If there was a common theme among speakers at the Teradata ONE customer summit this week, it was Value. As in: The value that great marketing adds to a customer experience. Marketing so valuable, people would pay for it. The integrated value of data-driven interactions. How mobile devices add utility to loyalty programs. That “value,” like art, is in the eye of the beholder – and that relevance, relationship and responsiveness are key to customer engagement.
Here’s my top 10 list of other smart ideas that buzzed around the event that I hope will inspire you:
- Mobile has become the new normal. Geo-context transforms eCommerce to mCommerce. As more people research on their devices, even while in a retail store, the power has shifted and tranformed B2C marketing to Consumer-to-Business.
- Most marketers don’t have a technology problem. They have plenty of technology. They do have process, utilization, training and optimization problems.
- More than a quarter of time on a smartphone is spent on Facebook and Instagram. New tools from Facebook like Audience Connect allow marketers to connect on Facebook with people in their own database – both prospects and customers – and present them with targeted information and offers.
- Use of data is an exchange between brand and consumer. People are willing to give data and have it be used, if the result is something of real use to them. If not, then it’s creepy. You rebalance the creep factor with the value factor.
- Context matters. While demographics stay mostly static and buyer motivations are usually irrational, situational data can be managed and leveraged by marketers. Forrester has conducted research on the psychological factors that influence the ways that people choose. Match your marketing to the choice drivers.
- There is a very critical part of marketing that is NOT data-driven. It’s called the New Idea. If you are doing something truly unique and different, you don’t have data to prove your concept, you have to just put it out there and be prepared to either win big or fail fast. Allocating some amount of resource to innovation of New Ideas is key to creating value in the market.
- Keynote speaker Jay Baer (@jaybaer) says that marketing is harder than ever. Your brand competes for attention against people I actually know and love. “It’s a contest between your brand message vs. a post from my wife.” he said. Social makes all our brand and personal relationships public. What to do? Stop trying to be amazing and start being useful. Utility — what Jay calls “Youtility” — is the most powerful relationship driver.
- It’s now possible to do personalized marketing at scale. Success depends on three things: The Medium (must be relevant and consumable and integrated into lives); Identity and Targeting, (You need both – identify them as people and then reach them at the right time with the right message); and Scale.
- Relationships are created with information first and people second. Trust is the currency on which relationships are made. Infuse your marketing with humanity.
- Be ruthless about your brand purpose. Keynote speaker Ashton Kutcher advised, “Do not let your social inbox become your marketing ‘to do’ list.”