Marketers are often told that they need to use data to improve performance. They need to be more 'data-driven'.
Yet many are still unaware of what that actually means. Marketers have been collecting and using customer data to analyse performance and predict trends. What can they do to use data to an even greater extent?
To find out, ClickInsights recently held a Virtual Marketing Summit where Anindya Datta, Founder & CEO of Mobilewalla, presented 'Maximising Marketing Performance with Consumer Intelligence'.
In his presentation, Anindya pointed out that marketers are often skilled at leveraging 1st party data (data marketers collect themselves) but that this type of data often lacks scale.
Instead, he proposed, marketers should acqleuire 3rd party data (data from vendors) and use it to enrich their 1st party data. With linked 1st and 3rd party data, marketers will then have a much more complete picture of the people who are likely to be their customers.
Armed with this consumer information - or consumer intelligence - marketers will be able to use data much more effectively to drive real-world business results.
To support his point, Anindya provided 3 examples summarised below but, for the full picture, please register to view the entire webinar on-demand here: Maximising Marketing Performance and Customer Engagement.
1) Data enrichment helps marketers attribute ad spend
The first example provided was from a luxury retailer who spent tens of millions of dollars annually on advertising.
Yet despite the spend, they were uncertain about who received these ads and whether they were driving in-store and online purchases.
By combining the 1st party data - people who viewed the ads - with subsequent behaviour, the retailer was able to better understand their shoppers and attribute the value advertising to both in-store and online purchases.
2) Consumer intelligence leads to more high-value customers
Next, the webinar covered how marketers, with enriched data, are able to leverage predictive models to find high-value customers.
Mobilewalla recently worked with one of the largest global food delivery services to identify their most profitable customers.
Initially, 12% of their existing customers were high value, providing 65% of their revenue.
With predictive analytics using enriched 1st party data, the brand was able to increase high-value customers by 17% and significantly improve both revenue and profit.
3) Marketers can discover new, profitable audience segments with enriched data
Finally, Anindya spoke about how marketers can use enriched 1st party data to improve their segmentation.
Using consumer intelligence, a luxury retailer was able to profile people and how they reacted to their advertising.
The brand discovered males aged 45-50 with an interest in fitness were more likely to visit a physical store before making an online purchase.
For a future ad campaign, the brand targeted that demographic with advertising which encouraged them to view products in person before buying online.
This resulted in a boost in both store and site visitation with an associate increase in business.
Any marketer who seeks to improve business results can do so by increasing their consumer intelligence with data enrichment.
Ad spend attribution, acquiring high-value customers and niche segment behaviours are some of the many business-building opportunities described in the webinar.
Anindya's presentation is available on-demand in the webinar here: Maximising Marketing Performance and Customer Engagement.