Connect with us

MARKETING

Why data-driven decision-making is the foundation of successful CX

Published

on

Why data-driven decision-making is the foundation of successful CX


Without actionable data, customer experience strategies are doomed to fail. Lisa Loftis, Principal of Customer Intelligence Solutions at SAS, discussed some interesting CX findings from Futurum Research in her presentation at our MarTech conference.

“One of their most significant findings was that the future of CX is in real-time data collection analysis and being able to tune these activities so that you can proactively meet and exceed customer requirements,” she said.

She added, “In our philosophy, data does not change the organization — decisions do.”

Marketers have a responsibility to add more data into their decision-making processes, especially given the technologies available. Marketing automation platforms have made decision-making more effective by streamlining tasks that used to take up much of marketers’ time.

“Automating decisions is not a new focus for marketers and CX leaders,” she said. “The issue is that the pandemic-induced digital behaviors that we’ve been talking about have ratcheted up the importance of automating decisions in CX.”

Here are some reasons why successful CX strategies require data-driven decision-making.

Data adds customer context

Data drawn from analytics and CRM systems can provide marketers with much-needed context to make better campaign decisions. What’s more, these tools can create the foundation brands need to automate these choices going forward.

Advertisement

“You can begin to understand how relevant the company is to the customer,” Loftis said. “Do they have products? Do you have products that they want or need and how do they feel about their past interactions with you? This information falls almost exclusively in the CRM category, and it can be used to understand things like segment behavior and offer personalization.”

See also  Good morning: Signs of spring?
chart showing how data adds customer context for decision-making
Source: Lisa Loftis

She added, “We can start to understand what motivates an individual and what their influence value can be. The data that makes up personal context comes from a mix of the third-party purchased information and social media activity.”



Automation determines the next best actions

Loftis provided an anonymous case study of a large bank that used automated decisioning, helping illustrate the benefits of automation. She described how the campaign yielded significant benefits for this bank, generating 6 million leads annually and 80,000 to 100,000 new accounts per year in marketing ROI over 100% in the first few years.”

determing customer next best actions with marketing automation
Source: Lisa Loftis

She also laid out the process by which successful marketing teams work with these technologies: “Marketing groups generate individual targeted lead lists which are submitted to a central decision engine. The engine uses a combination of predictive analytics and machine learning, business rules, and predetermined constraints to develop a list of potential offers for each customer.”

She added, “So when the customer…visits an included channel, the channel contacts the decision engine for a list of possible offers.”

Marketers would be wise to vet their chosen automation system, ensuring its decisioning process aligns with organizational goals. When deployed correctly, these technologies can optimize customer offers in real-time to provide the best possible CX.


New features are making marketing automation platforms more powerful than ever. Learn about trends and capabilities of marketing automation software in the latest edition of this MarTech Intelligence Report.

Click here to download!


Streaming data fuels decisioning

Many organizations have turned to data streaming, a solution designed to address data pipeline issues, recognizing its value in the decisioning process.

See also  Best 8 Ways To Increase Your Ad Conversion in eCommerce

“Streaming data isn’t new, but the way that we handle it has changed pretty significantly in the last few years,” Loftis said. “In effect, it was a smaller version of the data warehouse, another data silo, and it existed for one reason: to store data.”

“The problem was that there was almost always a lag in the process,” she added.

Data streaming can help marketers capture and aggregate large quantities of customer data, which can be used to fuel automated marketing processes. This is also all done in real-time to ensure customers enjoy seamless experiences.

Advertisement

“To meet customer expectations, streaming data has to be analyzed and acted upon as soon as it comes into the stream, not hours later,” said Loftis. “The data and analysis results can always be stored for later usage if the nature of the actions does not call for real-time delivery. But the digital engagement models today mean that we have to apply analytics to the data as it is moving through the stream.”

She added, “The goal of a true streaming data platform is to apply high-end analytics directly to the data.”


Snapshot: Marketing automation

For today’s marketers, automation platforms are often the center of the marketing stack. They aren’t shiny new technologies, but rather dependable stalwarts that marketers can rely upon to help them stand out in a crowded inbox and on the web amidst a deluge of content.

HubSpot noted late last year that marketing email volume had increased by as much as 52% compared to pre-COVID levels. And, thankfully, response rates have also risen to between 10% and 20% over their benchmark.

See also  How to scale personalization efforts with data-driven marketing

To help marketers win the attention battle, marketing automation vendors have expanded from dependence on static email campaigns to offering dynamic content deployment for email, landing pages, mobile and social. They’ve also incorporated features that rely on machine learning and artificial intelligence for functions such as lead scoring, in addition to investing in the user interface and scalability.

The growing popularity of account-based marketing has also been a force influencing vendors’ roadmaps, as marketers seek to serve the buying group in a holistic manner — speaking to all of its members and their different priorities. And, ideally, these tools let marketers send buyer information through their tight integrations with CRMs, giving the sales team a leg up when it comes to closing the deal. Learn more here.


About The Author

Corey Patterson is an Editor for MarTech and Search Engine Land. With a background in SEO, content marketing, and journalism, he covers SEO and PPC to help marketers improve their campaigns.



