Things we think you should be aware of (the latest edition of TheCustomer QT): Still solving for solid data wrangling, Making the case for CVOs, BNPL is much, much bigger than any of us thought, Who’s on the other side of brand loyalty, and Emoji’s as marketing’s silver bullet??
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Branding and Martech Should Become BFFs
Quick-Take: “Marketing must prioritise the human aspect to drive long-term outcomes. To achieve the full potential of what technology can enable, it has to be based on the reality of what customers want and what users can do with it… Marketing must become ‘disruptively human’ and understand the full range of rational and emotional variables as the customer sees and describes them.” “After 20 years of this tech going on, nobody has a blank piece of paper anymore, although the reality is, people jump to solutions without thinking what it is they want out of it.”
What Tech Execs Expect
Quick-Take: To overcome the barriers, data and analytics leaders can best deliver on company business goals by functioning as the company’s “chief value officers,” said Rita Sallam, research VP at Gartner, speaking during the Gartner Data and Analytics Summit 2021 in May. “You need to build that skill, and that competency, not only to articulate benefits but actually to realize those benefits.”
Marketers Boosting Their Martech Spend
Quick-Take: Statistics indicated that the majority of marketers (69%) intend on increasing their martech spend in the coming months. Their top martech priorities include marketing analytics and performance attribution (50%), content marketing (41%), and audience/marketing data and data enhancement (37%).
Grappling with Scattered Data
Quick-Take: For six in 10 companies, building a data pipeline — setting up the necessary infrastructure to gather data insights — takes more than one business day, while 27% of companies spend between three days and two months. Grappling with a growing data platform ecosystem, more than one-third of respondents say they are only somewhat confident, or not confident, in their ability to leverage data insights.
Why Going Digital Isn’t Enough
Quick-Take: Of the nearly 1,100 executives responding to a recent Harvard Business Review Analytic Services (HBRAS) survey, only 15% say they have both a single (360-degree) view of customer data and the organizational structure to make use of those insights. Similarly, only 17% say their organizations are excellent in insight, engagement, or both.
BNPL Services – American Consumers are Ready
Quick-Take: The study found 81% of people prefer BNPL programs like Affirm and Afterpay to regular credit cards, some or all of the time. The financing option is becoming increasingly popular, 6-in-10 have used a BNPL service, with 51% saying they’ve used it over the past year.
Holiday 2021 Will Make or Break Them
Quick-Take: 91% of marketers are likely to enhance VR/AI offerings by year’s end. With third-party cookies phasing out, 51% of marketers are increasing the value of discounts and other services offered to consumers in exchange for their data. 74% of marketers plan to introduce a subscription content program to boost customer engagement this holiday season.
Are Americans More Trusting Than They Seem?
Quick-Take: When more than half of all Americans tell pollsters that they don’t trust banks, do they really fear that their deposits may vanish one day, or are they just expressing resentment over the financial crisis and discontent with their own economic positions? We may wonder how trustworthy our indicators of trust are.
They Need to Closely Listen to Us
Quick-Take: Some might say brand loyalty is overrated. They say if you play your moves right, you can switch from one to another with relative ease. They say we shouldn’t be so hung up on what a brand’s appeal is, so much as what the camera can do for us. None of these statements are wrong. However, what is wrong is when brands take for granted those of us who have invested our time, money, and feelings in them. That sort of casual attitude might be what results in consumer and sales numbers dropping. Most of us love being part of a team – a brand’s umbrella. All we’re asking for is our voices to be heard and acknowledged.
Consumer Relationships in a Virtual World
Quick-Take: A recent McKinsey survey on the flight to digital commerce showed expected increases of up to 50% for online purchases of household items, apparel and food/grocery — a sign that online, digital-first experiences are likely here to stay. A transition to digital-first experiences, however, must be done in a way that enhances the brand promise rather than letting the promise erode as contact points change.
Revamping Loyalty Programs
Quick-Take: The loyalty market — tapped as $200 billion, according to one 2020 industry study — is surprisingly unfulfilled. In fact, industry analysts estimate that some $100 billion worth of loyalty points go unused every year.
Your Marketing Campaigns Need More Emojis
Quick-Take: Over half of those surveyed feel more comfortable using emoji than talking on the phone or in-person (do not call me, maybe). Emojis help people overcome language barriers and form connections that would otherwise be difficult to do (emojis are a universal language). Sixty percent of all emoji users–and 70 percent of Gen-Z users–say they are likely to open email or push notifications that contain emojis.