Every brand marketer has the problem of successfully retargeting customers. Customer data is certainly the solution, but preliminary data indicates that marketers aren’t appropriately utilising this data. This leads to poorly executed marketing tactics and client churn, raising the question of whether organisations are sitting on unrealized potential or are haphazardly attempting to transform a pile of straw into gold.
Recently, nearly half (49%) of American consumers revealed that previously-shopped-with brands were incorrectly marketing to them. As a result, quick action was taken: 57% unsubscribed from brand marketing content, 34% blocked the brand on social media, and another 31% said they would not make another purchase from the brand.
By the end of 2022, it’s predicted that eCommerce sales will reach over $1 trillion, which will result in significant losses for firms that decide against reevaluating their customer marketing strategy in order to create a unique and revolutionary experience. Industry experts may find insightful information and produce better outcomes by focusing on the customer data points that have the greatest potential to enhance the overall experience.
Basic and behavioral data
The fundamental and behavioural data sets make up the two main categories of customer data. Basic is frequently understood to refer to the customer’s distinguishable traits, which may be learned from purchase histories and include things like age, gender, geography, and sizing. The next level is behavioural, which examines how a customer engages with your brand. This kind of information can reveal patterns in website navigation and reveal trends in consumer purchasing habits.
Every client’s dataset is exclusive to them, telling a tale between the customer and the business, just like a person’s DNA. Personalization is essential, but this story can reveal gaps or present fresh chances for marketers to interact. In 2020, 51% of customers abandoned a merchant or branded website as a result of subpar personalisation.
Take sustainability as an illustration. If a customer selects environmentally friendly packaging or delivery alternatives, the information immediately contributes to the customer story and helps brands understand what is essential to that particular customer based on the choices they make. In order to reengage customers, a business can now communicate about its sustainability initiatives, like how the customer’s choice of packaging affected the environment or how many emissions they saved by choosing eco-friendly delivery. This kind of retargeted communication is effective; some businesses have noticed repurchase rates that are up to 300% higher.
When you’re working with thousands of customers, something as easy as avoiding targeting a customer with the same product they just purchased or making sure the items are gender- or age-appropriate can slip between the cracks. Proper data analysis can change that. Your firm may suffer if you don’t comprehend or, worse yet, ignore how simple data can lead to greater success. Consumer annoyance is at an all-time high, and businesses must deliver a superior experience in a cutthroat market, which begins with customization.
Harnessing zero-party data
CX marketers are thrilled because zero-party data has entered the conversation. This kind of information is freely provided to a brand in exchange for something that might enhance their interactions or experience. This type of data is essential for customising the consumer journey because guessing is eliminated by its deliberate nature.
Even if the retail sector keeps looking for ways to better inform customers about how their data is used, data privacy is an increasing worry. Short surveys and quiz-style tests gather data directly from the customer, giving them greater power while still encouraging engagement and giving the business priceless insight into what the customer values. While customers were receiving their items on schedule, brands that use post-purchase surveys may learn that they weren’t happy with the drivers of a particular carrier, leaving them with a bad taste in their mouth at the conclusion of the customer experience.
While zero-party might be the solution for some, acquiring information alone is insufficient. According to 22% of consumers, after giving a business direct feedback about a product they didn’t like, they continued to target them with advertisements and information about comparable goods weeks later. Consumers want to be heard, and businesses who pay attention to this demand and effectively use personalised Zero-Party data will see further growth in their bottom line.
While data may appear unimportant to some, it is an essential component of knowing your consumers’ wants and can enhance business procedures. The company can quickly use this information to inform new customers that the clothing runs small or check stock to see if broken items need to be reported to the manufacturer if customers consistently return certain items for one reason, such as the fact that they run too small or arrive damaged.
Unfortunately, many brands are currently falling short, costing them clients. Because acquiring new customers can be expensive, it is up to brands to reconsider how they use consumer data. As a result of consumer demand for personalised experiences, firms hoping to flourish in future.
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