Will Margiloff, CEO and Founder, IgnitionOne, discussed how business leaders can build customer loyalty in today’s hyper-adoptive global marketplace in his presentation to Argyle’s CMO membership at the 2016 Leadership in Digital Marketing Forum in New York on Oct. 19. In his presentation, “Reading Minds and Gaining Loyalty in the Hyper-Adoptive Age,” Margiloff explored predictive marketing and how it can help business leaders make more informed business decisions.
According to Margiloff, business leaders have the ability to read consumers’ minds. With predictive marketing, business leaders can learn about a company’s target audience and use all of the customer data at their disposal to make accurate customer and market predictions.
“Every marketer should now be a mind reader,” Margiloff noted. “A really easy thing that they could be doing is collecting data and using it going forward.”
Predictive marketing requires business leaders to take a proactive approach to collecting and evaluating data.
Although a broad assortment of data is available, business leaders must be able to retrieve and assess this information to identify customer behaviors and trends. That way, business leaders will be able to understand why customers may choose one brand over another, what customers are looking for in particular products and services and more.
Fortunately, the internet offers many data sources, and new marketing technologies are available that empower business leaders to retrieve and analyze data with ease.
“Consumers are more sophisticated than they ever have been,” Margiloff said. “They are changing more often. They are using products more often. And everything they are doing is now connected to the internet.”
Business leaders also must recognize that customers now have the ability to switch from one brand to another instantly, particularly in today’s always-on, always-connected global marketplace.
“Every marketer should now be a mind reader.”
At the same time, customer behaviors can be tracked digitally, ensuring business leaders can collect data and find innovative ways to engage with customers across the web.
“[Customers are] switching [brands] more often, but they’re also engaging with these brands more often than they did in a previous lifecycle,” Margiloff stated.
Predictive marketing provides business leaders with scoring capabilities that assign a value to user behavior in real-time. This gives business leaders the ability to anticipate a customer’s needs and serve up a precise, personalized experience based on where a customer is in his or her journey at any given time.
“[Scoring] is really mind reading. It really is an opportunity to learn a lot about your prospects before they become customers,” Marglioff said. “[It provides] a plethora of data points that can be added to a scoring model to help you understand not only who a customer is and what they’re likely to engage on but also who that next customer is.”
Moreover, deploying scoring algorithms may provide instant and long-lasting value for business leaders.
“[Scoring] is really mind reading. It really is an opportunity to learn a lot about your prospects before they become customers.”
Over an extended period of time, business leaders can build scores based on customer data. Then, business leaders can make informed predictions based on the information at their disposal, ensuring a company can foster long-lasting partnerships with customers and optimize the value of its marketing investments.
“When you actually see a score … you actually can start to predict what that next user is actually going to want. And that’s all done through data,” Marglioff said. “You can do one-to-one marketing.”
Business leaders who focus on finding ways to build meaningful relationships may help their companies stand out in a competitive global marketplace.
In the past, business leaders may have focused exclusively on providing ads to customers that highlight products and services. Conversely, business leaders must understand a company’s customers to ensure relevant, engaging messages are delivered to them. By doing so, business leaders can drive customer loyalty.
With predictive marketing, business leaders are better equipped to avoid the dangers associated with overwhelming customers with messages. Instead, business leaders can learn about customers and provide them with the right messages, at the right time, every time.
“If you actually know what [customers] want to see and when they want to see it, you’re not bombarding them with ads. You can create thresholds to deliver ads based on score,” Marglioff pointed out.
Going forward, predictive marketing has the potential to change the way that business leaders learn about customers.
If business leaders deploy predictive marketing tools, they can collect data and use it to discover what customers want and need at any time.
On the other hand, business leaders who fail to prioritize predictive marketing may lag behind the competition. These business leaders may struggle to learn about customers and keep up to date on customer behaviors and trends, which may make it difficult for a company to boost its sales and extend its global reach.
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