Successful companies recognize the importance of connecting with their target costumer. This recognition is what produces loyal, repeat consumers and affects how frequently they make brand purchases. But as companies strive to reach their audience through various mediums, many seem to be missing the mark—by a lot. A wide ranging study conducted by IBM and Econsultancy, sheds light on the harsh reality of how out of touch brands are with customers.
The survey consisted of two parts, one for brands and one for consumers. The brands seemed to believe they were providing their consumers with a superior customer experience, as 81 percent of marketers boasted as having a “holistic” view of their consumers. The data however, proved otherwise.
A staggering 63 percent of consumers reported they felt that their favorite brands didn’t understand them and only 33 percent believed they were getting the superior customer experience. And that’s just the beginning. Only an alarming 35 percent of customers reported their brands sent “usually relevant” emails or messages. In other words, 65 percent of the contact consumers received was not relevant, rendering it useless.
Consumers today have a wealth of knowledge at their fingertips. Literally. Brands have a tremendous opportunity to engage consumers, keep them interested, but more importantly, keep them coming back. So where are they going wrong? Why are 65 percent of consumers claiming the information they receive is pretty much useless?
The issue of this failed relationship seems to be rooted in the lack of proper data analysis. You know the old adage, If you always do what you’ve always done, you’ll always get what you’ve always got? Well, it’s true. So what is a brand to do? One option is to look at media buying differently. Programmatic buying, albeit it new to many and oftentimes misunderstood, provides a new way of looking at campaigns and reacting to the data gleaned from them. It essentially helps you find your audience, analyze data and react quickly if you’re not.
Brands also need to truly listen to what their target market wants; not what you think they want. Build your strategy on specific audience-based data, inside of wide-sweeping generalizations. Take advantage of the channels available to you instead of being overwhelmed by them. Clearly, there’s a lot of work yet to be done. But the good news is: if you don’t know where to start, we can help.
Photo by Serge Bertasius Photography/FreeDigitalPhotos.net
Jill Draper is president of Marketsmith, Inc.