The language of business has changed. The most discussed and sought-after word in today’s digital business is the 4-letter word – DATA. Customers are leaving data trails across multiple touch-points in this highly data-driven world, which opens up immense opportunities for businesses to capture their attention, connect on a hyper-personal level, and engage deeper for quicker conversions.
Importance of Consumer Data Insights
Data-driven insights in today’s business climate are an important asset, carrying immense information and value about the complex, dynamic, ever-evolving consumer that keeps businesses evolving every day. The pandemic has upended traditional thinking and heightened the need for consumer data like never before. CMOs are forced to reassess and decode their marketing data to drive more effective customer communications, and to market effectively. With an increase in the adoption of direct-to-consumer selling models, brands are looking to strengthen consumer data and data analytics capabilities to drive meaningful interpretations on customer behaviour, preferences and timing. With access to real-time customer data, businesses can make intelligent decisions and tackle critical business operations:
- Take calculated risks with innovative marketing strategies
- Improve customer acquisition
- Improve the quality of customer service and improvement areas
- Develop deeper customer loyalty
- Track customer lifetime value and profitability
- Predict future trends
- ….and much more
Real-time data can provide deeper insights into customers’ behaviour and how they interact with a company through social media, mobile applications, websites, etc. Knowing your customers’ preferred products, popular channels and devices, the most ideal time to up-sell/cross-sell opportunities, etc., can help in segmenting your customer base for targeted marketing campaigns.
Over-the-top (OTT) platforms like Netflix, and Amazon Prime Video have been seen as role-models when it comes to using data to serve customers during the pandemic. For example, when it comes to making buying decisions, it sometimes feels like Amazon knows you better than yourself. Data intelligence and personalisation have catapulted Amazon’s business as it expects to double its operating income quarter after quarter. Similarly, Netflix reported addition of a record 15.77 million paid subscribers globally in the first quarter of 2020 – double the new subscribers it expected. They have increased membership and usage with their recommendation algorithm working with customer data.
Video Personalisation using Data
The advances in video technology, data analytics, and AI tools allow marketers to create a more personalized “human” experience across channels and buying stages. Customer journeys are redefined and supported far beyond a brand’s front door. The race to deliver superior experiences is on, and many forward-looking companies have adopted personalization across multiple customer touchpoints to overcome competition and succeed.
As suggested in one of our earlier blogs titled “Digital business but dissatisfied customers? Try focusing on their experience.”, by incorporating data with video, you can avail the best of both worlds. As a highly visual medium, personalized videos can help secure customers’ limited attention span and improve their ability to retain information. Presenting information in video format can also provide the clarity necessary for decision-making. By employing a data-driven personalized video strategy, you can guarantee compelling and entertaining engagements capable of breaking through the noise. It can streamline your sales cycle and promote deeper customer relationships, boosting customer loyalty.
Winds of change
Physical stores are getting digitized and virtualized. Customers are moving to the online mode for making buying decisions and purchases. Machine learning tools and AI-driven actions are scaling up to match customer emotions and empathy. The world as we know it has changed. Data and personalization have become fundamental for effective marketing and will slowly become the core driver of how companies design their marketing. Companies should make the move now and implement cutting-edge, cost-effective personalization to make smarter decisions, improve customer service and transform customer engagements.
The 4-letter word, Data, has gained much significance in every aspect of the business and when combined with the power of videos, the potential opportunities just got higher. Incorporating data-driven personalized videos as part of your customer experience strategy presents a competitive advantage in today’s business climate.
GoCampaignVideos is a cloud-based video personalization platform, that integrates CRM data with videos for creating dynamic and personalized videos unique to each individual user. The AI-enables platform provides end-to-end video personalization solutions and can be integrated with any core system easily.