It’s hard to keep up with what’s new in the world of marketing with so many new strategies emerging every day. A decade ago, marketers focused on creating catchy ads and putting them in the right places at the right time. However, a lot of things have changed since then. For one thing, effective marketing now requires businesses to implement a more holistic approach.
With more competition than ever before, simply creating an ad won’t yield the best results. In this day and age, customers are more in control and are more discerning. You must understand your buyer, learn what they want, and develop a strategy to meet their needs. One of the best ways to do that? Precision marketing.
Read on to learn about precision marketing and gain meaningful insights and advice from one of our very own MarinOne digital advertising experts, Anu Adegbola, on how to create an effective strategy that will get your brand noticed and help you win your customers’ loyalty.
What is precision marketing?
Precision marketing uses data and relationship-building to precisely target a brand’s customers. The technique involves nurturing relationships—specifically, prioritizing existing customers over new ones and connecting with them in a more relevant way. It’s about customer retention, upselling, and cross-selling. Using precision marketing, marketers rely heavily on market segmentation to analyze shopper habits, behaviors, and other patterns to help increase the success of their marketing efforts while providing a better and more intelligent customer experience.
Why precision marketing is important
Marketing needs to be agile
The internet has made it easy for customers to respond to marketing campaigns and ads in real time. If you want to stay ahead of your competition, you need to be prepared to adapt quickly.
Marketing is more complex than it used to be
To thoroughly understand your customer base, you need more than just demographic information. While it’s helpful to know the basics of where and who your customers are, it’s just as critical to know what’s important to them, how they communicate with one another, and more. When you have accurate data, you’ll be able to create messaging that resonates with your key audiences.
Customers have high expectations
Customers expect their user experience to be frictionless. In this new digital age, they want what they want, when they want it. To ensure customer satisfaction it is critical to stay up-to-date with the latest marketing trends. If you don’t, your customers may look elsewhere, seeking out your competitors instead.
Marketing is no longer about copy that sells. While engaging ads are still very important, success now requires social insight along with an understanding of psychology. When you understand why customers are making their purchase decisions, you can develop a more tailored marketing strategy.
5 tips for an effective precision marketing strategy
Implementing an effective precision marketing strategy that produces results requires following a careful and comprehensive plan.
Engage with your customers
When promoting your product, don’t forget that commitment to your customer comes first, and their purchase comes second. Developing real relationships will help foster more brand loyalty along the way.
“If all you’re focusing on is getting clicks, you’re not going to get the return you’re looking for. It’s not all about volume—it’s about the right volume. You need to make sure you’re showing things to the right audience,” says MarinOne marketing expert, Anu Adegbola. “Those who have focused on just the data and not building a relationship with their clients won’t succeed because they don’t have the whole picture.”
Have a strong online presence
Besides having had a profound effect on marketing, social media has proven to be an essential part of a successful marketing strategy. Old marketing strategies like live events and cold calls may have worked in the past, but not now. Facebook, LinkedIn, Twitter, and other social media platforms give you a way to connect with customers more personally.
Anu’s advice: “If you’re going to have a presence on a social platform, you need to do it well. Test the various platforms to see what’s working for your brand or company—if it’s not working for you, move on and find what does. Make sure you’re on the appropriate platform for your brand and your customers. If you’re in the wrong space, you may get a negative reaction.”
Offer real value to repeat customers
Customers respond well to brands that cater to their needs and consistently offer them real value. “It’s not just about targeting the single purchases, but it’s about building repeat customers,” Anu explains. Make lifecycle marketing an integral part of your precision marketing strategy by creating interesting and dynamic content that brings your precisely targeted customers back to your brand again and again. Personalized offers that relate to past products they've bought, birthdays, or unique interests are all great ways to get repeat purchases from the same customer over time.
Customers appreciate authenticity. Understand where your brand sits in the market and what makes it unique. To be effective, know your brand values and make sure you represent those values through your marketing efforts. It also helps to have an approachable brand voice–test out multiple variants of landing page or ad copy when running a targeted campaign. Most likely the assets that will perform the best will be the most simple to comprehend; making things too complex increases the likelihood that you'll lose interest by those unfamiliar with your brand.
Create a desirable customer experience
Customers today live in a digital world with unlimited options. Give them a compelling reason to work with you. By delivering an exceptional customer experience, you can win their trust and expect that they will keep coming back.
“You need to make things easy for the customer,” suggests Anu. “For example, if the return process is easy, they’ll come back to shop again, and hopefully buy something even more expensive the next time they shop with you.”
5 keys for success in brand loyalty
Here are some of the best ways to get in front of your customers and build their loyalty.
Maintain a strong brand
Customers naturally gravitate towards brands they’re familiar with and can trust. Aim to align your brand with your values, mission, and your customers’ expectations.
Understand your audience’s habits
Use precision marketing to gain accurate insight into your audience’s behaviors. When used effectively, audience data can help you create content that is engaging and relevant.
Stick to your goals
Setting realistic goals will make it easier for you to track the success of your marketing efforts. By measuring what’s working and what’s not, you can adjust your goals accordingly. Consider evaluating click through rates, the number of email newsletter subscribers, how effective CTAs are working, as well as ups and downs in website traffic.
Make retention a priority
While it's good to attract new customers, it’s far more cost effective to focus on retaining your existing ones. The goal is to have people keep coming back. To drive more conversions, focus on creating personalized experiences and deals that your existing customers will find appealing. Segment your audiences, collect data about each audience group and their behavior, and you’re sure to be on your way to higher retention rates.
Stay on top of trends
You may already be aware that marketing trends change frequently. Staying on top of trends—even if they come and go—gives you a competitive advantage and helps you maintain a close connection with customers. When a new trend pops up, assess whether it will be effective for your brand. To make sure you're in the loop, read current blogs and listen to your customers so you can meet their needs.
Use MarinOne to boost your precision marketing efforts
The marketing industry is constantly evolving and it will continue to do so in the years to come. To remain responsive, marketers must use precision marketing to build solid relationships with their existing customers and attract the right audiences for new potential customers.
MarinOne can help you streamline and amplify your precision marketing campaigns using the latest analytics and automation tools. We can also provide tactical and strategic advice, guide you on what strategies will work best for your specific needs, and much more. Learn more about MarinOne today.
Get in touch with one of our experts to see how we can help you get the information and tools you need to increase the effectiveness of your precision marketing campaigns.