From investing in artificial intelligence to a restaurant-recommending smartphone, here are the five marketing stories every CMO should be reading this month.
This month Spotify proved that the key to good service is knowing exactly what your customers want. Teaming up with the world’s largest communications services group, WPP Data Alliance, the music streaming company will now have access to the listening preferences and behaviours of over 100 million users in a bid to get better insight into what works, and what doesn’t. Data holds the key to unlocking the insight marketers need to deliver bespoke services to an ever discerning customer base. Generic just doesn’t cut it anymore. Personalisation is a must for marketers.
Smartphones have changed the way we consume content forever and there is now huge potential for businesses who are looking to target their customers wherever they are. With global companies such as Facebook reaping the rewards, mobile marketing has become an increasingly important brand communication platform. Outperforming analyst’s predictions, the social media giant saw its net income increase from $896 million in 2015 to $2.4 billion last quarter – with mobile advertising accounting for 84 per cent of total advertising revenue.
Whether it’s customised prints for home interiors or 3D printed fashion accessories, customers today expect the personal touch. Marketers have known for some time now that using customer insight to deliver personalised communications and campaigns is crucial but the ability to develop unique offerings has given birth to a whole subsector of businesses. Most recently, fashion designers Charlotte Stockdale and Katie Lyall set up their own luxury tech and lifestyle accessory brand – specialising in customised phone cases, which can be delivered anywhere in the world. Marketers looking to make an impact don’t have to go as far as creating whole new businesses but will need to look at every aspect of their operations from customer communications through to product delivery to ensure that they’re talking to customers in a timely, personal way.
Taxi app Uber recently announced its new feature: personalised, geo-targeted restaurant recommendations. The eating guide, which relies on trip data such as the number of drop-offs, time of day and location, will tell customers which spots are the most popular. With more and more companies using data in this way, diversifying its product set thanks to the data it collects on its users. Marketers know that data is helping them build up a clearer picture of their customers, the next step is putting this in to practise and ensuring that they’re able to evolve based on the information their customers give them every day. Something as simple as a complementary recommendation may increase revenue immediately, but it adds a personal touch and the little things are often what keep customers coming back again and again.
Designed to help businesses deliver more personalised services to their customers, Global communications agency Ogilvy has invested in the rising chatbot space and created its new ‘Bots by Ogilvy’ venture. With big names such as IBM and Facebook currently on board, botspace is becoming an increasingly hot topic, especially internally where bots can be used to automate boring tasks and help employees focus on more rewarding work. For advertisers and marketers looking at new customer communications channels such as Facebook Messenger and WhatsApp, bots represent an interesting and innovative opportunity. Watch this space…