The recent DMA2014 Strategic Summit at the San Diego Convention Center opened with a keynote from Alec Bokman, Principal at McKinsey Digital, who highlighted the shifting marketing paradigms in a digital-first marketing eco-system.
Bokman told attendees the previous direct marketing funnel is dead…”it’s been announced DOA”…and it has been replaced by a new “consumer-driven decision journey”…with 2/3 of consumer decisions based upon their experiences during the journey. “Today’s brands are having intimate, personal conversations with consumers and geo-targeting and mobile devices are enabling targeted, real-time and relevant offers,” cited Bokman.
Segmentation is also being reinvented into categories including acquire/sell, stimulate/activate, and recover…to target communications to consumers based upon their position and positive (and negative) experiences in the customer decision journey.
Bokman provided both B2B and B2C examples including a bank offering a small business hardware store customer a $50K pre-approved credit line to expand inventories based upon the bank’s knowledge of rising home prices and housing starts in the community. Bokman also cited CapitalOne (a known revolutionary leader is data-driven marketing) for their “before time” credit scoring which enables delivery (digital and by customer service agents) of different content to “preferred” vs. “high risk” prospects.
Real-time engagement and delivery of customized offers/solutions is the new one-to-one marketing model.
Where does your business stand in relation to your customer experience journey? Are you harnessing data and utilizing analytics to customize real-time, relevant offers to customers and prospects?
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