With stakeholders pressing for bigger returns on your marketing efforts, your marketing budget needs to prove its ROI—fast. More importantly, you want the C-suite to see your team shine as a marketing powerhouse.
As 2016 made obvious, one of the most powerful ways to improve your marketing efforts and ROI is to tailor messaging to specific target audiences. While seemingly an easy task, this type of personalization can only be achieved by discovering your best customers. Here we’ll explore how you can use your company’s big data to market with relevance.
The first step to improve marketing efforts is to update your strategy to include smart marketing automation. Creative departments and communications management teams alike have already identified the value of smart marketing automation as both efficient and relevant. Here’s why:
While blind, automated customer communications went heavily out of fashion in the previous decade, a new, smarter evolution rose dramatically alongside the big data gathered from the marketplace. Soon, big data revealed that it held a wealth of actionable intelligence, including a plethora of demographic, behavioral, psychographic and purchasing behaviors.
“A Forrester study found that 44 percent of B2C marketers are using big data and analytics to improve responsiveness … 36 percent are actively using analytics and data mining to gain greater insights to plan more relationship-driven strategies.” -Forbes
Marketing automation, through centralizing and segmenting integrated data profiles (using advanced martech like TouchCR) can help drive relevance and inform marketing strategy—as well as help you put your big data to use.
Let’s Get into the Weeds on Automation
Automation using unified customer data can be complex when you get immersed in the details, but it’s easy to understand from a high-level view. Through response-aware programming, feedback mechanisms can be designed to identify your customers’ purchasing and campaign responses. These smart triggers can react to actions such as customers clicking on a specific link in an email, or inaction, such as identifying when a customer makes no response to a campaign for a specific length of time. Based on these parameters, a marketing-approved, prewritten response or content that leads to an entirely new journey along the lead nurturing pathway can be automatically generated.
Through customer profile creation, segmentation, and marketing automation, the man hours required to deploy a tailored automated marketing journey drop exponentially. This type of efficiency over time reduces marketing spend while increasing more qualified leads, leaving the C-suite delighted.
With TouchCR you can quickly automate, quantify and build a flexible, tailored marketing journey for your customers using each one of these innovations in martech.
Discover and Target Your Best Customers with RFM Scoring
The most relevant and automated journey has another layer of possible sophistication. You can discover deeper insights into your customers and reveal your biggest opportunities with RFM scoring.
RFM scoring measures your customers’ purchasing behaviors in three valuable ways: “Recency”—referring to how recently a customer made a purchase, “Frequency”—which measures the average interval between purchases, and “Monetary Value”–the dollar value of their purchases. Just knowing these data points exist in your customer profiles is exciting, and it’s easy to imagine the possible utility of this information.
While RFM scoring is an established analysis tool, TouchCR takes RFM scoring to the next level. It enhances profiles with deep customer data in one profile view. With TouchCR’s customized scoring solution, businesses have a simple way to identify and seek out more of their most valuable customers. Its enhanced scoring method transforms RFM metrics into a base for actionable insights and predictive analysis. You’ll know when and how much customers might spend as well as their probable lifetime value.
Capturing customer metrics to create rich data profiles allows for segmentation on a granular level, and lets you discover your best customers faster. Speed doesn’t only play in to the analytics side either, marketers need to be quick to gather and respond to trends as they happen. TouchCR’s eCommerce marketing platform puts customer data into the right hands the moment it happens, and updates profiles in real time. This way, B2C experts can synchronize their efforts with buyer behavior and marketing budgets for the best campaigns possible.
For more information about how a smart marketing platform, rich customer profiles, and real-time data can come together to help strengthen the bottom line, contact TouchCR today.