Wednesday, 1 January 2014

Marketing evolution fulled by Relationship analytics

The evolution of marketing can be summarized in the depiction of just one platonic shift - the focus from Pull to Push. An earlier basic B-school distinction between marketing and sales has been that sales is pushing a product to the customer while marketing is pulling the customer to the product. However the advent of psychology and technology hand in hand has made marketers recognize that capturing a customer attention and pulling him to a product is less effective, but capturing his interest even before he knows about it is the pinnacle objective of marketing. Organizations and CMOs could do that only by ensuring that the marketing thinking, including all aspects of marketing tools, processes and channels are targeted at the zero moment of truth (not the first). The fundamental of doing this is a customized approach to customer segments based on customer psychology.

Human psychology sounds abysmal to operationally integrate with business thinking and strategy. However the cream at the top is good enough to make sense of the coffee. The creamer in customer analytics would be customer behavior. Customizing marketing approaches by customer behavior is the best bet for any marketing approach. However capturing and understanding every single customer behavior is a task which could be limped financially if not operationally. The advent of communication analytics becomes most prominent here. One of the best and most tangible rendition of customer behavior in many cases would be the customer communication analytics. Analytics on the frequency, recency, alacrity, tone and direction of customer communication could be the best source to understand and leverge marketing tools for utmost impact. The ability to understand which among your customers are most responsive, most communicative, most frequently annoyed and classifying them in broad buckets of marketing strategy  is the ultimate leverage that data analytics can render to CMOs.
 
For example the customer segment with the highest level of responsiveness/alacrity to communication are the ones who would value a campaign promising the speed of customer response, while the ones with most frequent communication with your organization (both positive and negative) are the best candidates for marketing programs like loyalty programs and customer advisory groups. These customized psyche-based approach to marketing channels appeal and capture a customer at the zero moment. Welcome to the age of technology driven marketing, where our loyalties are captured at a subconsious level at the Zero Moment! Some of the next generation relationship analytics engines like Trustvault fuel this evolution and are the best weapons for next generation CMOs.

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