Putting the Science of Data into the Art of Marketing
It is said that consumers look at their smartphones on average 46 times per day and are active on multiple social media platforms; many consistently making online purchases. We live in a digital world, but is your credit-based marketing keeping up with the times? How do you design and blend digital marketing with traditional? Geoff Cohen, a partner at & Innovation Consulting, will discuss this topic at Compuscan’s annual Credit and Decision Analytics Conference, from 6-8 September 2017, at the beautiful Arabella Hotel and Spa just outside Hermanus.
The 21st century has shown exponential growth in the fields of technology and communications, especially since the invention of the smartphone and the ongoing technological engineering and software upgrades surrounding it. As life’s pace becomes more frenetic, so society responds by wanting their media offered to them in faster, more convenient, and more mobile ways. This has resulted in more and more media being viewed on smartphones, ranging from news articles, to retail advertisements, to music and videos for entertainment. In fact, it’s very likely that you are reading this article on your smartphone at this very moment, or that you have the ability to do so if you choose to.
The online statistics portal, Statista, projects that the number of smartphone users worldwide will increase to almost 300 billion by the year 2020. In addition to this, the average internet connection speed currently stands at approximately 6.3 Mbps – not very high, considering that Asian countries average in the high 20’s when it comes to Mbps, but indicative of a growing internet user base nonetheless.
What do these statistics mean in terms of us marketing our products and services? Do we need to move away from traditional advertising methods such as print, radio and television; to digital methods?
When marketing a product or service to a consumer, you not only need to identify your target audience. You would also consider the purpose of your marketing campaign, for example: Do we want a higher rating of our brand? Are we looking to increase brand awareness? Do we want to extend our reach in the market? Are we trying to decrease our cost per conversion and find more quantifiable leads? Are we looking for new customers entirely? These are only a few of the questions that a marketing campaign needs to address.
These days, we are able to find, match and analyse the online behaviour of prospective and existing customers. We can monitor their usage trends and brand affinity. We are even able to create data sets with high relevance scores, via ecommerce, data and publishing companies. We can structure our platforms to provide key triggers for activation, matching sets into multiple media platforms and enabling brands to target the right audience with greater precision. This allows companies to monitor and measure return on investment with near-perfect accuracy.
We are living in an exciting era of big data, where information is literally at our fingertips, if one knows how to use it. This is how we can put the science of data into the art of marketing: by data capture, analysis, processing, curation, sharing, storage and information privacy.
If you would like to learn more about this fascinating topic and how it affects businesses today, book your seat at the Credit and Decision Analytics Conference now, so that you can hear Geoff Cohen speak on the topic!
To book your seat and find out more about #2017CADA, click here