A recent article by Joe Cordo in E-commerce News identifies the increasing need for customer insight. With customer data increasing by almost 1000 percent, marketers now have the chance to understand and improve revenue driven from marketing campaigns, which is critical to marketing accountability.
While Joe recommends analyzing customer dashboards to gain this marketing insight, many of our clients don’t have any dashboards to drill down on. How do you start understanding customer behavior then?
Our experience has been that driving insight from the most basic, product-level trends is where to begin. Linking transactions to unique customers helps you understand best customers, even if you can only identify 50% or fewer of the transactions.
I agree with Joe that segmenting, and interacting with customers is the goal — just that a more simple approach is sometimes the only way that this process can begin.
EXPERT ADVICE
Turning Customer Intelligence Into Gold
Most marketers think about analyzing campaign analytics to improve performance, rather than using the customer intelligence they have today. Don’t toss away your dashboards, but take a deeper look at your campaigns. What kinds of customers responded? What are their functions, and what industries are they in? Do they fit the basic profile of your existing customers? What moved them to respond?
According to a recent IDC report, data is exploding at an almost 1000 percent increase in the last five years. This tsunami of buyer behavior data is positioning customer intelligence at the forefront of new multichannel marketing initiatives.
In this simple example, a marketer would form the beginning stages of segmenting, profiling, and interacting with customers the way they want to buy from you. Isn’t that the purpose of multichannel marketing and understanding how to manage customer relationships?
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