According to several analysts, we are entering a period of recovery and will experience a period of transformation thereafter. Organizations that create a resilient business model will be able to withstand the disruption caused by the pandemic, says Gartner.
Recovery period: Reduced marketing spends, increasing online sales
As an immediate response to the crisis, many companies decided to optimize their financial situation by cutting a lot of (external) costs. This, in turn, impacted Marketing & Sales budgets with external spends like online advertising, sales & marketing campaigns, and investments on Customer Experience being dropped to a minimum.
A recently published report, Global consumer sentiment research in the consumer products and retail industry by the Capgemini Research Institute, highlights that the impact of this crisis has changed the behavior of customers. There is a rapid shift in the spending habits of consumers from physical to online and consumer engagement is the key differentiator.
Transformation period: From customer journeys to real-time data-driven marketing
Traditionally, digital marketers have created and described personas towards end-to-end customer journeys; optimizing touchpoints by service blueprinting.
The reality is that your digital spread is uncontrollable. Customers are shifting channels faster than you can imagine and many unidentified personas are in your online shop today. How can you provide them with the best thinkable User Experience? How can you convert them into returning customers? Or, how can you profile them on the fly (real-time) and target your content at the same time? Well, based on real-time data!
Customer Interaction Data is not only relevant for insights to adapt your digital strategy, it also provides the best thinkable Customer Experience right here, right now. To do so, your website and commerce environment must provide relevant content and experiences based on multiple data sources (e.g. golden (client) data, profiling, shopping history, external sources etc.).
At Capgemini, we call this concept- Customer Data Hub. It provides a real-time 360˚ view of your visitor and based on this, the next best action or targeted content can be pushed.
Engage more customers with less budget
Insights on digital return on investment (ROI) is crucial in determining the success of a digital strategy. This can be quite a challenge at this point because you have a group of heavily shifting digital clients and a wave of new clients. Profiling is challenging due to the virtual nature of client interaction and history along with the digital boundaries (e.g. Cookie Law).
To tap into the new clients and determine the ROI on your digital spends, learning new skills is imperative. But preparing for the recovery and transformation phase by combining different data sets and creating relevant insights is also critical. And, Capgemini will help you do just that with its new Summer Masterclass series!
Introducing Capgemini’s Marketing Masterclass
I’m thrilled to announce our unique Summer Masterclasses for digital marketing & commerce professionals. We will provide you with advanced skills to determine digital ROI and re-think customer journeys towards real-time digital marketing. A masterclass about digital strategy, operations, technology and design thinking.
Leading partners will demonstrate how you can determine the digital ROI, how to measure and increase customer experience, and how to adopt a model of real-time marketing.
Enjoy the summer but learn and adapt so that you can improve your skills before we enter the next phase!
Will look forward to meeting you all at Capgemini’s Summer Masterclass! Register here for the entire series