Capitalizing on pent up customer demand.
With so much uncertainty and economic changes around the globe, it’s difficult for anyone to predict what will happen in the next days, months, or even years. That is doubly so for many retailers and brands that effectively went from full steam ahead in Q1 of 2020, to a total stoppage as states across the country enacted severe lockdowns. Despite a growing number of states pausing reopening plans due to rising case counts, most businesses have begun some form of kickstarting operations once again. They’ll have two massive questions on their minds: how do we get back to business as usual, and how can we predict how the economy will treat each industry? The answers are impossible to know, but there is one solution that brands can use to see through the crisis: data.
Much of this will fall on the shoulders of marketers that have to both deliver seamless customer experiences and prove that every dollar spent yields a healthy return on investment. It gets even more complicated when trying to reacquire customers via promos and other discounting practices. It’s difficult to identify specific marketing efforts that bring robust returns in a short amount of time, and it’s a constant struggle to highlight the tangible impact of ROI to measure the effectiveness of parts of the chain — especially through this unprecedented period of economic instability.
Brands depending on promo offers face serious problems, especially if the first wave of reopening goes according to plan and there is pent up demand among consumers. This is actually an incredible opportunity for marketers to help their brands target the right consumers. But how do they know?
Pesky overt deal-seeker sites create viral offers that dilute target audiences, while uncontrollable offer abuse and fraud is a constant financial and security risk. Each scenario offers little worthwhile campaign intelligence. With the help of data measurement, marketers will be able to navigate the unknowns, difficult decisions, and bad actors that come their way.
Solutions like RevTrax utilize real-time campaign data and path-to-purchase insights to create a greater understanding of performance, allowing brands to optimize their marketing mix for new and existing customers to build valuable first-party data. By using data, brands create more intelligent campaigns with personalized offers for optimized, trial, repeat, and cross-selling.
Here are three key benefits that brands can use to leverage data:
- Prioritize the Customer
Manage offers so they only go to your targeted audience. RevTrax’s configurable approach leverages a variety of leading features to control audience targeting, including ensuring that an individual user can only access an offer a certain number of times, ensuring that a user must come from approved experience flows to access a particular offer, and the ability to measure detrimental engagement or over-redemption to comprehensively block bad actors.
- Rethink What to Do With Data
Data is a fickle thing despite being so direct. Smaller brands think that having a certain amount of data means they can only use more bespoke, data-backed solutions. Larger brands tend to flex their overabundance of data. Both don’t make much of a difference because they still haven’t figured out how to capitalize on the treasure trove of information to protect, manage and evaluate the data to put it to good use.
Solutions with AI-based methodologies like RevTrax offer recommendations that are based on over a decade of experience studying consumer responses to offers and state of the art machine learning algorithms.
- Align Your Channels
Part of the key to data assets is connecting the dots across marketing campaigns, with promotions on any channel: email, website, search, social, display, affiliate, video, SMS and much more.
By integrating across channels, brands can use data to connect online behaviors to any conversion and essentially track any campaign to sales throughout the marketing stack. Integrates with all data technology — DMP, CRM, marketing clouds, and more — makes it so your brand delivers the right offer to the right customer at the right time.