This document discusses how leveraging analytics can help marketers deliver value in the "engagement economy". It notes that today's buyers expect personalized, targeted interactions from brands but that most marketers are not effectively understanding or engaging customers. The document advocates that marketers use descriptive, predictive, and prescriptive analytics to gain insights about customers in order to improve engagement. It provides examples of different types of customer data that can be analyzed and suggests marketers focus on consolidating customer data and identifying gaps in their ability to deliver engaging experiences across touchpoints.
7. brands must have a
deep understanding
of my needs in order
to engage me
successfully
(Marketo)
73%
brands could do a
better job aligning
their engagement
activities with my
preferences
(Marketo)
66%65%
expect all of my
interactions with a brand
to be personalized
(Marketo)
Customer Expectations Are Growing
8. of customers believe
brands try to deliver
value.
(Marketo)
Most of your customers don’t believe
you are trying to understand them
of marketers say
their engagement
efforts are effective.
33%83%
Welcome everyone,
Most marketers would agree that today is one of the most amazing times to be in marketing. We have access to better tools and better data about our customers than we’ve ever had before.
And just about every industry is going through some kind of digital transformation. Not just the tech industry, but insurance, and healthcare – even manufacturing are having their entire businesses changed by technology and the data that’s now available.
Today, there are more ways to touch your customers than ever before, with new channels cropping up all the time. So, besides all of the new technology for marketers, your boss probably expects you to be an expert in every new channel – knowing how to optimize your content, your timing and investment across an increasingly complex set of choices.
Meanwhile, your customers are moving freely across these channels, and expecting you to deliver meaningful, consistent interactions throughout. But, for many or even most brands, these touch points have evolved in silos, creating a disjointed and sometimes disorienting customer experience.
Today, there are more ways to touch your customers than ever before, with new channels cropping up all the time. So, besides all of the new technology for marketers, your boss probably expects you to be an expert in every new channel – knowing how to optimize your content, your timing and investment across an increasingly complex set of choices.
Meanwhile, your customers are moving freely across these channels, and expecting you to deliver meaningful, consistent interactions throughout. But, for many or even most brands, these touch points have evolved in silos, creating a disjointed and sometimes disorienting customer experience.
Today’s customer has rapidly adjusted to doing business in our digital world.
Rating sites, aggregators, or just plain Google: today, your customer has every option at their fingertips.
So many options that it raises some major questions… questions we so often hear from organizations like yours in meetings like these…
Meanwhile, we know that customer expectations are growing across the board. A few leading consumer and business brands have set the bar for how customers expect to be engaged. [our research shows that it’s Apple, Google, Microsoft and … who set the bar].
We just finished our own research, where we surveyed nearly 800 marketers and xxx consumers (both B2B and B2C), and we found that:
About ¾ of B2B customers expect you to have a deep understanding of their needs in order to engage them successfully.
65% of them say that you need to do a better job aligning to their preferences and
66% expect ALL of their interactions with a brand to be personalized.
Right in the midst of new privacy laws coming out, your customers want to have it both ways – they want their privacy, but they fully expect you to know them intimately and engage them accordingly. Batch and blast is quickly becoming the fastest way to annoy your customers and get them unsubscribe.
83% of marketers say their engagement efforts are effective
And if that was true, we could end our talk right now!
But
It turns out only 33% of customers believe brands are even trying to deliver value
This is our opportunity as marketers
If you crack this nut, you will win in the Engagement Economy
This is how to do it.
This complex environment is the engagement economy. Where everyone and everything is connected, expectations continue to rise, while attention is pulled in a million directions.
So, this means that at the very same moment that technology is making it easier for us to reach huge audiences, everywhere they are, our audiences are more focused than ever before on being treated as unique individuals. And, technology has taught them to expect that you’ll know something about them to start and continue a relationship.
So, what is the path forward?
By providing Value over volume
To provide value, means UNDERSTANDING your customer
And building your company’s story around each customer’s needs
<over to Michael>
Engagement is “en vogue” for all the right reasons. To succeed in the Engagement Economy, marketers will need to recalibrate to deliver value, not volume, for their customers.
Leverage analytics to determine the right mix of campaigns
Turn marketing insights into engagement
Learn best practices to deliver the most valuable marketing campaigns
What does that mean? What kind of impact does it have on our businesses? Why do we have to consider our lives as consumers? What kind of pressure does it put on us as marketer – as managers of the customer experience? Why is competition even a question? How does it flow so organically from our experiences as consumers?
This is more than advanced segmentation.
This is more than advanced segmentation.
Engagement is central. How would we behave differently, run campaigns, collect data, use insights, etc. if engagement was our north star?
Listening, learning and leveraging customer insights to drive personalized experiences at scale.
Over the course of many programs, activities and deals, patterns emerge: which programs generate revenue, which customer behaviors demonstrate interest, and what content offers accelerate deals. The vast majority of B2B marketers are not using analytics to identify these patterns.
ANALYTICS IS THE WAY WE INTERPRET WHAT CUSTOMERS ARE TELLING US.
You can only truly personalize experiences for consumers you recognize.
Which begs the question – where are we getting our data and how are we managing it? This presentation isn’t about data management and I’m not going to spend time there, but I will spend time thinking about data collection.
Engagement Attributes:
ABM Attributes:
Customized
Personalized
Relevant
Contextual
Predictive Marketing Analytics:
Visibility to activity on external brand platforms for deeper levels of insight
Attribute discovery for hyper-segmented messaging and sales conversations
The more you understand each customer, the more effective engagements will be.
Define and identify high-potential customers and accounts.
Identify, vet, and target market opportunities.
Focus outbound efforts on highly targeted prospective customers.
Personalize and contextualize engagement.
Identify base marketing opportunities to quell churn and drive expansion.
Which looks like this.
This is more than advanced segmentation.
This is more than advanced segmentation.
Sephora is going to give me something I value and in return it’s going to collect lots of information from me. That information won’t go to a database to expire – Sephora will use it (trust me!) to appeal to me with personalized product recommendations that interest and intrigue me. Nothing “sinister” here – that’s just what they are telling me they’ll do. This was designed to engage. This was designed to welcome.
Differences – more engaging, yes. But also – Sephora couldn’t buy that data from a third party if it wanted to. They are collecting my personal preferences. My industry, location, and employee size is relatively static data that’s for sale. This was designed to collect. This was designed to gate.
Step 1: Rethink your marketing paradigm
Stop thinking about the next message, campaign, channel….
And start with listening, then learning, and then engaging
Let’s dig into each of these briefly to see what it looks like and who is doing it well.
We help thousands of organizations like yours win more. And we can help you do it, too.