Last week RevTrax invited our key CPG and Retail clients, partners and industry colleagues to participate in a panel discussion to exchange best practices on leveraging customer data analytics and customer intelligence. Our panelists included representatives from Kimberly-Clark Corporation, Pfizer Consumer Healthcare, Bowlmor-AMF and Chobani.
With each panelist playing in differing product categories in the market, from pharmaceuticals to bowling, it was particularly interesting to see common themes drawn from their data, even as the tactical applications differed.
Data is enabling brands to direct their marketing efforts
Not only is data helping to optimize media spend but it’s also allowing brands better understand their customers behavior to more accurately target both acquisition and retention efforts. Inadequate information about who is engaging with a brand prevents CPGs and retailers from spending media and promotional dollars in the right areas, while still hoping for increased ROI. The data allows marketers to measure ROI, optimize and increase ROI through testing over the life of a campaign.
Brands are using data to improve customer experience
If you offer your consumers a brand experience, wouldn’t you want to know if they enjoyed it before investing in the experience again? Data collected directly from consumers can help you offer your consumers the experience they are looking for, and that will keep them coming back over and over.
Lifetime Value is more lucrative than distribution
The concept of “owning your customers” is proof that data provides more long-term ROI than anonymous distribution. Making the transition to data-driven marketing can be challenging. However, once the data optimization is activated across your marketing program, long-term loyal customers become identifiable brand ambassadors. Nurturing consumer relationships increases aggregate consumer value, rather than blasting out a promotion anonymously and not knowing who took notice.
Data is a powerful tool for promotional marketers and our panel discussion revealed valuable insight into how the industry’s leading brands are thinking about and applying data to optimize their media dollars.
I hear strong rumors around the office that there may be another InsideTrax event a little further west at the beginning of the summer, we hope to see you there. If you can't wait until next time, check out the Podcast of the New York event.