According to a 2013 survey by Econsultancy and Adobe, “92 percent of marketers don’t have real-time, data-driven marketing capabilities, 88 percent of marketers don’t have a holistic customer view and 91 percent use different platforms and disparate data to engage with customers.”
Marketers in almost every industry are aiming to deliver experiences in real time for their customers. Data and analytics are helping to make that possible. Highly customizable offers allows customers to be steered into the direction of the product or service that is right for them.
An effective “next best offer” strategy connects the efforts of your marketing team across various channels with personalized message for customers.
In just four steps, you can set up a simple framework that not only meets your customer’s needs but also boosts your bottom line:
#1 Define your objective.
“Craft your next best offer strategy to achieve specific goals, such as increasing product penetration, loyalty or conversion rates. Be ready to modify your objectives to respond to changing circumstances.”
#2 Know your customers.
“Aggregate customer data (demographics, psychographics, purchase history and social, mobile and location information) into a targetable profile. Collect data on your offerings (product attributes, profitability, and availability) and purchase context (customer’s contact channel, proximity, the time of day or week) to understand context and response.”
#3 Decide and deliver.
“Match the right offer with the right channel. Automate delivery with behavioral targeting where appropriate.”
#4 Learn and evolve.
“Unify reporting across interaction points to create a cross-channel view of performance. Monitor performance and make changes to improve future offer performance and audience reach.”