We are living in The Age of Impatience. One of the greatest expectations our guests have is to shop and engage wherever and whenever they want. — Jeff Jones, chief marketing officer, Target
Digital engagement with customers has become an imperative to preserving existing relationships, let alone growing customer value. Five rules needed to thrive in this new landscape:
1. Be where your customers are — develop an integrated multi channel presence
Consumer decision journey is an iterative process of consideration, evaluation, purchase and experience across online and offline channels. Businesses need to grow their presence on desktop, tablet, mobile as well as their marketing across display, paid search, search engine optimization, social, affiliates and email. Retailers often see increase in spending of three to six times for cross-channel customers versus single-channel customers.
More than just establishing a digital presence, businesses need a near real-time, single view of consumer behavior and actions across products and services, and channels. This enables consumer-cue-based marketing to drive optimal engagement. We achieved three-fold increase in incremental transactions by implementing “abandoned payment” campaign that increased capture of consumer intent to make a transaction. Businesses are increasingly depending on consumer data to equip call center agents with the most relevant message to share with each customer.
2. Publish like news media — deliver content at an hourly pace
3. Personalize experience — increase relevance with targeted and dynamic content
4. Act like a venture capitalist — buy and partner for new capabilities
5. Execute like a tech company — drive rapid pilots to test and learn at scale
In a rapidly changing landscape, incumbent businesses that understand and execute on the five rules will be positioned for growth