We are living in the breakout period of big data and the proof is all around us. Every day the digital devices we interact with become smarter and more personalized, improving how they anticipate our needs and desires. The technology leap of utilizing unimaginable amounts of data has modified consumer behavior; customers expect interactions with brands to be as natural and intelligent as the interactions with their phones and apps.
In 2017 we learned how important customer personalization truly is; according to Accenture the retail industry lost out on $756 billion due to a failure to personalize. To add insult to injury the same study showed that 44% of US consumers became frustrated when companies failed to provide relevant personalized experiences.
Customer data and engagement strategies have evolved dramatically in the last few years and will continue to accelerate in 2018. According to Martech Advisor, the customer data platform industry is expected to grow at least 50% per year in the near future, reaching over $1 billion total revenue by 2019. Before your 2018 budget is allocated, check out our predictions for the five biggest difference makers in customer data and engagement.
The mobile phone has become an essential tool to support our busy lives. They are always with us and occupy and inordinate amount of our attention. Moment, an app that automatically tracks how much you use your iPhone each day, found that people spend an average of 145 minutes per day using their phones. That’s roughly 10% of your day, 15% if you take out sleeping hours. Wow. To have the best opportunity to stay close to your customers and keep them engaged you need to be present on their mobile phones.
Brands aren’t having any difficulty collecting data, yet they struggle to provide consumers with meaningful engagements, continuously blasting push notifications and emails that rarely catch the consumer’s eye. Marketers want a return on their efforts. So how do you create offers that stand out above the rest? Deliver event-triggered offers. According to Gartner “Event-triggered offers can be up to five times more effective than traditional campaigns”. Keep reading for a few examples of how companies can incorporate event-triggered offers into their strategy to stand out and crush the competition.