The Power of Customer Intelligence
With the abundance of information around consumer demographics and, more importantly, insight into consumer behavior, the world of database marketing is starting to change. Along with this new customer intelligence we have also seen a power shift influenced by the development and quick adoption of new social tools. From wikis to online rating systems to a simple tweet, these social tools have empowered the customer. The core of what traditional marketing tactics have been based on has changed, and just as consumers are evolving so must marketers.
The days of building lists, going through the cycle of acquiring new names and pushing your message no longer works. In a B2B Online interview with Forrester’s VP and Principal Analyst, Dave Frankland, when asked how customers are responding to these traditional methods, he states that “Customers won’t accept that. If I go into a bank today, I expect there to be institutional knowledge about me and for me to be treated differently as a result. This customer centric approach is not just desirable today; it’s expected.”
With that in mind, marketers need to start using their databases and add some new flavor to their old-school ways. Going beyond email and direct mail, incorporating customer intelligence provides marketers with richer customer knowledge, which can be leveraged as a means to “improve customer service, develop innovative products and heavily influence business operations and strategy” as Franklin points out.
This robust customer knowledge allows marketers to “identify customers that are of higher-value,” Franklin states, and follow their digital footprint. Marketers can then use this customer intelligence to create a more dynamic digital advertising plan and “might be happy even with a higher CPM” or CPL. Being able to understand the true value of this customer knowledge can lead to successful interactive marketing campaigns that incorporate this information to offer the “right content, to the right user, at the right time.”
As marketers it is our responsibility to understand the trends in database marketing, as well as the value of customer intelligence and how these 2 factors affect the way we go about communicating to our existing and potential customers.
To help reinvent your marketing campaigns, I’ve included some additional resources around how to leverage customer intelligence / knowledge below:
TechTarget Activity Intelligence: Redefining the Way Technology Audiences are Viewed and Influence by Technology Marketers
Forrester Case Study by Dave Frankland: ESPN Drives Fan Value through Customer Intelligence