09
Aug
08

Building brand agility thro’ customer insights and integrated marketing techniques

A slow economy does not always mean death-knell for brand marketers. The ones who mine customer data, identify purchase patterns and discover useful insights will be the ones who will win in this environment. At Cequity, we continue to advice companies to walk this path with 3 specific strategies:

  1. Accelerate your customer database management strategy
  2. Embed analytical thinking within marketing teams where use of data & analysis is made mandatory
  3. Micro-market – Identify smaller & smaller segments and increase campaign velocity with relevant offers

Here’s what the article has to say:

According to Experian, companies that can gain useful customer insights through integrated marketing techniques will benefit from greater agility than their competitors and will be able to more quickly adapt to market changes and provide products, services, and value propositions that are more closely tuned to customer needs and purchasing patterns.

Collect insights, not just data
According to Marie Myles, director of marketing consulting at Experian’s Integrated Marketing division, “Based on our experience with some of the world’s largest consumer brands, the turbulent economy simply means a re-doubling of efforts to derive even more valuable intelligence from every consumer interaction.”

Actions for brand growth

  1. Understand customers and their needs
    Customer insight needs to be continually revisited to ensure that it is up to date, focusing research investment on this area and not solely on the brand. Marketers need to use this intelligence to create engaging and relevant messages based on a solid understanding of each customer’s preferences, needs and behaviours. This will pave the way for true one-to-one communication and enhanced brand loyalty.
  2. Analyse and segment
    Customer profiling, clusters or RFV models are essential to identify which customers are spending the most, how to uplift sales and to detect high value customers that show signs of diminishing value. As new trends emerge, marketers can use this insight to adapt and refine retention marketing techniques on a personalised basis.
  3. Adapt products and services
    It is imperative to assess the environment and for marketers to re-evaluate their propositions. In a changing economic climate brands need to be responsive to evolving buying habits. By taking this approach, marketers will be able to offer a better service to customers, making it harder for competitors to lure them away.
  4. Integrate channels to increase customer engagement
    Customers expect to be contacted through different media. Companies need to understand these media links and weave different online and offline messages to build compelling, engaging and personal experiences. Integrating channels at different stages of the customer buying cycle and customer management programme will drive benefits including a more consistent and persistent message.
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At Cequity, we believe customer intelligence will be the biggest competitive advantage enterprises will have in the next decade or two. Successful enterprises of tomorrow will be the ones who can organize and leverage this information at speed to optimize their marketing performance, increase accountability, improve profit and deliver growth. Cequity insights will bring to you trends and insights in this area and it’s our way of sharing best practices so as to help you accelerate this culture and thinking in your organization.
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