Blog Contributor: Neej Gore
We recently spoke to Neej Gore, President of Zeta’s Data Cloud, about how retailers can transform their customer data into actionable campaigns. Today, we are circling back with him to see how other industries can leverage what retailers have done to turn their customer data into actionable campaigns for 2019.
The holy grail when it comes to marketing is the concept of people-based marketing. Zeta believes that marketing is no longer a journey, but rather an experience that happens in the moment leading to a decision that is made in real time. Technologies like AI are helping marketers reach those consumers in real time, in the moment when purchasing decisions are being made.
What is your definition of people-based marketing?
People-based marketing is the practice of delivering personalized marketing curriculum, sometimes at a 1:1 level, to known individuals, as opposed to anonymized devices or browsers.
What industries are most like retail and can benefit significantly from leveraging people-based marketing?
Simply put, all consumer verticals and some B2B will see significant benefits with a people-based approach. That includes travel, telecom, education, financial services, insurance, auto, and more. Customers will appreciate improved relevance and timeliness in their brand experiences; while marketers will appreciate more precise targeting and measurement. When implemented correctly, people-based approaches can improve precision by 30% or more.
If retailers are leading the way on achieving true people-based marketing solutions, what is the single most important thing that other industries can learn from them right now to transform their customer marketing programs?
Understanding identity is at the core of all people-based solutions. Adding scale is the challenge of all people-based solutions. It’s very important to align your marketing programs with a partner that provide both.
Retailers are able to obtain a lot of customer insight based on ongoing purchase behavior. What other data points are retailers analyzing that could be of importance to other industries to help them gain customer insight?
Content consumption signals are a top-of-funnel indicator of intent and interest. Content consumption patterns provide loud and latent signals that, when processed by machine learning systems at scale, reveal intuitive and non-intuitive findings. These findings come to life when coupled with retail, demographic, and psychographic data.
How can retailers and other industries leverage their 2018 holiday campaigns to sustain customer relationships in 2019 now that all the holiday hype is over?
Trick question? Due to seasonal forces, most holiday campaigns (even the ones that lack precision) will drive some level of engagement and revenue. Holiday campaigns provide retailers with a great opportunity to improve their marketing approach (see Gore’s last blog), but sustainability requires an overall paradigm-shift towards people-based marketing. That means thinking about Identity, Signals, and people-based Connectivity as part of your marketing mindset.
At Zeta, we operate on the premise that when marketing creates value for people, you inevitably create value for clients, and all relationships flourish. We create this type of value through our Insight Report. Below are just a few examples of what we are able to detect:
- High-value customers vs. low-value customers have significantly different non-intuitive behavioral patterns that can be used in presenting offers and refining creative used in marketing.
- Customers that deactivate/churn have significantly different, non-intuitive behavioral patterns that can be used as leading indicators to inform marketing touchpoints.
- Customer propensity to churn or upgrade is driven by different need states which can be detected based on their purchase behaviors that should inform marketing touchpoints.
To learn how your brand can benefit from people-based marketing strategies like our Insight Report, please visit: www.zetaglobal.com