Leveraging Consumer Metrics
Measure twice, cut once. You've probably heard that woodshop adage and its applicable everywhere. The digital age affords us the greatest opportunity in the history of consumer marketing to acquire a wealth of data on our customers' behaviors.
The objective is applying lots of measurements to drive a single highly targeted communication.
Of course, its important to gather that data, process that information, and apply those insights with great care and respect for our customers' privacy preferences. The challenge is that increasingly consorting data sets from different measurements is providing more insight that strains the barriers of privacy. We talk about that elsewhere and in our blog. But privacy challegnes notwithstanding, leveraging consumer metrics is vital to successful customer relationship management.
There is one emerging hybrid area of analytics, often times being overlooked, that we think offers the greatest potential to tailor your offerings to the individual needs of your customers. We're referring to the mash-up of web analytics with traditional marketing database analytics.
The question is how a customer's browsing behavior can inform their purchase life cycle. The objective is to leverage web site usage behavior analytics to drive relevant messaging that can better influence purchase.
Today, we find that many consumer-facing businesses are actually performing these analytics in silos. In others words, marketing database analytics are conducted and managed apart from web analytics. The result is a customer receives a message inviting a visit to a URL that they actually have already recently seen. Meanwhile, the web analytics team applies their traffic insights to determine optimal content presentation strategy. In the course of that, sometimes (if at all) they will direct marketing of page visits that could have allowed for better messaging, but too late.
This left-hand vs. right-hand fumble in customer relationship management can be averted by integrating the two types of analytics into your customer database. This way you have a single profile of a customer's behaviors -- both web activities and the standard metrics of marketing analytics (e.g., RFM scores, purchase histories, eMail opens/clickthroughs, etc.)
Uniquely, our Firm can help you integrate the analytics of the web with the analytics of marketing to provide a far better assessment of every customer, their value to your business, and the insight to allow you to build a more profitable relationship.
