Back when everyone wanted long, thick dense hair bun to flaunt their beauty, it was easy for businesses to market a hair oil highlighting the benefits and ingredients. Soon, as times changed, competition increased, the market became consumer centric, it was the time to create differentiation in the product by making the consumer recognize different hair problems. Within no time came the era of personalization, where consumers wanted their problems to be understood and treated personally according to their need. Today, constant online access is dramatically changing customer expectations, and. Customers want personalized experiences and communication, delivered to them at their own time frame and a personalised manner. In a CMO Council/SAP survey, 47 percent of the respondents said they would abandon a brand that delivers poor, impersonal, or frustrating experiences. In response, CMOs are allocating nearly a third of their budgets to marketing technology.
Giants such as Amazon and Facebook, have done a great job in profiting from the consumer-data tsunami, collecting consumer insights. This was all based on the products people look at, purchase, comment on and share. At the same time, these companies have built walls around their data, sharing it meagrely and at an elevated charge to marketers Clearly, the moat for business and successful marketing is data.
As consumers get deeply entrenched into their digital lifestyles, embracing new channels, devices and screens, they leave a myriad of digital footprints as to who they are, what they value, as well as their attitudes towards brands, products and services. It’s an ocean of information that every company will need to harness in order to secure their futures. But today’s data is more complex than ever. It contains a lot of information and hence can often get difficult to handle. This is why we often make this data go through several processes before it can become truly useful. One such process which makes this raw data useful is the process of Data Enrichment. Enriched data gives you more knowledge regarding your business and customers, thus offering you more ammunition to improve your brand’s presence. It gives deeper insights into knowing who your customer is. data Enrichment platforms can make the often-elusive concept of ‘personalization’ a reality.
Once a buyer comes to the website or shows interest in the product, Data Enrichment tools fetch the information required and can help marketers convert the visitor into a prospect through personalization. IDcentral’s ID cloud provides clients socio-economic profile, the demographics, their behavioural patterns, their preferences. Also, IDcentral’s advanced analytics model provides the buying propensity score which can help you predict the likelihood of the customer’s buying capacity eventually enabling you to apply discounts or predictions accordingly. It is indeed a blessing for marketeers in the space when hyper-personalization has become mission critical.
Marketers often find it difficult to segment customers due to a lack of information. Data enrichment alleviates this challenge by providing valuable information regarding customers that businesses can use to segment them.
What is important to note is that it is not always necessary to launch a big transformation initiative to solve some of the aforementioned challenges. Instead, you can begin with a single channel like personalized emails, or messages, re-targeting and focus on a specific desired outcome. This will help you complete more upsells or get higher click-through rates, and in-turn, scale rapidly.
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Ayesha Kapoor is currently working with IDcentral (A Subex Company) as a growth Marketer. She is a post graduate in management from Symbiosis Institute of Digital and Telecom management with marketing as her majors. She is creative head who loves to read and explore different avenues in the field of Marketing, Branding and Advertising.