Companies are constantly on the lookout for data-driven strategies to communicate with their consumers. In his book, Neil Hoyne, Google's Chief Measurement Strategist, demonstrates practical approaches that organizations can use in their digital marketing campaigns to develop a stronger relationship with their consumers by leveraging data to understand them.
According to Hoyne, the greatest organisations are shifting away from providing fast messages that require an immediate response from consumers and toward engaging in deeper to more long-term discussions with them. Since these discussions are what differentiate marketers from the competition, Hoyne organises his insights in this book around three themes: conversations, relationships, and self-improvement.
Conversations: By initiating a discussion with your loyal consumers, a business may begin to better understand its consumers. Hoyne recommends that organisations identify as many consumers as possible, collect data on website engagement, ask different questions, engage individuals outside the website, and drive the dialogue by personalising website messaging based on the customer's journey.
Although it may seem obvious to be ambitious when gathering data, Hoyne argues that organisations should start basic and test existing models rather than constructing a model from scratch. The objective is to always examine, ask questions, measure, and never give up on discovering solutions.
Relationships: Hoyne advises acquiring great consumers and cultivating relationships with those that matter. It takes a lot of work to acquire consumers, but finding customers is easier than changing their behaviour. He advises organisations on how to discover the greatest customers by calculating Customer Lifetime Value. Businesses may identify their best customers and increase loyalty by utilising data to anticipate customer CLV.
Self-Improvement: Hoyne emphasises the value of beginning small and exploring throughout the book. He expands on his concepts of "thinking small" by pursuing progress rather than perfection, developing a culture of boosting ideas, and building a successful team. Because the market changes and the process of becoming better never ends, it is recommended that leaders cultivate a culture of "consistently raising ideas and putting them to test" by asking everyone in the team to contribute ideas, noting the hypothesis, what data supports it, how you would test it, and what the business would do differently based on the outcome.
Hoyne advises organisations to start simply, think small, and seek progress rather than perfection. For a company that is just getting started with data, it is best to start with a small staff and a modest dataset and develop from there.
Ask questions but collect answers with intention: In order to anticipate customer needs and learn a lot about them, ask questions and gather responses with intention. For example, Hoyne demonstrates that one of the finest questions to ask during a purchasing encounter is "Are you purchasing this as a gift?" According to studies, when individuals buy presents, they connect with the brand more, and gift purchasers may be worth more than a single purchase.
Brands can learn more about their customers, predict their value, and personalize their experiences by asking questions. However, it is critical not to overwhelm them with queries. Hoyne advises that for every question asked, one should also think about how the firm would respond based on the response. Collect with intention. Less is more.
Spend more on your best customers and let go of low-value customers: It is more efficient to focus on increasing the value of top customers than modifying the behaviours of low-value customers. In the end, ask questions to better understand your top consumers and identify more of them. Let go of low-value customers that cost more for the business but learn from them to do better.
Ultimately, businesses may achieve success in digital marketing by obtaining the most valued consumers, understanding them via data, testing, and modeling, continuing to build a winning team, and cultivating a culture of brainstorming ideas, testing them, and putting them into action.