If you have any size to your database - let's say 50,000 records or more, which really is not big at all, it still pays to learn from others. Be thorough, be committed and get the best tools you can afford.
It's refreshing to see the university crowd getting on-board with the idea of customer lifecycle marketing. Not that schools haven't previously been on-board, but the industry can use more marketing students coming out of school that have some concept of lifecycle marketing.
This is the 2nd article I have seen in recent weeks highlighting the usefulness of email marketing when applied to a defined customer lifecycle. Clearly this is not new to the marketing technology industry, but whenever 3rd party sources make the observation and emphasize the value of this typie of marketing, it is satisfying to those of us that have been practicing it for decades.
In the old days of direct marketing we called this recency, frequency and monetary value (RFM). It is a highly useful technique and it's great that cars.com and others are applying it to frequency of email touch.
The other method that is referenced we called, frequency momentum and again this is a highly useful technique but one that is rarely used. It's too bad, because when frequency momentum is applied to "big data" it is exceptionally powerful. Consider that mass x velocity = momentum and you begin to get the picture on what this one metric call tell us when dealing with "big data" customer files, transactional files, site traffic, etc.
Really nice summary of multiple industry analysts and how they view the marketing automation space.
Excellent view on transitioning an organization to become focused on the customer. If you get only one thing - get this point: The customer-centric approach also triggered a reorganisation of marketing in the last six months from a focus on product, to customer acquisition and lifecycle management. Great products are wonderful, but they needed to be delivered to serve the needs of customers. Focusing on the customer is the answer.
Nice - combine this with the computer power and cognitive learning abilities of IBM's Watson and you have a winner. Remember - there are no secrets on the web... and everything is on the web. :)
This shouldn't be much of a surprise. Magazine publishers have deep circulation expertise, which is a great direct marketing skill to have; but it does not translate directly into marketing automation, email marketing and dynamic content. For this you really need to add to a deep technology skill set and strong process design capabilities.
How do I know? I was Circulation Director for a BPA qualified magazine with over 200,000 paid subscribers, including newsstand distribution.
Publishers are in a great position to leverage the latest messaging platforms, but they will have to beef up on the technology skill sets withing their circulation departments. And they will have to combine editorial direction with circulation skills in order to deliver relevant dynamic content to their readers.
As the author says - don't wait! But do read between the lines. Notice that she ever so slightly makes that case that you need to start with customer lifecycle use cases.
If you're going to start with customer lifecycle use cases, might I suggest, you need to have a defined customer model in place before you can create the use case that fits your customer model. Even it's is rudimentary, define your customer model and build it up over time if necessary.
Twenty-plus years ago when I started in direct marketing "householding" was a condition that every marketer with a database of any size had to deal with. For those that are too young to know what this is, let me explain:
Let's say you work for Sony and you want to market to Johnny Smith who lives at 123 Main Street, Toledo, Ohio. Johnny comes to a landing page, enters his name, address and email address into your nifty form and submits. He tells you he wants to receive email promotions and a catalog. Seems simple enough to interact with Johnny based on the information he provided.
Market consolidation and innovation make for interesting bedfellows. Marketing tech is extremely innovative and this acquisition will undoubtedly lead to new competitors and new innovations. Entrepreneurs and their close circle of lieutenants don't always survive well in large corporations. They jump ship and they start new companies.
Worthwhile commentary and observations, but it's too positive. The Pardot acquisition (a marketing automation platform) sits in the Saleforce "sales silo" and is not even included in their "marketing cloud."
In addition, Salesforce is moving upmarket with their pricing strategy. One of the benefits of SaaS solutions or cloud solutions is that they can be consumed on a month-to-month basis. Now this is not true of all SaaS solutions, but for those that are pursuing the SMB market, this is a big advantage. Assuming what we are seeing is accurate across the board, Salesforce is migrating to an annual subscription process and away from the month-to-month options. Makes complete sense for mid-size to large enterprises. Also, makes sense from a cash management and receivables management perspective - but it is a move away from a customer friendly practice that is attractive to SMB companies. Hence, it is a move up market.
Wouldn't it be wonderful to have an app that let's everyone in the family know where everyone is, at all times and in all places. Parents would love it. Kids would hate it - especially the teenagers. And some spouses would never stand for it. This little marvel of an app could not only identify location but send timely and relevant messages to members of the family using location based data. Example, Joe stops at the gas station to fill up his car on the way home from work and instantly he gets a text message from his wife asking him to pick up a gallon of milk and bring it home.
Geolocation solutions...the customer says "bring it on". The retailer says, "I'm not so sure." I think the retailer is more right than the customer on this one because the customer will turn on the retailer if the retailer doesn't get it exactly right for "every" customer - and that's tough to do.
These same 9 tips are equally as useful for mid-size and large businesses. You may remember the old saying, "Thank global. Act local." This has typically been used in discussions about international expansion. However, the same could be said for large enterprise brands when thinking about customer engagement within their home market.
Excellent reminder to test, test and test again before enabling personalization strings and automation rules.