For the times they are a-changin’… Bob Dylan
Customer channel behavior and interaction model is evolving constantly. Just when retailers, banks and others think they have multi-channel figured out the channel/interaction game is shifting with chatbots, virtual assistants, speech shopping, and other innovation.
New technologies have emerged to
revolutionize the way end-users
interact with technology and to
reshape businesses. According to Gartner: “Conversational AI-first will supersede cloud-first, mobile-first as the most important, high-level imperative for the next 10 years.”
Basically, customers are not interacting with brands in a linear fashion… they are jumping around from channel to channel and expecting the experience to be seamless and relevant.
For instance, in online shopping, women are more likely than men to reach for their smartphones and tablets to research and make purchases. Of U.S consumers who say they’ve completed a purchase on a mobile device in the last month, 66.5% are women and 33.5% are men. Compare that to 2013, when a greater share of men than women completed purchases on mobile. [BusinessInsider, The e-commerce demographic report].
To better understand, customize and respond based on customer behavior/context/clicks, Fortune 500 companies are making large investments around Programmatic Marketing (“Marketing that learns”). Specifically, the objectives are:
- Visualize and map the 1:1 customer journey by personas.. Customer journeys are an illustration or visual representation of all points of interaction across touchpoints.
- Optimizing on the right journey attributes to increase yields by >30% lift… Uncover the right combination of web, mobile and physical channels, content and experiences that best achieves the target goals
- Enable marketers to identify journey bottlenecks for individuals and aggregates
- Leverage actual behavior data to enhance and personalize the experience for each individual customer
One of most often implemented use case in Programmatic Marketing is customer journey mapping and analytics. Why? Because, deciphering the nuts-and-bolts” of individual customer journeys (and deducing intent) is core to improving customer experience and driving brand loyalty.
Salesforce CEO Marc Benioff said at a recent conference: This is a huge shift going forward, which is that everybody wants systems that are smarter, everybody wants systems that are more predictive, everybody wants everything scored, everybody wants to understand what’s the next best offer, next best opportunity, how to make things a little bit more efficient.
The retail store that does not have a meaningful relationships with the consumer is dead or going to be dead.
But meaningful relationship are easy to engineer. Today’s marketer is faced with an almost impossible task: Create relevant, individualized journeys for a customer whose channel preferences, purchase behaviors, and tastes evolve with unmatchable speed.
The cutting edge in data-driven digital and mobile marketing is “marketing in the moment”, which is the ability to identify and optimize precise moments of marketing influence across multiple channels and devices. In digital advertising, firms like Facebook and RocketFuel are using continuous scoring algorithms that score each moment to predict whether an individual will react favorably to an ad shown (display ads, search, social media and video) at a given time.
So how do marketers (and advertisers) understand what their audience wants or will see as valuable? That’s where data science comes in. When you strip away the rhetoric, data science is just about finding meaningful insights through analyzing large datasets.
Data Science is increasingly fueling data-driven digital marketing strategies at cutting edge firms…. Marketing learns, acts, and evolves across the consumer journey. Programmatic real-time bidding platforms is growing to dominate ad spending.