TheCustomer QT – the quickest way to get the critical information you need to keep your customer ops running smoothly. In this installment: Scrambling for first-party data, you should be impressed with the DTC numbers, Silos – it always comes back to the silos, and ownership equals enhanced brand loyalty.
Happy Skimming!
FIRST PARTY DATA
Stumbling Blocks to Digital Transformation
Quick-Take: Brands are scrambling for first-party data to meet the cookie-less future head-on. Meanwhile, according to this survey, they feel that the data they already have is lacking. Data-driven marketing is supposed to enable organizations to connect all the dots and measure budget and ROI on every channel. They have to get their data and measurement together internally before opening up to competing performance marketing vendors and addressable CTV ad programs — although the latter, with the rise of data collaborations, is a promising development for targeted messaging to audience segments.
Holistic Approaches and Honing Data Ethics
Quick-Take: He continued: “In tomorrow’s world, we shouldn’t just blindly accept the data that we’re being presented with as being all equal. We should scrutinize that data and ensure that we’re not annoying the people we’re targeting; that we are providing utility, personalization and relevance.”
DTC
The Shift To Direct-To-Consumer
Quick-Take: With Nike enabling consumers to purchase directly from its website. In 2020, D2C sales accounted for a whopping 33.1% of Nike’s revenue, up from 13.5% in 2010 — nearly a third of its annual revenue.
DATA PRIVACY
Bosses Want to Know Who’s Had Jab
Quick-Take: The vast majority of firms (84pc) would like to be told which of their employees has been jabbed and which hasn’t, a survey by the Association of Compliance Officers of Ireland (ACOI) has found. But an overwhelming 96pc believe the EU’s general data protection regulation (GDPR), which came into force in 2018, will make it very difficult (37pc), will need to be modified (20pc) or clarified (39pc) in order to allow them to collect vaccination information.
Time to Spring Clean Customer Databases
Quick-Take: 91% of businesses have common data quality problems, with customer data degrading at 25% a year without regular intervention. Also, 20% of addresses entered online contain errors, such as spelling mistakes, wrong house numbers and incorrect postcodes.
CX
The Competitive Advantage of Great CX
Quick-Take: There are two common barriers to delivering top-notch customer experience. The first is not knowing your customer. You need to know how to talk to your customer, when and where to talk to them, how they make decisions, and what their needs are. Second is organizational culture. Organizations that can operate beyond silos, with a culture of accountability and empowerment, and with an ability to test and learn with agility, are better positioned to win on customer experience.
LOYALTY
The Role of Pricing in Changing Brand Loyalties
Quick-Take: Inventory shortages, lifestyle changes and evolving purchasing behaviors have all contributed to changing brand loyalties during the pandemic, leading shoppers to buy new products and switch brand allegiances. According to Ketchum, 62% of people who have shifted their brand preferences will make that change permanent before the pandemic is over. So, if one brand of toilet paper is out of stock, it’s likely that consumers will be willing to test out another brand, presenting an opportunity to steal the hearts and wallets of customers for years to come.
Owning a Brand’s Stock Keeps Customers Loyal
Quick-Take: The researchers accessed data on users’ spending transactions before and after they opened Bumped brokerage accounts. They found that after users were granted stock from selected companies, their weekly spending increased by 30 to 40 percent (an average of $23) toward those companies, and remained around that rate for three to six months. Loyalty, the researchers concluded, was a driving factor in maintaining a consumer’s relationship to a brand, and this incentivized relationship “closely resembles the compensation programs which address executives through stocks.”
Points.com Anticipates a Travel Rewards Boom
Quick-Take: “I’ve been accused of being boring at times,” MacLean said. “But you look generally I haven’t found over the 20 years since I started the business, there’s not a silver bullet in loyalty that we’ve all missed as an industry. The trick is to get better at every incremental aspect of merchandising, business development, and analytics, and so on. The momentum builds over time.”
TECHNOLOGY
Internet of Behaviors is Critical to Remodeling Customer Experience
Quick-Take: Glean through the human-computer interaction data and analyze the continuously changing customer behavior to reinvent IT, security, and solutions, re-engineer products and services, and deliver superior experiences. The time is ripe. Enterprises must put the Internet of Behaviors (IoB) at the center of business innovation. As cloud, AI, smart analytics, and other disruptive technology forces mature to drive the experience economy, the Internet of Behaviors (IoB) emerges as the ‘Enabler of Experiences (EoE).’
GetApp Survey Uncovers New Trends in Martech
Quick-Take: The marketing technology study reveals that 68 percent of startups use marketing technology tools, but only 59 percent of them have a plan for how to use them. This poses a significant business challenge as entrepreneurs without a marketing technology plan are four times more likely to say their marketing technology does not meet their business needs.
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Photo by Nathan Anderson on Unsplash
