Create Smart Segments Through Analytics
My friend often checks out gardening products like flower pots, fertilisers, plants, and decorative items. She has a dream of having her own small little garden someday, but thanks to the congested apartments of the city she lives in - having a private garden is a far-fetched dream for her. So, she has been nurturing the dream with window shopping and wishful thinking, no actual purchase until the right time arrives.
The e-commerce websites she visits, keep sending her promotions and offers for the gardening products category, which she is not going to use at least for the next 10 years.
Well, most marketers usually do this: Segment their contact database on simple and straightforward logics like website or app activity tracking, email opens and clicks, and so on. And then send personalised communication to these segments, just like my friend receives marketing content related to products she has never bought, but always browses.
Right automation starts with right data!
To be able to reach the right customer, at the right time, with the right message through the right channel, is the simplest marketing mantra. And the key to follow this mantra is “intelligent segmentation”. The segments that marketers create today are based on demographics and cross channel response data, only. For instance, a segment of contacts who have opened emails/SMS in the last 30 days, or customers whose age group is from 25 to 30.
But the need of the hour is to expand the basis of segmentation from the existing ways to more diverse factors like lifestyle change that necessitates purchasing new goods or services, amount spent on specific products over a period of time, and other transactional data. Doing so offers distinct benefits to any organisation willing to gain better insights into customers, their lifestyles, and their habits. Any marketer definitely needs to create deeper segments wisely, else the marketing would be shallow, and would not bring the desired results.
Here are some interesting examples of deeper segments:
- Customers who have done more than 7 transactions in the last 3 months
- Customers with > 75% transactions (by value / frequency) in apparel product category and who have email click rate in apparel category >20%
- Customers with an average time difference of 15 days between their two transactions and with an average purchase value between Rs.500 to Rs.1000
- Customers who have done Rs.5000 – Rs.10000 of purchases in the last 6 months and have spent an average of 15 minutes on the website with greater than 3 visits in a month
- Customers with 20% to 30% email open rate in the last 1 month
The source data to create the above-mentioned segments is in a very raw format and is usually voluminous. For instance, the email sent data can run into billions of records. Creating smart segments requires data-heavy summary operations to be performed. So, how to overcome this challenge?
The answer to this can be given through the combined capabilities of Analytics and Data Integration!
There are organisations who have dedicated teams of data scientists, business analysts and data analysts, who work together to create these data marts with these micro segments, so that the organisations stay ahead in the race. Such focus on this aspect only reaffirms how important it is to have proper analytics and marketing data mart in place. To enable other organisations which are not adequately equipped with resources to reap the benefits of this technology, there are expert services and solutions available in the market. These services convert your CRM data, social media and campaign data, transactional data, call centre data, and website data (that is otherwise-overwhelming and seemingly unusable), to perfectly grouped consumable and readable data, and then to desired segments. These customer segments can then be pushed back to your campaign execution team or your marketing automation platform for running personalised campaigns.
We provide the most advanced analytics services at Netcore, to help you create the finest of segments. You can then use these segments for cross-channel targeting and creating amazing customer journeys. The real benefits are reaped when these deeper segments are combined with the existing segmentation capabilities of our full-stack, omni-channel marketing automation solution – Netcore Smartech. Now you can effectively get micro-segments on which you can hyper-personalise communication across every channel, to get the best campaign lift and greater ROI. You can also know those segments where the marketing costs can be reduced without opportunity loss to business.
Thinking of exploring the real power of analytics? Talk to our experts today!
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