According to the 2021 Gartner CIO Survey, 63% of retailers (including CPGs) expect to spend more of their marketing budget on business intelligence solutions and data analytics, as well as 35% more on artificial intelligence solutions. This number is predicted to continue growing in the near and distant future. The cause for this uptick is due to the recognition by company owners of strong data strategies having a positive impact on customer relationships.
CPGs use these key factors to achieve a positive data-driven marketing impact.
1 – Utilize predictions and prescriptive insights for a 360-degree view of consumers and opportunities for growth.
2 – Measure the impact of message delivery in moments that matter to consumers.
3 – Have access to custom data and technology that enables a customer-centric strategy.
4 – Have access to flexible and agile operating models for faster and efficient deliveries.
5 – Build capabilities through infrastructure and talent to scale impact.
We live in an age of precision. Companies need pertinent information relating to the time their customers are interacting with their company, such as when they are exploring, clicking, and purchasing. Company owners are able to utilize behavioral and demographic data to uncover their ideal audience and target their intended demographic with relevant messaging. Categories like baby and beauty use loyalty sites where they offer tips, coupons, or try-ons. These efforts pay off. Successful brands that apply a data-driven strategy acquire users that will 7x more likely to stay with the brand and 8x will spend their money with them, as well as recommend it.
Approaching a data-driven strategy with the help of creativity and storytelling will help crack the codes for a more targeted and engaging interaction, enabling companies to allocate their online budgets smartly. Here are some examples of how a data-driven mindset helps companies invest in relevant experiences and platforms for their customers.
Integrate new and engaging touchpoints – On International Friendship Day, Coca-Cola boosted its presence with its first-ever NFT (Non-Fungible Token) collectibles, auctioned as a single “loot box” through the OpenSea online marketplace. This is an example of how studying the culture, working collectively with AI, and being there in real-time helps brands create engaging and new experiences that customers will value.
Relevant content for the right time – Having a deep knowledge of the trends that everybody knows and the moments where consumers search for solutions for their everyday lives helps you create relevant content that will help build a more solid relationship with users. A great example is Unilever’s cleanipedia.com, a site that provides customers with tips, tricks, and advice for cleaning homes and keeping families safe. At the same time, users can access exclusive benefits and discounts from their favorite brands. This action had attracted more than 28 million visitors to date and was relevant during Covid-19.
Having a new Ecomm platform– We all know Amazon is the king of online retailing. Nonetheless, Covid-19 has boosted online sales up to 70%. This is an opportunity for brands to play across different channels where potential consumers will be, like marketplaces, and create new DTC sites. One example of this is Pepsico’s PantryShop.com, offering exclusive bundles and snacks according to the user’s daily moments at home.
Product innovations – A data-driven strategy also leads to product innovations or rethinking packaging that delights the online shopper and remains cost-effective across the supply chain. For example, P&G’s Tide created the Eco-Box, an ultra-concentrated formula is delivered in a compact cardboard box. Once peeled, there’s a dosing cup, a no-drip twist cap, and even pull-out legs for flat surfaces!
Nowadays, there’s so much data available that it’s not about how much data a company has, but how they will use it to create a deeper relationship with their customers. It’s constant learning and updating of processes that require agility, new collaborative, and flexible work methods. But, most importantly, a company owner needs to have an open mindset that embraces technology and uses it for the benefit of its users, their company, and their purpose. Discover in our newest White Paper the latest work models that CPGs are adapting and what tools they are applying for the 2022 marketing challenges. Read for FREE here: https://121corp.com/white-paper