Brands need customer data to survive
The topics placed on the 2017 IAB digital summit were very relevant. All the speakers delivered pertinent topics to the current digital climate. Most pleasing was to see industry players and stakeholders in the same room and reading of the same hymn sheet. Especially as part of a digital agency that’s pioneering the mainstream use of consumer apps for mobile marketing. In the end, it doesn’t help to provide innovative solutions to brands if they are too afraid to take up the challenge. It was particularly great to hear industry thought leaders and influencers validated our stance of what brands need to be doing to formulate and execute a comprehensive mobile strategy. Below were the major take outs all brands should’ve left the summit with and start thinking about how to achieve or elevate these objectives.
- Customer Data
- Targeting precision and personalised communication
- Analytics and measurement
- CRM and loyalty
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Customer data listed first on the list will be the focus of this article. Data is considered a precious commodity in the world we live and some would say it’s the “new oil”. I’m inclined to agree with this statement but most consumer brands don’t seem to place enough emphasis or priority on collecting customer data. Brands are happy to make sales without enough actual and specific data about those sales. The lack of data poses a real threat for brands in the case of any shifts in market situational factors. Newmarket entrants, change in competitor strategy or the introduction of new technology are eventualities which few brands are prepared. This means the first and only time brands can detect negative symptoms is only through a rapid decline in revenue. Worse is when brands don’t even have the necessary data to identify where the market share haemorrhage is coming from let alone stop it.
Thanks to mobile technology, collecting research and customer data doesn’t have to be in the form of 45 questions questionnaire survey. We are living in an era where virtually every customer walks around with a mobile device in their pocket or bag every minute of the day. Brands have an unprecedented opportunity to gain direct access to the consumer’s daily life. However, a drastic shift in brand mindset is required to capitalize on this opportunity. A branded mobile app is a perfect platform and tool to assist all brands to do just that.
Just like the banks and cell phone network providers, consumer brands now have the opportunity to know every time a consumer interacts with the brand. Apps provide a proactive approach to collecting customer data on multiplatform touchpoints, as opposed to a detrimental reactive approach. An app can assist brands to collect not only rich demographic and psychographic customer persona data. Strategic and well thought out campaigns can also use the app to simultaneously collect customer behavioural data. Mobile technology is the only solution to provide brands with constant and fluid customer insights. Mobile apps provide marketers with the holy grail customer knowledge and the ability to answer the who, what, when, how and why.