Indian marketer continues to face steep challenges when it comes to engaging with customers across multiple channels and touch points. It takes both smart marketing and the right technology to be able to listen, learn and respond to your customer at speed and with scale. Marketers today have access to more data than ever before. But, delivering experiences that will truly engage your customers requires you to go beyond the numbers—you’ve got to be able to translate data into actionable insights.In the new world of marketing—personalized, contextualized, and dynamic—CMOs are partnering with their social media analytics organizations to bring control of the human experience with a fresh arsenal of experience-focused marketing tools. We know this might work as 54% of customers think companies need to fundamentally transform how they engage.
This can only be achieved when the 3D’s ie Data, Decision, and Delivery that your company will need to meet consumer expectations is in place. Diverse Data can help an organization to develop a deeper understanding of current and prospective customer’s behavior and preferences. Creating a customer persona can help you compare their purchase history, Demographics and their engagement with the brand. Until you have the customer Data it becomes difficult for organizations to have a more personalized communication. With advanced analytics organizations can make better decisions pertaining to pricing, promotions, and services which are provided to the customer. This decision making ability at the go courtesy to the data can help in personalized communication with the customer to drive engagement. But this data comes is not freely available and companies are reluctant to increase their spends on the marketing analytics.
Marketing technology has undergone a long revitalization process. Channel-focused solutions such as websites, social and mobile platforms, content management tools, and search engine optimization are fast becoming yesterday’s news.At the same time, technology has created a multitude of ways to engage customers on their paths to purchase. But the tech stack required to engage and deliver an end-to-end customer experience can be incredibly complex and challenging if not developed within the parameters of a digital strategy. While data is the currency of any personalization program Indian brands still find themselves balancing the need for personalized marketing messages while consumers are increasingly concerned about privacy and data usage. To overcome this challenge, brands need to rethink their data collection, notification and deployment or risk losing consumer trust and attention.
Now lets us club all of the above and check the risks and implications involved. IT Security has to be beefed up as threats and frauds are likely to increase from the PII data which the companies are using. Organizations struggle with being able to offer a user experience that is simple and seamless yet still secure. To overcome this issue EU has come up with GDPR regulations in May 2018 which bars any company to have any unsolicited / marketing communication to their current or prospective clients or face heavy fines in tune of€20M or 4% of their global annual turnover whichever more. This is just not applicable to companies in EU but all companies globally which stores / processes PII data of EU nationals. This is a roadblock just not only for Indian marketers but marketers globally who deliver personalized communication at any touch points to their customers.
A Gartner study says 74 percent of marketing leaders still report they struggle to scale their personalization efforts. I strongly believe that this is still because their marketing approach includes having a single view of different customer across interactions, channels, products and time. This onlyadds onto inconsistent customer communications.
BY: Dr Ranjit Nair (PhD AI), CEO and Founder of Germin8 Solutions