This week’s blog post was contributed by Jenni Burton, Senior Digital Consultant, Retail, Oracle Data Cloud.
Retail marketers relentlessly focus on customer loyalty, striving to understand every detail about their behavior, while stumbling through the complexity of the digital ecosystem to get their message in front of them.
1. She's not as loyal as you think.
With the customer at the center, there are still critical concepts that brands overlook:
- We all like to think that our customer loyalty bleeds only the color of our brand. In reality, customers are actively purchasing across the ecosystem – with your competitors, and with other brands.
- Understanding purchase behavior beyond what a customer spends with you is not only important, but critical to building a stronger customer file and increasing response on your campaigns.
2. She doesn’t realize the media world is complex
- Customers don’t tend to think about the complexity of reaching them across all of their online identities, from social accounts to work email and purchase history. In fact, it may never have crossed a customer’s mind at all as they sign on to their various accounts. But the challenge of connecting multiple data points is something marketers think about every single day.
- Navigate the complexity on a customer’s behalf by aligning partnerships that connect online identity across multiple channels. This ensures your brand reaches her in a manner that’s deliberate, cost effective and helps drive response.
3. There are (a lot) more prospective customers just like her
- Retailers often think that what they are currently doing is enough or that there isn’t a scalable audience beyond their current effort across catalog, search, and retargeting.
- There is a data-driven world of opportunity beyond these tried and true strategies. Test new providers and new audiences across behavioral, purchase and 2nd party data to expand reach. Coordinate audiences, set goals, gain understanding and then optimize.
Stop seeing the customer for who you want them to be and start seeing them for who they really are – demonstrated by their actual purchase behavior. Using past purchase behavior delivers much more accurate and valuable insights. It’s time to harness the power of data instead of focusing on loyalty when making marketing decisions, and forget what you thought you knew about your customer.