POSTED BY: Jim Ittenbach | June 12, 2019
We have come full circle; again! I was having a conversation with a prospering, young digital marketer when he adamantly proclaims: “you must be able to create a personal interaction” with your prospective customer if you are going to gain their patronage! Just that morning; however, I was reviewing a 2018 McKinsey & Company article proclaiming: “consumers decide – in a matter of seconds – whether they like your marketing message. Miss the mark and they’re gone”. Interesting paradox.
Trying to foster meaningful relevance among consumers, who are accustomed to instant gratification, does spark the necessity to inspire confidence that you understand their wants and desires and are capable of enriching and enhancing their lives early on, if not, spontaneously. That said, these historical behavior-based segmentation strategies are now failing to scale. Now, one must seemingly be able to relate in an interactive personizing manner. Done correctly; data suggests that an organization can cut acquisition cost by 50%, lift profitability by 10%, and improve marketing efficacy by up to 20%.
Wow! Sounds hyperbolic, does it not? Well, it’s undoubtedly complicated — otherwise, no need for this conversation. The process begins with the now historical McKinsey model of astute observation crafting a clear understanding of the customer’s purchase journey. Knowing what type of customer behaves in specific, predictable ways, does allow for on-target messaging that mirrors wants with offers.
Anticipating the customer’s need at precisely the same time they realize it, will be profitable. This will require marketers to remain hyper-vigilant, paying attention to consumer behavior in real time, and responding accordingly. Social media, browsing post, adjacent digital purchasing, content trigger tracking, and browser searches yield a trove of informational opportunity. Marketers can then develop a corresponding library of relevant interest, capturing messages, images, titles, offers, and rewards. Vigilance and agility are essential to success in this model.
Yet, according to my newly acquainted digital marketer, void of creating a personalized, engaging experiential interaction, you are going to become toast in today’s market. Naturally, I pressed my digital marketer for examples. He did not fail me. Today’s marketers must integrate AI supporting chat lines, interactive visual-based content messaging, and add on complimentary use of traditional media stimulation. For example, he says, a scratch and sniff direct mail piece, coupling with an AR code that links the consumer to an AI supported, visual interaction to introduce a new perfume. Combining as many senses to conjure immersive experiences with the promised delivery is essential to succeed. He went on to identify the recent mailing of a virtual headset that paired with one’s smartphone to facilitate the introduction of new product experience as a successful breakthrough for an innovative new consumer product.
I know what you are thinking. Personalization of this nature seems overwhelming; likely requiring millions in IT investments to even consider. Conversely, our more successful clients start small, generate top-line impact quickly, and empower quick successes to accelerate self-finding, go-forward tactical wins, in short order.