Media targeting is a complex art form. Similar to a bartender with limited mixology skills and experience – whose creation does not quite satisfy the palate – it can be difficult for Marketing and Advertising experts to refine the messaging accuracy and consistency needed to reach consumers and drive the highest possible return on ad spend. For this reason, marketers need to ensure their data teams not only have the proper data “ingredients” but also the tools and talent necessary to identify and separate relevant, actionable Marketing data.
Study: Understanding Key Data Ingredients
Today, consumers expect personalized experiences and will choose, recommend and pay more for a brand when advertisements are targeted. When creating these messages, quality and accurate data is imperative to understanding the complete 360-degree view of an individual consumer. However, this often doesn’t happen. Forrester Consulting states that 65% of marketers have concerns about the quality of their data.
The critical first step for successful Omnichannel Marketing is identifying and surveying the complete data pool. It’s important to begin this Data Analysis process with a lot of input and avoid over-reliance on a single source of data. The variety and diversity of data sources are essential for accurate targeting. Data should come from various internal channels such as foot traffic, purchases by category, brand sales, and CRM systems, as well as third-party sources that can add intel related to consumer interests and in-market purchase behavior.
Prepare: Messaging and Placement
As Omnichannel Marketing campaigns seek to provide consumers with connected experiences across the entire customer journey, it’s important to ensure messages are relevant and reaching consumers through the proper channels. While the same messaging and channel ‘mix’ might not be right for all consumers, it’s important to understand individual target audiences to determine the best strategy for reaching them.
By utilizing the data ingredients identified above, marketers can understand the unique path to purchase for consumers as well as their preferred communications channels. For example, if a marketer notices increased redemption of print coupons in a particular local geography, this may signal high potential for the success of print circulars or timely local deals. Additionally, if a brand finds that Millennials are purchasing more online, it can modify its online sales strategies to promote items with higher purchase propensities among this demographic.
Modify: Adjusting to the Dynamic Nature of Consumer Data
Finally, it’s important to understand consumer data is dynamic. What’s true about a consumer is constantly changing, so crafting a data strategy from compiled data snapshots will not suffice. As consumer affiliations, loyalty and interests change, brands need to keep pace to ensure they have the right data ‘ingredients’ for reaching customers.
A constantly connected view of a consumer ensures that targeting is accurate and driving the most relevant and personalized experience possible. The combination of a rich set of data “ingredients” and data “mixologist” expertise will help marketers craft the perfect cocktail of Omnichannel media performance for your brand.