In February 2021, Lemnisk hosted a Customer Data Platform (CDP) Virtual Summit for the South East Asia region. The summit’s aim was to make enterprise marketers understand how they could transform their business using customer data. During the summit, a thought-provoking panel discussion was held with elite marketers from the SEA region. The panel comprised of Gaurav Gupta, Director Marketing Operations, PropertyGuru Group, Ram Lakshminarayanan, Partner, KPMG Singapore, and Eugene Kwek, Director, Group Digital Marketing, AIA.
Here are some of the important excerpts from the discussion:
The Rise of the Super Intelligent Marketer
Customer behavior has changed from what it was earlier. A decade ago, digital footprints were invisible and marketers had no idea about digital marketing. And to this date, organizations still struggle to undergo a complete digital transformation in their businesses.
COVID-19 has taught us today that people are using digital to buy stuff including groceries and are also paying for items that they never once knew of. It’s no longer the domain of the young as even the elderly are making use of it. Marketers need to look for such digital signals and try and personalize the experience for their consumers. This will enable them to deliver the right products at the right time at the right price.
Identify the Right Customers from their Digital Signals
Enterprise marketers need to start with the customer. What is he/she is looking for and how can they add value to that requirement. If they are unable to create a win-win situation, they may be able to win that customer only for a short period of time no matter how good their retention strategy is. It all boils down to the philosophy that the product and marketing services have to find the right fit with customers.
Identifying the right customers through their digital signals and offering them what they need will create a win-win bond between themselves and the brand. These signals are essentially driven by customers via their digital behavior. If these signals are married with contextualization, brands will be able to attract the right audience and therefore increase their digital engagement and conversions.
For the longest time, marketing’s focus was significantly around 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 this data can be stitched together, it provides a way for them to connect and respond to their customers.
Keys to Implement Data-Driven Marketing for an Organization
- A structural change needs to happen all the way from top to bottom. The leadership team should embrace digital and understand the consumer shift that’s happening. It’s like a tidal wave that’s not going to go away.
- They also need to make sure that they are able to train their employees properly. There is a notion among digital marketers that doing the same thing over and over again will give them the same result. That’s incorrect. They have to continuously think outside the box.
Leveraging the Power of Customer Data
The power of data is nothing but to be able to understand the customer signals, segment them, and then marry them with the right message and have the tools to be able to put it across in a personalized manner.
Data can unleash multiple opportunities to really identify meaningful segments or audiences. It really just explodes once marketers understand how to collect and organize it. However, to make this work, the need should come from the leadership team. There should be a clear mandate to have a structured data collection strategy. And the need should be realized right at the grassroots level of the company.
It’s still early days when it comes to the application of AI and Machine Learning (ML). For a good AI & ML platform, generating a more accurate set of outcomes depends on how it is trained to work on a significant set of data before it actually starts to generate value. But AI & ML will definitely be a cornerstone in the way real-time decisions get to be presented to customers.
By Bijoy K.B | Marketing Manager at Lemnisk