Hello Marketers, Today you will learn about the Best Guide of Precision Marketing Step by Step.
In this, you will learn that what is precision marketing,
And you will also learn how precision marketing works online to generate sales of your products,
So you can increase your income fast.
So Let’s follow the following steps which are described below, which will provide you with a better understanding of Precision Marketing.
Let’s Find out
What is Precision Marketing?
Precision marketing is the idea that allows companies to deliver the right or accurate marketing messages, It’s as simple as that to listen but of course is not that much simple and, Right customer, Right channel, Right action, which could offer Right message and on Right time,
So, We think about right customers you know you can ask questions like you know this customer likely to respond favourably to this content to the message,
What is their decision-making process what key criteria are at the forefront of the purchase decision,
And you know when you’re thinking about things like right channel,
What channel is most effective or efficient and directing the desired action you know you need to look at historic campaign results to answer that question,
you know what would our typical customer response behaviours in that channel with optimal channel mix,
Right action you need to understand to what extent is the action tailored to the perceived wants, needs, interests situation etc.
And what actions should follow based on them what I would call purchase sequence context and,
Then, When you get to this question of the right time it’s a question of you know when will the target individual have the greatest receptivity to the message,
Or they’ll offer the recommendation when will they be most likely to respond in the paper but a favorable way,
So you know timing is everything and focusing on customer receptivity is key to success in my mind and,
The point, of course, is that when you think about what’s happening today concerning recent precision marketing you know what our company is doing that they’re putting advanced technologies and enabling technologies,
In place to replicate the intimacy the personalization of these interactions that go back to time immemorial,
And this is a this is sort of a conceptual framework that I like to use,
So Capture customer data integrate customer data and enhance customer data and this applies equally,
Whether you’re talking about individual customers are you talking about companies right,
So you need to identify capture information marry it with other information integrated to create a centralised data repository,
That transcends all of your data silos and creates a unified view of who that company is and,
Then you need to enhance it over time and by the way, this is not a linear process right,
People are dynamic companies are dynamic the data must be refreshed on an ongoing basis,
It’s a closed-loop process or the person is the learning cycle,
If you will and then and then finally, of course, this is uh you know if that’s the minimum ante you have to put on the table analyze,
And act upon the data is how you’re going to realize that vision and,
I think another key point that’s worth mentioning before I dive into some of our research findings is this notion of optimization,
So in it’s funny I hear people talking about marketing optimization all the time and they use the term very loosely,
And Then very often they use it synonymously with improvement or marketing automation,
But optimization, as I’m sure many know, is very specific,
In mathematics, it refers to choosing the best element from the set of available alternative,
So you’re out there solving a problem and what you’re trying to do is minimize or maximize a function by systematically choosing the values of variables from within,
And allowed set so it’s really finding the best available value and here we have what is called as a parable Lloyd and,
Then that that I think that is a good job of illustrating the concept and in marketing when we’re talking about optimization it’s again it’s the same idea right,
It’s trying to maximize or minimize your business objectives based on whatever constraints you’re wrestling with,
So those constraints may be budgetary they may be time constraints, cost per lead constraints,
What’s amazing today is that we’re seeing you know this advent of all these new ways to interact and transact with customers,
That does take that notion of optimization to heart,
So Email personalization I mean we’re just seeing some amazing things
now in terms of being able to create you know just thousands of permutations that are based on you know a very granular level and,
Landing page optimization able to understand you know what people want what they’re looking for,
And taking them from you know your Google search – you know page on your website that is well-aligned with their objectives,
Website versioning that’s an emerging area and we’re going to talk about that momentarily.
Lead scoring and qualification understand which one should go directly into your pipeline which is going to require some additional nurturing.
Search engine optimization (SEO) of course.
Which is pretty amazing after people have been on your website the ability to sort of track their browsing behaviour,
And even marry that with other data and then after they leave to continue to serve up relevant content and then offer optimization is sort of a term,
That I’ve been popularizing and it encapsulates a lot of what we’re talking about.
What is the Meaning of Precision Marketing with Example
Well, let’s first have a look at the challenges of dialogue marketing.
The challenges can be described by one single word and that is irrelevance!
Anything that is for example not relevant for the recipient of a direct mail automatically leads to response rates and too low conversion rates.
So the most important challenge of today’s marketer is to pick the right service or the right product which will fit the target group,
And if this is done correctly it will drastically increase the likelihood that they will buy.
What is the problem with irrelevant messaging?
It is expensive. I have collected last week a few pieces of direct mail that my household has received and guess what:
Most of the content was non-relevant for me but it was created for the general public.
This automatically means high expense because we have to consider that two-third of the mailing costs are the postage costs.
So the most important point for our viewers is that we can combine Ricoh technology and data analytics skills to get a more interactive and personalised dialogue marketing campaign.
That’s right and all you need are three things: First of all you need the right software tools, then, of course, you need data analytics and you need a lot of experience.
