Marketing Information Lost in Translation: How to Save yourself & Rise above the Competition

A recent report I came across this week shows that 76% of marketers do not use behavioral information in either segmentation analysis or targeting. They have the data, they’re just not taking advantage of it to better identify and then satisfy their consumers. This shocked me, so I went looking for more information to clarify the situation. 

The study was conducted in late 2013 by Razorfish and Adobe amongst marketing and technology executives in the US, Canada, Germany, France and the UK. According to Pete Stein, CEO of Razorfish, the two main reasons for this lack of usage are firstly that today’s marketers are driving consumer segmentation with outdated technology, processes and tools, and secondly that there is an exponential growth in the availability of behavioral data.

In another study called “From Stretched to Strengthened” IBM reports that 71% of CMOs feel unprepared to h andle today’s “data explosion”. A third study, Domo‘s “2013 Data-driven marketing survey” found that two-thirds of marketers feel unable to h andle the volume of marketing data that’s available for analysis without feeling overwhelmed, and  concluded that there were five reasons why this is the case:

  • 69% don’t have the time to analyse it
  • 66% can’t see it integrated
  • 44% don’t have the time to collect it
  • 40% don’t have access across devices
  • 40% can’t see it in real time

These statistics suggest some interesting, no vital, changes that business intelligence / planning / market research / insight (BI) departments should make to address these needs of marketers. Once made, they would increase their perceived value and recognition, as well as that of the marketing department as well. Now that can’t be bad can it?

Here are my thoughts on each of them:

No time to analyse the data

I personally believe that if the support function (BI) was doing its job properly, marketing wouldn’t have to analyse the data. In fact I don’t think it is, nor should it be, their responsibility. Of course, this does mean that BI should be attributed with the appropriate levels of resources in both time and personnel to run the analyses and generate actionable insights.

Studies conducted every couple of years by the market research arm of the Corporate Executive Board (MREB), consistently show that world-class businesses have BI departments that have progressed from methodological experts to insight consultants, and then to knowledge synthesizers. Therefore unless you allow your team to develop in this direction, the onus for analysis will remain a challenge.

Can’t see the data integrated

Even before Big Data became a buzz word, companies have struggled to break down the internal silos of information ownership. The ever-increasing flow of data into organisations has just made the matter worse, so that it can no longer be ignored. Information integration may dem and a significant investment in both time and money, but the rewards are huge.

For example, from my own experience with clients, I have witnessed a grocery retailer increase sales by 15% whilst decreasing its promotional & discount allowances by 13%. Continue Reading

Be Customer Centric – differently!

If you are confident that you are doing everything you can to be customer centric, then this post is for you; it provides some further ideas on how to surprise and delight your customers in a different way, to ensure you keep your competitive advantage.

Last week I was in the US for a few days and stayed one night in a small lodge on Key Largo. If I hadn’t prepared my trip by checking out possible places to stay on Tripadvisor before I left, I wouldn’t have known about it, as it is hidden by greenery, even though it is on the main US 1 highway. I would highly recommend this lodge (Dove Creek Lodge) if you are in the area; not only does it offer great value for money, but they are very customer centric. They couldn’t do enough for us, even though we were only there for one night on our way down to Key West.

What touched me in particular, was the way they appeared to search for ways to surprise and delight their clients in everything they did, far beyond what you would expect, even from a star-rated hotel. For example, instead of plates of fruit, meats and vegetables for breakfast, they presented the same foods, but as sweet and savoury kebabs. Rather than serving a large bowl of yoghurt for everyone to dip into, they presented delicate glass cups filled with Greek yoghurt, fruit and granola, or graham biscuits with key lime cream. The whole stay was perfect but there is every chance that we will remember it longer than other places in which we have stayed, because we were surprised and delighted by that original breakfast presentation.

So what can you do differently, to surprise and delight your own customers? Think about what you or your category competitors normally do, but then do it in a slightly different way. Customers will be woken from their mindless, habitual behaviour, and made to sit up and take more notice of what you are offering. Here are some examples that I have experienced in the recent past, but I would love to hear about others that you have already seen, used, thought about or had the pleasure of enjoying:

Replacement product:

OK so you think that you have satisfied your customer when sending a replacement for a (perceived) faulty product? How about sending it express delivery, so they get it in record time? This will amplify your already good customer service and your customers will be delighted. Many companies add coupons as an extra, especially in the US, but those don’t delight or surprise any more. You could offer samples of new products as well, but just make sure they are relvant to the customer- I recently received a “normal” version of a “hypo-allergenic” product I had returned due to an allergy!

Bakery:

Instead of the usual fillings of bakery items, how about adding “surprise” additions. For example, how about jam donuts with jam and cream cheese for an added, surprising delight – I actually had this at the Bagel Isl and, Big Pine Key and would love to go back again to try some of their other surprising offers. Continue Reading

I hope you enjoy reading this blog post.

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