Analysis of 2bn customer digital journeys over the past four years by some rather clever marketing data nerds suggests it’s never been easier to waste money in marketing. Which is rather odd because they’re from a marketing tech company and they want you to spend yet more of your stretched marketing budget on stuff that – well, how can I put this kindly? – does what you should be doing anyway if you’re in the business (any business!) of dealing with customers.
According to the digital wizards from Qubit and their number crunching partners at PWC, “we’re entering a new phase where individually personalized experiences amplify customer delight, boost persuasiveness and enhance conversion and revenue.’ Which will be news that it’s, ahem, news to most sane people in business that treating any customer as an individual with ‘personalised’ needs is a ‘new phase in marketing’. Maybe they should have just talked to a couple of good B2B sales people or a shop keeper or two?
Because they’d have told them that the predicted uplifts of 6-10% in revenues from pitching your product or service at a customer’s individual set of needs and introducing them to alternatives or improvements are way too low. Just as the estimate that 50% of digital aquisition (I’m guessing here, but that might be jargon for sales) cost may be wasted…
So, the insight isn’t wrong, it’s stating the bleedin’ obvious and presenting yet more inter-connected, yet strangley disconnected tech as the silver bullet. Yes, it makes sense to present visitors and customers of your business with an experience which is tailored to them as individuals. And yes, once you know their names and what they’re buying from you, it’s only polite, surely, to use their names when you communicate with them. Or, as any good shopkeeper/salesperson would, to cross sell or attempt to tempt them with an upgrade. But getting them there – into your shop, salesroom, trade counter or whatever – is totally dependent on knowing who they are, how they interact with your product or service and wierd as it may seem, just letting them know you exist – because every man and his dog now has access to ‘amature friendly’ digital marketing, just getting noticed isn’t so easy!
The tech’s important. It allows us to transform a potentially cold digital experience into something approaching human interaction. Equally the data it feeds on. Accurate snapshots can be built from free to source analytics and the data nearly all companies now posses can be brought to life with a little effort. Apply that to a well developed understanding of the market, consumer, competition, media and rational/emotional context then the type of stuff Qubit is flogging might be worth investing in. Otherwise, go ahead buy into the craftily designed monthly fees which qualify you for a costly upgrade sales pipeline and you might find your suddenly wasting lots more than the 50% you thought you were.
Relevant provides marketing strategy and consultancy which enables companies and organisations to cut back on advertising, marketing, and digital agency costs and achieve the most efficient use of media. The end result is enhanced inhouse marketing team capabilities and reduced waste whether that’s staff time or money.
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