creating a customer persona can help you
compare their purchase history, Demographics and their engagement with the
brand. Until you have the customer Data it becomes difficult for organizations
to have a more personalized communication. With advanced analytics
organizations can make better decisions pertaining to pricing, promotions, and
services which are provided to the customer. This decision making ability at
the go courtesy to the data can help in personalized communication with the
customer to drive engagement. But this data comes is not freely available and
companies are reluctant to increase their spends on the marketing analytics.
Marketing technology has undergone a long revitalization
process. Channel-focused solutions such as websites, social and mobile
platforms, content management tools, and search engine optimization are fast
becoming yesterday’s news.At the same time, technology has created a multitude
of ways to engage customers on their paths to purchase. But the tech stack
required to engage and deliver an end-to-end customer experience can be
incredibly complex and challenging if not developed within the parameters of a digital
strategy. While data is the currency of any personalization program Indian brands
still find themselves balancing the need for personalized marketing messages
while consumers are increasingly concerned about privacy and data usage. To
overcome this challenge, brands need to rethink their data collection,
notification and deployment or risk losing consumer trust and attention.
Now lets us
club all of the above and check the risks and implications involved. IT Security has to be beefed up as threats and frauds are likely
to increase from the PII data which the companies are using. Organizations
struggle with being able to offer a user experience that is simple and seamless
yet still secure. To overcome this issue EU has come up with GDPR regulations
in May 2018 which bars any company to have any unsolicited / marketing
communication to their current or prospective clients or face heavy fines in
tune of€20M or 4% [2]of
their global annual turnover whichever more. This is just not applicable to
companies in EU but all companies globally which stores / processes PII data of
EU nationals. This is a roadblock just
not only for Indian marketers but marketers globally who deliver personalized
communication at any touch points to their customers.
A Gartner study says 74 percent of marketing
leaders still report they struggle to scale their personalization efforts. I
strongly believe that this is still because their marketing approach includes having
a single view of different customer across interactions, channels, products and
time. This onlyadds onto inconsistent customer communications.
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