Online commerce has skyrocketed during these last few weeks of confinement. But are brands ready to reach out to new digital customers, build lasting relationships and make the most of their digital strategy? A zeotap analysis reveals how to reach and engage new consumers through intelligent marketing that predicts their behaviour and delivers hyper-personalised experiences.
The coronavirus is producing a profound change in the digital ecosystem and in Internet shopping habits. E-commerce in Spain has skyrocketed during the weeks of reclusion. But what will happen in the coming weeks of confinement? After overcoming the pandemic, it is estimated that there will be, according to a work by the consulting firm Making Science and the Chamber of Commerce of Spain, a growth in online commerce of more than 20%. At the same time, those businesses recently opened on the Internet, could have a vertical curve of both growth and decline if they do not introduce appropriate strategies. Many realize late that they don’t even have a complete database of their customers. Zeotap has analyzed this new reality in a recent study and shows that it is crucial for brands to reach new users in a personalized way.
The study points out, that for over a decade, marketers have been trying to understand the complexity of their customers through often incomplete data management technologies. The Data Management Platform (DMP), first and then the Customer Data Platforms (CDP). DMPs are primarily based on anonymized, third-party data, which is threatened by Google’s recent announcement that it will eliminate third-party cookies by 2022. And the CDPs, although experts in first party data, are not providing a solution to the problem of identity resolution nor are they reliable in managing third party data. In short, both cannot fully understand who their consumers are and how they are behaving in both an offline and online environment.
“Ecommerce has an infinite field of new potential customers in the online environment. Having a CRM, a DMP or even a CDP is not enough to capture all the information about those users for effective marketing that turns into a sale. The Customer Intelligence Platform (CIP) has come to the market to change this reality,” says Marc Ginjaume, director of Zeotap in Spain and LATAM.
He goes on to analyze the characteristics of the Customer Intelligence Platforms (CIP) that began to emerge in early 2019. Among the main features of the CIPs, the study points out that they are capable, not only of offering brands complete and real-time knowledge of the consumer, based on identity resolution and the combination of first party data with quality third party data. They are also able to predict consumer behavior through data intelligence. All these factors enable advertisers to deliver hyper-personalised experiences for each individual and achieve a higher return on their digital investment.
The study then provides the keys for brands to base their digital strategy on intelligent marketing to achieve long-term business growth:
- Bringing together the first party data, from the CRM, the website or applications and unifying it under a single technology.
- Resolve the identity of consumers by connecting their digital and offline identifiers as much as possible and expand those connections with the help of an external provider in order to reach the same consumer in an omnicanal way.
- After solving the identity problems, make a segmentation of customers according to historical data of behavior.
- Combine the first party data with other external third party data to obtain a 360º view of the consumer. And also, use a secure space for sharing data (data clean rooms) so that the data is not contaminated and its exchange complies with the privacy and data security regulations GDPR.
- Apply the brand’s own propensity models and algorithms to better predict how customers will behave in the near future.
- Group customers again according to their future behaviour and decide which group or segment to allocate marketing resources to.
- Create customer-centric strategies that fit each segment and customize each campaign according to the customer data intelligence you have.
By way of conclusion, the analysis highlights that, once this whole path has been taken, it is time for brands to analyse the return on investment of their digital strategies. Only after all these measures have been implemented will the diagnosis be correct.
Author: America Retail