A recent study reported that 83% of consumers are willing to spend more on a product or service if they feel a personal connection to the company. And one fifth said they would pay 50% more if they felt the company put the customer first, points out the study.
Given that landscape, says the whitepaper, how can businesses distinguish themselves from the pack? To respond to that question, management and strategists from Silverpop selected 7 key marketing trends for 2014 to elaborate on and provide ongoing suggestions for inplementation.
Trend 1 ABANDONMENT REMARKETING MOVES UP THE FUNNEL
In 2013, cart abandonment remarketing crossed the chasm and became a mainstream tactic for retailers and ecommerce companies. Cart abandonment campaigns typically yield off-the-chart conversion rates since the contacts are so close to purchasing, but the number of people who fill up carts comprises a relatively small percentage of the total people visiting your site.
For most companies, there’s a huge number of people browsing on your site every day who have previously established an email relationship with you. These people have already established that they have some affinity for your brand, yet most companies don’t remarket to them.
Key tactics for initiating browse abandonment efforts in 2014, according to the whitepaper:
Trend 2 DIGITAL ACQUISITION MEETS THE PHYSICAL WORLD
While efforts to fine-tune online acquisition efforts will continue, in 2014 many marketers will be turning their attention to the next untapped opportunity for database growth: physical locations. Although physical store opt-in opportunities have always been there, mobile and POS technologies have evolved to the point that it’s become much easier for company employees or consumers themselves to opt in to your email program.
A company with 1,000 retail outlets that captures five opt-ins per day per store would be looking at nearly 2 million new subscribers over the course of a year. Even with 50 stores, you’re talking tens if not hundreds of thousands of new subscribers annually, capitalizing on the opportunity to build relationships with people who are showing some level of interest and engagement by coming into your store, says the report.
Key tactics to drive in-store opt-ins in 2014:
Trend 3 ACTIONABLE DATA BECOMES A KEY DIFFERENCE MAKER
Today’s mobile, social and Web-savvy buyers favor a personalized experience. But if the data you have on a contact is lacking, you’ll be limited in the tools you can use to connect on an individual level. Companies have been heavily investing in data warehouse initiatives.
But data warehouses also have limitations – the number-crunching process can be expensive and slow, the data anonymous and aggregate, and the systems ill-equipped to use individual customer data to immediately trigger an email, initiate a new campaign or send an SMS message.
To begin strategizing about an actionable database start by thinking about the five or 10 data elements you need to personalize your marketing and target contacts on an increasingly one-to-one level.
Key tactics for building an actionable database in 2014:
Trend 4 PERSONALIZED WEBSITES MOVE BEYOND AMAZON AND NETFLICKS
Today, technological advances have made the personalized website available for all marketers to deploy. By providing a more personalized experience, you’ll find people stay on your website longer, download more offers and purchase more products.
The days of the static corporate website are numbered. In 2014, savvy marketers will be tapping the latest technology to understand who website visitors are, how they’ve interacted with you and where they are in the buying cycle. Then, they’ll use this data to improve the Web experience for their customers and prospects.
Key tactics for personalizing your website in 2014:
Trend 5 LOCATION MARKETING 2.0 ARRIVES
Knowing where your customers are is an immensely powerful part of delivering the right message at the right time. Apple’s announcement of the iBeacon functionality as part of its iOS7 technology is a game-changer for how businesses will conduct location-based marketing in the future. iBeacon as a form of microlocation geofencing that makes it much easier for retailers to use a person’s exact location within a store to deliver targeted, relevant content.
Use any demographic and behavioral data you have about that customer to customize the content you send based on age, gender, purchase history, online shopping cart, products viewed online and hundreds of other variables.
Serve up customized coupons with iBeacon, send sales alerts based on real-time external data (such as weather changes), display personalized product information and videos, curate shopping lists based on past purchases, and drive email opt-ins. As we move into 2014 and 2015, the most successful marketers will be those who develop smart ways to take this new iBeacon technology, says the report.
Key tactics to implement location marketing 2.0 in 2014:
Trend 6 BUYER INTELLIGENCE IS NO LONGER LIMITED TO THE ELITE
If a customer abandons a product on your page and you send a follow-up message, what’s the best offer strategy- a discount or free shipping? And how does the impact of customer interactions decay over time? In 2014, savvy marketers at companies of all sizes will be using buyer intelligence to build really smart programs that engage customers more strongly.
The goal is to use your data to start modeling behaviors, and then use these models to help you reach your goal of delivering the right message at the right time. Take this intelligence and make it customer facing via really smart programs. Make it a goal in 2014 to take one or two really intelligent campaigns and layer them into your messaging mix, gradually making your content more relevant.
Key tactics for using buyer intelligence to your benefit in 2014:
Trend 7 MARKETERS BECOME THE ARCHITECTS OF THE CUSTOMER EXPERIENCE
Marketing has always been the bridge that connects businesses and customers, but in the past the emphasis was on communicating brand offers. In 2014, successful businesses will need to engage with each customer when and where that customer prefers with content that is perfectly tuned and individualized.
Think of marketing as a travel company and customers as tourists. Most marketing today does little more than herd a large crowd of tourists toward a small set of the most popular destinations. More advanced marketing is like a tour bus - more destinations and smaller crowds, but with a fixed sequence and generic experience. The future of marketing is like having your own private concierge who knows your interests, budget and pace, delivering a completely unique and personal experience perfectly tailored to you.
Key tactics to enhance the customer experience in 2014:
In 2014, marketers will have two choices, says the report they can keep running marketing for marketers, delivering generic promotional messages when the company has an offer it wants to push out, and focusing solely on driving customer transactions. Or, they can start running marketing for customers, delivering content uniquely tailored to each individual’s needs and expectations. In 2014, choosing the latter path will be critical to achieving success. The future of marketing relationships is personal and will reflect the individuality of each customer, concludes the whitepaper.
Please visit Silverpop marketing for more information