In October of 2011, McKinsey & Company set out to find what was the most important digital challenge that marketing executives faced. After surveying executives worldwide, the most common answer was the ability to generate and leverage deep customer insights.
Four months later, DataXu released the results from their survey which concluded that only 30% of executives in the US were able to successfully leverage the value of their customer data. As of May, however, the CMO Council reported that the same statistic has risen to 51%.
Why are marketing executives placing such high priority on customer insight, and how are they leveraging this data to increase sales? The top five most popular uses, as reported by the CMO Council, are listed respectively:
More timely, targeted, and relevant messaging: Delivering messages that are relevant to customers interests will increase sales. Thats the bottom line. Marketers understand this concept and are using customer data to create content targeted to their customer base. By providing information that pertains to the customer, websites enable their visitors to educate themselves about the product, respond to appropriate calls-to-action, and follow the engagement path.
Richer segmentation and profiling of customers: The majority of businesses have either a variety of products, a variety of customers, or a combination of the two. Even if a business only offers one product to one type of client, each potential customer is going to be in a different stage in the sales funnel. Marketers are using customer insights to segment their customer base into various audience personas. The creation of audience segment personas allows websites to effectively communicate with each customer segment in each stage of the sales cycle.
Cross-selling and upselling customers: Websites, e-commerce sites in particular, have started to recognize the role that customer data plays in increasing profitability. With past-purchase, customer interests and geographic location data, retailers can determine the right products to offer each customer at the right time.
Greater response and conversion rates: The primary marketing goal of any companys website is to convert leads into sales. How the marketer talks to and engages each lead determines the websites ability to successfully convert these leads. By using customer information to craft targeted messages to website visitors, marketers are able to increase customer interaction and ultimately increase their conversion rates.
Better customer satisfaction and user experience: In the age of technology, the website is the face of a company. It is of the utmost importance for any company to have a website that engages its visitors and educates them about the brand. Leveraging customer data helps marketing managers do just that. By making the most relevant content easily accessible, websites increase customer satisfaction and user experience.
But what is the best way to implement all of these strategies? The answer is Get Smart Content. Get Smart Content is a dynamic content targeting platform that takes customer insights and other analytics to deliver personalized content based on that information. Request a demo today to learn more about how Get Smart Content leverages customer data to apply these five strategies.