Guess the next number in the series
The instant answer that comes to most of our mind is 9.. Believing it be an arithmetic progression with a difference of 2.
But the answer in the mind of the question setter was 11 ! (sequence of prime numbers).
Same case holds good when we are trying to figure out a targeting strategy by predicting customer intent (on handful of data points), be it offline/online. Let’s take the case of online. Customer lands on an e-tail website through organic search à visits 4 pages à compares two cellphones à spends 1 minute on the page, and is now confidently bracketed as a Hot Lead by the predictive engine, based on the cutoff score set for the model.
When we look at targeting, it is a combination of the target segment, the medium and the timing of that are of paramount importance. Missing out important details and failing to connect the dots through these vital elements may lead us to a situation as legendary as such as predicting S&P returns from Butter Production in Bangladesh!
Traditionally the top portion of my marketing funnel (AIDA) doesn’t focus on personalised targeting and hence TVs and Newspapers have always remained the preferred mediums due to its extensive reach. But with changing lifestyles (people spending more time on laptops and smartphones) these marketing contact strategies must also adapt itself by targeting customers/prospects through the right medium and at the right time.
We need to include host of parameters like demographics and psychographics (personality, values, opinions, attitudes, interests, and lifestyles) to approach the right target with the best marketing solution. Take the example of the young working population in Bangalore, who have a high propensity to spend but having low disposable income, could be target for loans, but then how many of them really spend time on TV? Most of them might be travelling by office cab/driving and listening to radio or reading articles on his smartphone app. Also, with Bangalore getting flooded with product companies following a11am-8pm time instead of the traditional 9am-6pm, the time of targeting might also change.
Take the example of buying insurance. People would prefer to do their pricing comparison and a bit of homework through online links, but when it comes to buying they would like to do it through an agent as he would like to clear his doubts before purchasing. So in the era of multiple touch points it is important for a company to figure out these nuances as in which channel works at what stage of my funnel.
Also a channel that works in one country cannot be generalized for others. For example Direct Mailers (DM) works well in the US but not in India. Emails still do better in India even with its low internet penetration rate of 20% which is way below the Global internet usage of 40%. And since emails don’t cost much to companies, they don’t mind spamming mail boxes of customers/prospects with it. If we look at the two key metrics of email campaign success – Open Rate (OR) and Click Through Rate (CTR) then we might be missing some key points. For example, there might be a large set of people clicking on mails to keep their unread mails to 0. This would be shown by an almost negligible CTR followed by a very impressive OR. May be with time the OR rate might also come to 0 if the use has decided to filter all such mails under custom folder (if gmail doesn’t do the job for him through its Social and Promotions folder). Too much advertising also harms as it leads to an irritated customer or a customer becoming completely indifferent to such campaigns!
So be prudent while choosing your target customer through the right channel and at the right time!
What’s your take? Leave a comment.
This blog is written by Mukta Rakshit, Analytics Consultant at BRIDGEi2i
About BRIDGEi2i: BRIDGEi2i provides Business Analytics Solutions to enterprises globally, enabling them to achieve accelerated business impact harnessing the power of data. Our analytics services and technology solutions enable business managers to consume more meaningful information from big data, generate actionable insights from complex business problems and make data driven decisions across pan-enterprise processes to create sustainable business impact. To know more visit www.bridgei2i.com
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official position or viewpoint of BRIDGEi2i.