This Key Field Holds the Secret to Marketing Success | Inc.com
Collecting relevant insights about your customers can be an arduous task. For many brands, it’s a manual process requiring months of field research, one-on-one interviews with brand loyalists, and in-depth surveying to get a thorough understanding of one’s customer base. While this method is extremely valuable and one that can validate or challenge long-held assumptions, it can be hard to invest in this approach more than once every two to three years. And with the rate of change the modern customer is experiencing, data gathered more than a year ago might already be moot.
Marketers rely heavily on analytics tools to measure the digital actions of their customers. Through tools like Google Analytics, for example, we can determine onsite user behavior and adjust the user experience to drive more conversions. We can identify the channels our customers find us on, the pages in which they lose interest, and the content that truly matters to them. This data is a gold mine for marketers eager to optimize and adjust campaigns. But onsite analytics doesn’t have to be our only tool.
Most marketers, however, continue to ignore this opportunity. Only 44 percent of marketers today even conduct research to reevaluate their predetermined target audiences, only 42 percent are taking action to better understand their existing customers, and only 40 percent are segmenting their audiences to better target their campaigns. To get ahead of your competitors, start investing in more nimble, real-time analytics systems that can take some of the guesswork out of your CX strategy.
While you might feel that knowing your customer is all you need to become an expert in CX, its actually just one leg in a three-legged stool of sorts. Understanding your customers is essential, but you must also stay on top of changes in your category and moves among your competitors. By culling insights in these two arenas, you will have a far better understanding of your customer needs, motivations, and loyalties.
For example, finding out that your customers are choosing to purchase from a competitor might encourage a reevaluation of your strategy. But understanding why your customers have chosen the competitor can prove even more valuable. A shift in your category may have impacted your customer’s ability to buy from you. Maybe a competitor changed its value proposition just slightly and that resonated better with your customer. Whatever the shift may be, simply knowing that you are losing out to the competition is not enough to provide deep insights into your customer’s motivations for choosing that brand over yours.
The next time you plan a marketing campaign without up-to-date customer, competitor, and category data to support it, consider the adage “to assume is to make a fool out of you and me.” It’s wrong to assume that your customer hasn’t evolved over the years. From the pandemic to political unrest and so much more, we have all shifted our behaviors greatly.
Today’s customers have changed where they shop, how they shop, what they believe, how they want to interact with brands, how they hold brands accountable, and so much more. It’s clear that most marketers are not gathering the data necessary to adjust their strategies to meet the current moment. Marketers who become experts in CX, on the other hand, have a real opportunity to leap ahead of the competition.
This content was originally published here.