Source link

Advertisement

MARKETING

How is the Blockchain Shaping the Digital Marketing Automation Tools?

Published

on

How is the Blockchain Shaping the Digital Marketing Automation Tools?

It is no doubt that most of us are aware of what blockchain is and how it has shaped the future of digital marketing automation. If you are reading this article, then you might be wondering what exactly is the difference between blockchain and digital marketing automation?

What Exactly Is Blockchain? The blockchain is a decentralized ledger system that records transactions between two parties. A block stores information about previous transactions, so each block contains a link to its previous transaction’s record to prevent double-spending.

The users will have their copy of the record on their device so they can keep track of all the changes made in that particular chain by any member of the network.

The Blockchain Is Creating a New World

The blockchain is a new technology. It’s based on the idea of decentralization and peer-to-peer networks, which makes it different from traditional centralized systems. Blockchain technology uses a distributed ledger to store information, making it impossible for a hacker to modify the data stored on the network.

The blockchain can get used in many ways, including cryptocurrencies like Bitcoin or Ethereum. But it also has applications in other industries such as digital marketing automation tools where marketers need fast access to information about their customers or prospects without having to go through an intermediary (like Google Analytics).

Some companies have started using this technology as part of their product offerings by providing users with access to their data through APIs that they can use however they wish (for example: visualizing trends over time).

Advertisement

How Digital Marketing Automation Tools Work

Digital marketing automation tools work by task automation like sending emails, creating landing pages, and tracking the performance of your marketing campaigns. These tools can help you save time and money by automating tasks.

See also  Stensul is first email creation platform to integrate with Pardot

For example, let’s say you want to reach out to more leads on LinkedIn but you don’t have time to send them an email every day. With a digital marketing automation tool like HubSpot or Marketo, you can set up an autoresponder sequence that will send out emails automatically so all you have to do is check-in once in a while and make sure everything’s running smoothly.

Prepare for the Future of the Blockchain Marketing

As technology continues to evolve, the blockchain will play a pivotal role in digital marketing. This is because it offers a secure and reliable platform that marketers can use to communicate with their audience. In addition, it also provides better transparency than traditional marketing methods because of its decentralized nature.

Below are some of the ways that marketers can benefit from using blockchain:

  • Security: The blockchain offers greater security than traditional methods of digital marketing since it doesn’t rely on central servers or third parties.
  • Efficiency: Using blockchain technology means there’s no need for middlemen or intermediaries when conducting transactions online. This improves efficiency by cutting out unnecessary steps between two parties looking to transact business with one another; this saves both time and money for both parties involved!

Secure Digital Marketing Tool Designed on Blockchain

A digital marketing tool designed on blockchain will be more robust and secure. Blockchain technology is a decentralized, distributed ledger technology that helps in recording transactions between two parties efficiently.

It also ensures that the records cannot be tampered with once they get recorded. This means that if you buy a product from an e-commerce website and pay for it using cryptocurrency (a form of digital currency), then no one can hack into the system and change your transaction record to avoid paying you the money.

See also  Trending in Marketing: Content Marketing Trends to Carry You Through 2022

In general, blockchain offers marketers several benefits:

  • It allows for better data sharing and storage than traditional databases
  • It offers enhanced security features because there is no single point of failure
  • It can help companies boost productivity by integrating both humans and machines

Blockchain Protocol That Ensures Safety, Security

Don’t worry, you can still use digital advertising. You just need to trust the blockchain protocol that runs it.

Ad-blocking software has made digital advertising ineffective already and will soon make all digital advertising completely ineffective. You see, if you are using ad-blocking software on your computer or mobile device, then you’re not seeing any of the ads being served to people who aren’t using ad blockers.

This means that advertisers must pay for each impression (or view) of their ads, even when those impressions do not get seen by anyone at all!

Advertisement

By adopting a blockchain protocol for their digital advertising campaigns, marketers and publishers can verify which impressions are being seen by humans and prove whether or not they were delivered effectively before paying for them.

It is worth mentioning that the benefits can be multifold as is already visible from the other spaces like the cryptocurrency markets. Numerous traders are gaining from the rising cryptocurrency prices. So, digital markets too must watch out for this technology.

The entire industry benefits because everyone is working together instead of trying to scam each other through fake views on fake websites with fake content created solely for financial gain without any real value-added back into society whatsoever!

See also  Good morning: Signs of spring?

Digital Technology Is Changing Everything

You probably already know that digital technology is changing everything. But what you may not realize is that blockchain is one of the biggest and most important digital technologies to come out in years.

Blockchain can be a difficult concept to grasp, but it’s worth learning about because it’s changing the way we do business, marketing, and advertising—even as we speak! The best place to start learning is by understanding what blockchain means. It’s essentially a decentralized database that allows information (such as financial transactions) to be stored on multiple computers rather than in one location. This makes it more secure than traditional databases which are usually stored on just one server or computer system.

Conclusion

As you can see, the blockchain is changing the way we interact with technology. It’s also changing how we experience marketing automation tools, and how they work. The future of digital marketing will be shaped by this new technology, which means marketers need to start exploring how it can be applied to their jobs now.

Source link

Advertisement
Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending