Tag Archives: cross-channel

It’s Official: Report Finds you Have to Stalk Your Website Visitors to Grow Your Business

27 Oct

‘Are You a Modern Marketer?’ ask Oracle and Forrester

A global study, instigated by a partnership of Oracle and Forrester Consulting, found “a strong correlation between modern marketing best practices and business success.” Modern marketing is that involving real-time and predictive analytics, and tailoring offers to customers adaptively depending on their preferences, spending behaviour and reactions to marketing campaigns.

So for example, if certain customers only bought Kellogs’ Special K in an online shop when it was signalled as being on offer, a sophisticated analytics package might recommend these customers be targeted with a bundle of offers including those on Special K. Customers who preferred Coco Pops as a breakfast cereal would not have this offer included in their email.

Theoretically it should be possible to tailor special deals to individual customers, making them offers they cannot refuse on products their browsing habits and customer records show they have a preference for. Readers will doubtless be familiar with ‘remarketing’ techniques, where webpage visitors are tagged when they click on a certain item or advert, and the associated advert follows them around the internet on a sidebar, for several days.

Perhaps advertisers will personalise the advert further, and reduce the price of the item to a level their purchase history on similar items suggests they are inclined to pay. There is some precedent in this area: Amazon used to target marked-up prices to buyers whose purchase history suggested they were willing to pay more, before word got around and public outcry forced it to stop the practice.

Marketing Analytics and Business Out-Performance

The report, whose stated findings are hinted at in the title, ‘Why You Need To Be A Modern Marketer: The Business Impact Of Marketing Maturity In The Age Of The Customer,’ found that, of a sample of 492 marketing decision-makers across a range of industries in the United States, United Kingdom, Germany and France, those which use marketing analytics packages like Oracles show relative out-performance.

Of those surveyed, 44 percent of modern marketers reported that their organization’s revenues had surpassed their plan by 10 percent or more over the last 12 months, versus just 23 percent of their non-modern marketing peers

archer cartoon

Targeted advertising means higher scoring hits

 

This being said, only 11 percent of respondents were classed as ‘Modern Marketers’, and “engage in a real dialogue with customers at each stage of the buyer’s journey”; most were categorised as ‘Experienced marketers’ (33 percent), ‘Discovery marketers’(41 percent) or ‘Novice marketers’ (15 percent).

The study defined “modern marketers” as marketers that use a combination of real-time predicative models and statistical techniques including intelligent targeting and cross-channel marketing attribution to ensure personalized customer engagement throughout each stage of the purchase journey.

And a little surprisingly, only 17 percent of marketers surveyed engage in nurturing leads and recycling them, the majority (52 percent) focusing instead on the perpetual search for new customers. Other activities this canny 17 percent performed were ‘behavioural triggers’ and ‘lead scoring’. Obviously in the interests of efficiency big spenders should be prioritised in outreach efforts. And having a thorough overview of a customer’s interaction with a website, and the precise factors that motivated them to click-through and/or place an order are vital to review the effectiveness of the process.

Of the 11 percent dubbed ‘Modern Marketers’, 87 percent said their messaging had become much more targeted toward specific segments, personas or client needs; and over half of them (55 percent) had progressed beyond basic demographic and firmographic information to segment based on personal criteria and interests. The final prescient statistic is that 31 percent now use ”intelligent tracking based on real-time feedback and behaviour tracking,” like remarketing techniques or analysis of email marketing campaigns.

This latter is something incorporated in Oracle’s own marketing analysis package, which tracks the campaign’s “number of emails delivered, open rate, bounce-backs, and offer effectiveness.” There is additional capability for marketers to “adapt their marketing approach in real time and swap out offers that do not elicit high response rates.”

Furthermore, its ‘Customer Profitabilty Analysis’ provides subscribers with suggestions for “effective bundles” of products customers are likely to buy, based on their previous purchases. Let us hope that the algorithm for optimising this approach does not make it as “effective” at maximising profitability as Amazon’s offer packages used to be…

 

 

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