This week’s blog is a guest post from David Hibbs, Senior Digital Consultant for Retail at Oracle Data Cloud.
As Senior Digital Consultant for Retail here at Oracle Data Cloud, a common question I get asked is, “Why should I be including my CRM data in my targeting strategy?” Read on to discover the top 5 reasons to include CRM data:
1. You can target known customers.
Including your CRM data along side your website behavioral data and 3rd party data allows you to start targeting folks with whom you already have a relationship. Targeting known customers also brings your offline purchase data or interaction data, online. So now you can bridge the gap of not just reaching folks online who are visiting or buying from your website, but also those going to your stores. Additional segments can include active buyers, recent buyers, offline purchasers only, and more – all of which can be optimized using additional data.
2. You can test your known audience.
You now have the opportunity to start building look-alike prospects based off your best segments. So for example, if you have a segment called “high value customers,” you can model and find similar type of prospecting customers. You can also start testing which segments drive the best lift, and start to uncover the answers to the following questions such as, which segments generate the best lift? Are there certain sub-segments that respond better to your media? Do certain channels drive better response for your segments?
3. You can suppress known customers.
Anti-targeting is just as important as targeting. Wasted impressions can be costly, with some brands seeing media efficiency improvements of 10-30% by taking control of the audiences they are targeting. With your CRM audiences, you can now build pure prospecting audiences by suppressing out your current customers from any look-alike audiences or other demo/syndicated segments being used to drive new customers. And if your segments allow for customers to fall into more than one audience, being able to take out certain customers is important to make sure they receive the right message.
4. You can incorporate offline purchase behavior.
By bringing in your CRM data, you now have access to customers shopping in-store. Tactics similar to those available for ecommerce driven messages can now be applied to your shoppers going to your retail locations. Have you recently sent out a catalog, or sent a targeting print piece to a certain subset of you audience? Now you can bring that same audience online and reach them in all of the digital channels to carry through the offer or marketing message seen offline.
5. You can orchestrate your audiences.
Are you sending a different message to your loyalty customers in email? How about when a loyalty customer see one of your display ads, or go directly to your website? With your CRM data, you can unlock this orchestration with your CRM audiences as the data is now driving the strategy, not the media channel. With audience orchestration, you can control the marketing dollars invested into your audiences.
By bringing in your CRM data to your targeting strategy, you not only get additional revenue benefits, but your customers can also get a better experience with more accurate targeting.
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