The strongest marketing asset you've never used.
Every company has a daily barrage of data coming in from the marketplace in response to marketing efforts, sales efforts, and simply business as usual. All too often, that data lives in a silo that never travels beyond its original purpose
- A customer service call is resolved and reported as a win in monthly Customer Service metrics.
- An email list is used to send emails. Actions generated from those emails are dutifully reported within the email analytics (85% open, 30% click-through, etc).
- A customer signs up for a checking account and their information is dutifully maintained within the bank’s CRM system, never crossing paths with the Wealth Management team.
- A compliment about a service or product is made on social media. The company thanks that person and moves on.
- A warranty registration requiring only contact information and serial numbers is completed and returned. It is filed away to be used when service issues arise.
By themselves, each instance is a win. Looked at more broadly, these are just a few examples of missed opportunities for developing greater customer insight, decreasing acquisition costs, and building a more robust marketing network. This lack of focus is understandable. A McKinsey & Company analysis of a recent ANA study showed that 95% of marketers feel a lack of focus due to the pressure to “do it all.” There is a lot of internal and external pressure to hunt for the mystical unicorn known as the next “silver bullet” tactic: Social Media, Content Marketing, Mobile Apps. With all the attention being focused on the hype, it’s no wonder that the same ANA study showed only 10% of marketing executives felt like they were successful in feeding data back into strategy.
Do you see your data as an asset? Are you looking for ways to consolidate the information and leverage it?
If you aren’t doing it, there are a few steps that we would suggest to get started. Start by realizing that an investment in this area will have a positive impact on all your marketing efforts. Make the time. You’ve already got the data. You just have to harness it to improve everything you are already working on.
- Consolidate your data. First step is to identify those incoming streams of data and create a single location to consolidate and hold the information. There are a lot of tools available for this, but if you need help, Big can help walk you through some options.
- Apply data to new tactics. Your next step is to determine how you can use the data for other efforts. Could Wealth Management utilize your checking account database to promote its services? Can your social media database be added to your mailing list? Can a customer service call trigger an email as a follow-up or promotional message? Are marketing efforts scheduled to reach customers at strategically important times after a warranty registration is filed?
- Analyze and find insights. Look at the larger data picture to develop insights into both distributor and customer behavior. Are customers who use the mobile app more or less likely to contribute on social media? Are email response rates higher when a direct mail piece is sent out one week before? Do distributors that receive email follow-ups on warranty registrations get better customer feedback? Developing insights based on data can be tricky, but Big has research statisticians that can support that effort.
- Encourage more feedback. Look for opportunities to test or survey customers for increased insight into opportunities, problems, products and/or services. Whether it’s a “loved it/ hated it” yearly evaluation with your distributors or a 3 question survey sent via email, use that data list to ask the questions you think will deepen your insight.
- Data Enrichment and Marketing Automation. As you get more sophisticated, you can begin to look for opportunities like data enrichment and marketing automation. Consolidated data servers like the partners that Big uses can enrich the data and give you access to more information about your customers.
You already have the data. Make 2016 all about how you use it to drive results in your marketing efforts and your company’s bottom line. If along the way you need our strategic or research services to help, give us a call or talk to your account director.