This article is part of our series on customer experience where we focus on topics relating to connecting data, intelligence and experiences. Further reading: Why Inconsistent Messaging is Undermining Customer Experience.
While many marketers are enamored with the advantages of martech, it is worth remembering the activity should always be optimized. After all, marketing technology is only as good as the data feeding it, and customers’ behavior is constantly providing new data.
Feedback loops used to be directly communicated in person, during a one-to-one conversation. But as we’ve moved from an offline social culture to transacting primarily online, we need to find new ways to understand our customers.
It is now necessary to read customers digital body language to reveal purchasing power, location, interests and intent to buy – among thousands of other attributes.
For many marketers, feedback loops are a significant step up in the quest for better performance.
Targeted marketing is a standard practice. Though, ultimately the output is only as good as the data being input. Too often campaigns are verified through metrics that, in an effort to assess overall performance, fail to provide the granular level of data needed to optimize campaigns.
Fortunately, each customer touch point in a campaign can provide a feedback loop, offering different forms of verification and the potential to close data gaps — provided the right metrics are used.
Take an email campaign as an example. It may use good data segmentation based on a well curated CRM to push out the message. Traditional performance metrics would be the open rate or the click-through metric. They indicate that the audience you targeted actually interacted with that campaign. But the campaign doesn’t end after the email is sent.
The feedback loop would identify not only whether an email is opened or not, but who has and has not clicked through. Each outcome provides an opportunity to improve segmentation and optimize the campaign.
This process relies on an ability to tie actions to the individual. However it is not necessarily about identifying individuals. Digital body language is 100 per cent anonymous. Therefore privacy is maintained as global concerns are raising over data use and privacy mount.
Nevertheless it is a feature often lacking in many marketing metrics and ultimately produces disconnected experiences.Not All Metrics are Equal
Many of the existing marketing metrics provide useful insights but fail to really optimize campaigns. For example, a media agency may offer measurements aggregated by region or messaging. It shows a campaign has reached a certain percentage of a target audience. It is useful information, and not to be disregarded, but at the level of an individual it fails the optimization test.
There is disconnect, because you don't know which of those people you targeted in the campaign actually engaged with it. It is not enough to know what percentage of an audience clicked through. You need to know who has clicked through, who hasn’t, and why they did so.
The solution is to include metrics that can be interrogated at a granular, individual level - digital body language. When that information is available, it produces immediately actionable insights and a finer level of segmentation. Connecting these metrics to the technology stack improves customer verification and eventually customer data insights.
Through proper feedback loops, campaigns are adjusted on the fly with the ability to target individuals who do not initially engage.
We can also reduce advertising spend by not targeting existing customers and increase our add efficiency by targeted those customers most likely to buy.
In ASEAN, the availability of third-party data on targeted customer accounts might still be an issue for advertising. However, over the coming years we’ll be seeing a lot more data become available as large players start to make their data available via third-party marketplaces such as Oracle’s Bluekai.
Our customers who have used our Oracle Marketing Cloud to run multichannel automated campaigns (using email, push, and SMS) have realized significant increases in open rates and conversions.
While it appears an advanced use case of data and marketing technology, the current pace of change may mean it is soon table stakes.
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