Treasure Data Survey
Interesting survey from Treasure Data about the challenges that marketers face in the current economic climate, but what can brands do about this at a practical level now to have plans in place for 2023? Here are some ideas. The survey shows that three quarters saying they need to adapt their campaigns to be more sensitive to consumers’ finances, but the same amount say that inefficiencies are preventing them from doing this properly. So, firstly, you are not alone. CDPs can help, of course, but if you haven’t got one in place right now, they are more of a medium term solution. So, what can you do now to help in the short term?
1. Run a trend or cohort analysis on which customer segments are more likely to be financially impacted at the moment, (for instance, are there customer groups who have historically shifted to lower cost products or services before, are there differences by demographics or geographies).
2. Survey your customers, based on the breakdowns from your analysis, to gain deeper insight into these trends.
3. Create strategies for each of these segments on the back of this analysis, including whether you need to alter your product or proposition set to suit
4. Run a flexible attribution model, to help optimise your media spending, and understand where in the acquisition journey different media assets perform best.
5. Tailor your customer experiences to each of your customer segments. This is where CDPs can really help, but if you don’t have one, consider ways of making what you already have work better.
6. Consider using AI techniques to automate some of your processes that might be very manual at the moment. This will free up some of your team’s time to focus on higher-value tasks. This doesn’t need to be a massive infrastructure project; short sprints to speed some key processes up will help.
7. Last, but definitely not least, implement a digital optimisation programme, if you haven’t already got one. If you do have one, run more tests. This will help you drive key customer actions and conversions right now, but, just as importantly, it will help you learn more about your customers’ behaviour in the current environment.