In February 2021, Lemnisk hosted a Virtual Customer Data Platform (CDP) summit for the Southeast Asia region. The goal of the summit was to give marketers an understanding of how they can transform their business using customer data. During the summit, a stimulating panel discussion was held with elite marketers from the SEA region. The panel composed of Gaurav Gupta, Director of Marketing Operations, PropertyGuru Group, Ram lakshminarayanan, Partner, KPMG Singapore, and Eugene Kwek, Director, Group Digital Marketing, AIA.
Here are some important excerpts from the discussion:
The rise of the super smart marketer
Customer behavior has changed from what it was before. Ten years ago, digital footprints were invisible and marketers had no idea about digital marketing. And to this day, organizations are still struggling to undergo a complete digital transformation of their activities.
COVID-19 has taught us today that people use digital technology to buy products, including groceries, and also pay for items they have never heard of. It is no longer the domain of young people because even the elderly make use of it. Marketers should look for such digital signals and try to personalize the experience for their consumers. This will allow them to deliver the right products at the right time and at the right price.
Identify the right customers from their digital signals
Business marketers should start with the customer. What is he / she looking for and how can they add value to this requirement. If they are unable to create a win-win situation, they may only be able to gain that customer for a short time, no matter how good their retention strategy is. It all comes down to the philosophy that marketing products and services must find the right solution with customers.
Identifying the right customers through their digital signals and providing them with what they need will create a win-win connection between them and the brand. These signals are essentially driven by customers through their digital behavior. If these signals combine with contextualization, brands will be able to attract the right audience and therefore increase their digital engagement and conversions.
For a long time, marketing focused significantly on brands and products. But now marketers have started to realize that they need to understand their customers better. This is where the essence of customer data comes in. If that data can be put together, it allows them to connect and respond to their customers.
Keys to Implementing Data Driven Marketing for an Organization
- A structural change has to happen from top to bottom. The management team must embrace digital and understand the consumer change that is happening. It’s like a tidal wave that won’t go away.
- They also need to make sure that they are able to properly train their employees. There is a notion among digital marketers that doing the same thing over and over again will give them the same result. This is incorrect. They must constantly think outside the box.
Leverage the power of customer data
The power of data is nothing more than being able to understand customer signals, segment them, then marry them with the right message and have the tools to deliver it in a personalized way.
Data can unlock multiple opportunities to actually identify meaningful segments or audiences. It really explodes once marketers figure out how to collect and organize it. However, for this to work, the need would have to come from the leadership team. There should be a clear mandate to have a structured data collection strategy. And the need must be realized directly at the grassroots level of the business.
It is still early days in the application of AI and Machine Learning (ML). For a good AI&ML platform, generating a more accurate set of results depends on how well it is trained to work on a large set of data before it actually begins to generate value. But AI and ML will certainly be the cornerstone of how real-time decisions are presented to customers.
By Bijoy KB | Marketing Manager at Lemnisk