//What It Needs To Marketers To Succeed In The Economics Of Experience
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What It Needs To Marketers To Succeed In The Economics Of Experience

 

 

Fueled by digital transformation, the economics of the experience has altered the needs of today 's businesses. Once considered an "interesting" item from a brand perspective, customer insight has become essential to launch customer experience initiatives. According to a study by IBM, these initiatives are increasingly the responsibility of the CMO. In fact, in its report on the state of 2019 marketing, Salesforce revealed that 45% of marketers direct CX initiatives throughout the company.

In the current competitive business environment, where customers are spoiled with seemingly endless options, marketers have learned that it is absolutely essential to provide customers with a truly personalized experience at all points of contact. In recent years, brands have informed customers' experiences with a limited set of data that revealed very little customer information, but they quickly realized that this was not enough. To truly catch the attention of customers and build loyalty, brands have realized that the best way to move forward is to understand their customers in a holistic way. It means having a glimpse into the lives, attitudes, opinions and values ​​of customers to discover their truths. In doing so, brands are able to align their story with the customer's, to cultivate an emotional bond.

But how does a company get to the truth of its customers? I've outlined below three strategies that I've implemented as FocusVision's Marketing Director.

Complete big data with small data

In the experience economy, large data, or transactional data from online shopping behavior, is no longer sufficient. Big Data reveals the "what" but lacks context around the "why?". That's why I'm increasing big data with small data. This allows us to successfully create an experience tailored to each of our clients.

While big data provides insights into human actions and behaviors, small data (described by Martin Lindstrom as "tiny clues revealing huge trends") provide insights into attitudes, emotions, and motivations that underlie tend actions and behaviors. ]

The information that marketers can derive from the combination of large and small data is invaluable. In addition to understanding customers' experiences with a brand, product or service, marketers gain an understanding of the motivators that drive behaviors and decision-making. By leveraging qualitative and quantitative research approaches, brands can acquire this information and thereby gain a complete view of the customer, enabling marketers to effectively inform clients' experiences of to reach the target audiences.

Remove silos to facilitate collaboration with researchers

To efficiently exploit small and large data, I work closely with our research team. Considered for a long time as staff who conducted large studies once or twice a year to inform different functions – for example, product, culture, brand-name researchers have become an essential part of the sector to contribute to transformation. Since all departments in an organization rely more and more on ideas, using the expertise of researchers can enable marketers and other departments to work with data. from a growing number of sources and, ultimately, to make decisions based on these data.

But the marketer and the researcher differ a lot in methodology, approach, consideration and personality. Marketers, subject to disparate demands and mistrust of the industry and inundated with discussions about marketing stacks and big data, tend to look for an automated, easy way to target, batch and explode. But the researcher relies on small data to tell the story, understand the human motivation and understand the "why". It is this "why" that must inform the "how" of marketing. By collaborating, marketers and researchers can learn from each other and work towards a common goal.

Establish a permanent approach

It is human nature to change perspectives, opinions, loyalties and behaviors. In this digital world, with so much information and immediate answers, prospects are changing faster than ever. This is the reason why experience is never an isolated strategy. On the contrary, he must always be active and able to be the object of an action.

I put in place a permanent approach of listening and dialogue with clients. This allows me to keep an eye on ongoing fluctuations in customer sentiment.

By asking customers to share their feedback and communicating regularly with them, marketers can create qualitative data that can help their brands anticipate and understand behavioral changes. As a result, marketers are able to effectively create a better customer experience and, in turn, build relationships and cultivate positive relationships.

The New Narrative

As brands continue to invest in information strategies at the corporate level, the responsibility for navigating customer experience initiatives rests with marketers and researchers. In this new landscape, it will take a permanent approach, driven by both marketing and research, as well as large and small data, so that companies can design experiences that attract and retain their customers.

Dawn Colossi is Director of Marketing for FocusVision.

This article was written by Dawn Colossi of The Drum and was legally licensed by the Publishers Network NewsCred . Please send any licensing questions to legal@newscred.com.

what it needs to marketers to succeed in the economics of experience - What It Needs To Marketers To Succeed In The Economics Of Experience