That is a clear vision:
How dialogue marketing should be done in the future and we want to improve that.
One of the questions is why companies should turn to Ricoh to improve campaign results through Precision Marketing.
That’s a very good question, Why Ricoh, why us? I think what makes Ricoh special is that we understand the whole production cycle.
That starts with data analytics, document composition, it continues with the actual product and it ends with the campaign measurement.
Many other vendors on the market have specialised on single elements of the whole solution but from Ricoh, the customer can get a one-stop solution out of one hand.
Precision Marketing Solutions
Well, we have applied a practical two-step approach:
First of all, we start with a so-called Precision Marketing workshop where we investigate the current status quo of a customer’s campaign management program.
And this one results in a so-called Executive Summary document and one concrete proposal for a Precision Marketing pilot.
So the pilot program, however, is one implementation of a concrete campaign from A to Z for one fixed price. That’s proof of concept.
Benefits of Precision Marketing
Any industry which has a clear B2C business model – a business to consumer business model.
I wouldn’t say that it can’t be implemented for a B2B environment,
But it is much easier to be implemented in a B2C environment.
When we talk about the different industries, then let me tell you that the biggest demand comes from the financial world,
So we talk about banks, credit card companies and insurance companies – but also from hospitality companies and retailers because they have loyalty card programs.
Why do You need Brand Precision Marketing?
Perhaps you got a business or you’re established or even a startup and you’re putting together a marketing plan.
You’re hearing aspects about, I need to do this on social media.
I need to advertise here. I need to push there. This person should create content.
Some so many people are snake-oil sailing from the snake oil salesman.
So many concepts and all too often, so much of it doesn’t apply to you.
Brand precision marketing is a simple concept. It comes down to organising your brand and marketing with an initial precision that’s directed directly at you,
The elements that you have in place, your strengths, your weaknesses, your budget. You can go online and look at all this stuff and say, Oh, they said to do this and do that,
But If these people have a seven, eight-figure budget and you’re working with six, then following that model isn’t going to work for you.
I can work with you from an hour consult to a half a day, to a package and we can look at building a better foundation, a structure, a content plan,
And then figure out with what you have, where you want to go, what kind of conversions, revenues that you’re looking for, the things that you should do.
A lot of people get so stuck in the saying, okay, I’m going to just promote that crap out of this Twitter page,
But if you don’t have those pieces on Twitter that define you, and draw people in that engage you.
So Another aspect of brand precision marketing and why you need it is because it’s more about creating a conversation and communicating with your audience,
And engaging them over the sell tactics, spam tactic, auto-responder, you know things that are just getting annoying.
When you think about and kind of summarizing this all together, when you think about hitting three audiences,
The people that know you, they may already be customers, that people that have heard of you but haven’t crossed over,
And The people that have never heard of you, have no idea who you are and you’re creating content behind the strong brand with a precise foundation,
So that everything that you do is compounding and growing, and it’s not one day at a time, one day, one piece at a time and feeling this overwhelming thing that so many people feel,
You’re going to be in a stronger place. Brand precision marketing organizes, optimizes, aligns and sets up the next moves,
That you’re applying up to when you’re able to bring in a full marketing team or even if you have marketing in place,
If you have an advertising budget, it’s wiser spending, a wiser approach.
It’s a time saver and in turn, is going to get you the conversions that you’re looking for.
Unilever Precision Marketing
Unilever is the largest FMCG company in Thailand,
However, in a rapidly changing world, our traditional approach is no longer effective,
Digital marketing has become more important across products,
Sneakers have become focused on data marketing and,
Most banks have full access to consumer data even digital platforms such as Google Facebook and eBay own massive data which they sell to marketers.
The key challenge was to transform a traditional marketer to be a pioneer in data-driven marketing without compromising on the scale.
Our strategy was to first acquire meaningful consumer data through line Thailand’s biggest chat platform through personalized chat BOTS based on consumer interest.
We designed a simple conversation asking consumers to submit identifiable data.
Noir with a nutrition chef or pawns with the beauty advisor in return for stickers coupons or content.
Secondly, from tons of collected data, we analyzed and created inside based audience segments for targeting.
Lastly, we leveraged our data on platforms such as Facebook with customized communication and most relevant offers.
A single male who shops online and looks for cooking recipes was offered a convenient solution for laundry with the right product.
We connected multiple data signals to customized communication and offer products at scale.
This data-driven approach to marketing helped category sales grow by five to ten per cent year-on-year.
Sixty-five per cent of potential buyers are identified and ready for targeting making Unilever an undisputed leader in data-driven marketing.
So Finally you have learnt about Precision Marketing and all of its concept,
That mainly provides the discount deals, offers or Discount Coupons instead running ads of the product,
And generating leads as well as it also records the details of the customers like what they want in the market, what’s their interest, their age etc
I hope now you can implement this in your business very easily.