After a year like no other, we have seen a huge shift across all industries and organizations with large digital followings on the importance of getting to know that following, that audience, those fans. In fact, 80% of CEOs say they are looking to their marketing teams to drive revenue growth in the next year. So, how can we as marketers reach our goals and KPI’s while simultaneously supporting revenue growth and customer retention? The answer is in the data. The first party data to be exact.
That famous saying of “let’s make it viral!” is no longer the threshold of measuring success. There’s a huge understanding of the fact that revenue growth from marketing requires a strategy and approach entirely that focuses on customizable experiences.
Yes- metrics such as follower count, likes, comments, shares are great for a brand because they show an engaged audience. And content marketing will forever be a gateway into connecting with fans and followers. But it’s time to take that connection to the next level, especially for CPG brands. According to BCG, CPG companies spend more than $800 million each year on marketing- the highest of any industry. However, their databases are one-tenth the size of the databases of their retail peers.
This imbalance is caused from the limited opportunity CPG brands have of safely collecting consumer data. And while marketing is a huge contributor for in-store purchases, and used to drive influence, it’s not likely consumers will purchase - let’s say Oreos - from the Oreo website directly. Oreo has some of the strongest, most viral, marketing campaigns out there. They are a huge success on social media with 3 million followers on Instagram and almost 1 million followers on Twitter.
The community is there and proven but that community will 9 times out of 10, purchase Oreo products at supermarkets, gas stations, pharmacies, etc. Essentially, Oreo’s engaged digital community is that of an anonymous one.
Modern marketing is data-driven. It’s personalized. It turns digital engagement into something more. In fact, data-driven marketing can increase net sales value by 3 to 5 percent and marketing efficiency by 10 to 20 percent, because it’s adding an additional layer and journey to the consumer, for the brand. We’ve seen at Pico that when fans receive personalized marketing material and messaging, they are more likely to interact with our digital activations garnering an average 35% Click Through Rate. First party data allows organizations to learn more about their audiences in a one to one, organic way.
One Size Fits All?
When fans willingly provide information like their favorite snack or product, the best way to reach them, their favorite time to buy, you’re able to learn their desires and preferences as shoppers and people. But it’s not a one-size fits all fix. Companies need to invest in the right programs and services that will provide them with growing, robust data on their audiences.
Instead of asking audiences to complete surveys in generic mass-blasts, ask them to vote on their favorite seasonal products, content memories, flavors etc for a chance to win a 10% discount on their next purchase - or on this season's specials. The incentive is there not only with a discount code, but also because the fan is already engaging with the content that’s being published. So make that content work for you! If voting isn’t up to speed with your content, create a Memory Game with your fan-favorite products. Your content is unique and creative, so should your audience's experiences.
All Things Considered
Creating customers for life in today’s digital world relies on the experiences consumers are provided and what’s learned from the organizational side. The next time you’re strategizing how to create unique and new experiences for your audience, consider a data-driven approach.
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