With the world of everything digital taking over the field of marketing, brands are leaning towards precision marketing as the holy grail for their brand growth and brand health needs.
There is a greater need to show a return on marketing investment which comes through customer retention over customer acquisition which makes precision marketing a more viable and efficient approach to marketing.
Muzi Mthombeni, general manager of precision marketing at IdeaHive
Having the ability to segment audiences based on behaviours, channels and content preferences, allows brands to personalise their communications. In doing so, this drives relevancy to maximise the customer lifetime value in a cost-efficient manner, moving advertising from mass communication to mass personalisation.
Precision marketing highlights the need to have brand campaigns that predict the latter steps and phases of the customer journey, while focusing on growth and advocacy, over the early stages that focus on awareness, consideration, and first time conversion. Brand switching is a key challenge in today’s customer experience economy where audiences can choose from a selection of high-quality and high-value competitors. Brands must, therefore, take every opportunity to engage in personal, direct and intelligent ways to drive growth through retention and avoid switching.
With this in mind, it is worthwhile for marketers to work with agencies that have adopted an insightful way of working with these tools to develop campaigns that effectively blend the world of data and technology with creative practices. Brands need to start working smarter in a switching economy to continue being “the chosen one” by making sure their communications are informed by the right marketing technology and data.
A case in point is the shift made locally by a global family brand that has adopted a precision marketing approach to their communications. Their collaboration with an agency partner that is equipped with the right martech, they have begun to build and deliver greater results against their key metrics.
This has been achieved through omnichannel marketing strategies that made every customer experience feel personal yet consistent and relevant to where they are on the customer journey. Communicating with customers through a mass personalization lens at every phase of the customer journey is producing greater frequency of conversion, increased conversion value, along with an increase in the health of the brand overall.
In summary, precision marketing is about brands developing campaigns that address each phase of the customer journey to reach the right audience through the right channels at the right time. Crafting the right message and optimizing these campaigns for increased frequency and advocacy will ultimately bring out the most value from a brand’s relationship with a customer.
Is your brand getting the most from your relationship with your customers? In a switching economy, it’s time to partner up with an agency that has fully adopted a precision marketing approach through the use of data and technology to elevate elevating experience they have with your brand.