The evolving role of data in brand marketing
In this age of digitisation, it’s easy to do almost anything online. Customers are comparing brands across the internet and getting what they need at just the click of a mouse.
But what about your brand? Do your customers feel the same way about it as you do? Is your approach as strong as it should be? Using data builds a strong brand identity. With data, you are able to build upon your customers’ immediate wants and needs, all while looking out for the future of your business.
But diverse technologies and more choices are changing how consumers think and act. Creative marketing approaches, such as using social media to attract customers, have become a new necessity for companies. Customers that may once have been loyal to a company could find themselves considering other options due to these attention-grabbing ploys.
For brands looking to maintain or attract customers, it’s crucial to note that the consumer decision journey (CDJ) covers four key battlegrounds. First, the consumer considers a brand’s product. Then, the consumer continues to weigh its merits up until the final point of purchase. After the transaction, the consumer would then traditionally remain loyal to that brand. However, customer retention based on such loyalty is gradually slipping due to creative marketing and myriad shopping options; in fact, 58% of customers who reported a former brand loyalty have since taken their business elsewhere.
Despite the shifting landscape, data shines the light on how tech advances have opened more opportunities for consumer choice. Customers are getting used to seeing and exploring a variety of options prior to making a purchase.
To stay ahead of the curve, savvy brands must implement data into their own strategy to understand their customers at a deeper level and connect with them in ongoing ways.