The Future of Marketing: When It Gets Personal

The concept seems counter-intuitive – analysing mass amounts of data to create more personalised shopping experiences for individuals. But that’s exactly where the retail marketing is heading, according to Mohammad Sukkar, Strategy Lead for Cloud Marketing in APAC at Google.

Even more important, the implication of personalisation in retail marketing will shift about $500-billion to the 15 percent of companies that get the formula right, according to a recent study by BCG. Understanding how to collect and utilise customer data to build intelligent marketing strategies will be the dividing factor for brand success moving forward.

 

Beyond Eyes and Ears

Using analytics to help inform marketing strategy isn’t new, but the depth of data being collected now goes beyond what creating simple customer archetypes. Retail marketing specifically is being pushed to anticipate customer behaviour more than just reaching their eyes and ears. Leading brands are creating personalised experiences by integrating advanced digital technologies and proprietary data for customers, resulting in revenue increases of six to 10 percent (Profiting from Personalization, BCG).

While reputation and notoriety once determined brand value, it’s now critical for brands to continuously maintain customer loyalty by anticipating the customer’s needs. The common service that all new disruptors offer in spades is convenience – and Australian retailers need to invest in ways to offer more ways to connect with their brand. Offering next day delivery is standard now. And with online shopping gaining greater traction every year, retailers are challenged to connect with customers through more mediums.

 

It’s What’s Inside that Counts

To provide a personalised customer experience, brands need to start from inside their organisation first. BCG’s survey on personalisation programs highlighted executional hurdles, many listing obstacles that are organisational and cultural in nature (see chart below). This includes lack of a clear roadmap (61 percent), inadequate cross-functional coordination and project management (61 percent) and the inability to test and learn rapidly (59 percent) (Profiting from Personalization, BCG).

 

Clear Solutions Using Cloud

Cloud technology is democratising data. And this is the message retailers need to adapt now in order to give their brands the ability to personalise their consumer-facing marketing.

In the era of the local server, it used to be that all customer data was at risk of being lost whenever companies switch vendors or servers, forcing companies to start from scratch every few years. Managing and processing data used to be slow, clunky, frustrating and sometimes inconclusive. In the past, it was also very expensive, time consuming to learn and in need of constant maintenance and upgrades. 

But with current Cloud technology, implementing innovative software and modifying services are easier, faster and much more accessible than ever before – giving even small start-ups incredible agility in today’s competitive marketplace. The ability to implement and test this data is unprecedented.

Finding the right partners to help navigate these infrastructural changes are critical – and Riley is made of a team of expert Cloud architects who can build solid foundations for any brand. If you’re interested in learning more about upcoming workshops for retailers and their marketing partners, check out our Retail Page.