How your database can help at the earliest stages of the decision journey, thanks to CDP
More and more food retailers spend most of their marketing budget on operations that lead to personalization. Retailers launch personalized messages and use a large part of their resources to measure their impact. The key to personalization is the data collected from consumer behavior (purchases, engagement, orders…). Data combined with personalization is what retailers use to develop loyal customers.
However, when it comes to establishing marketing strategies related to customer acquisition, the data gathered is often managed with much less rigor, even though customer acquisition activities depend on a large part of the marketing budget. Many companies do not understand the possibilities that their database offers when establishing a strategy for demand generation and brand awareness.
To achieve higher profits and greater effectiveness of the marketing activities, it is necessary to understand customers’ preferences and behavior. We are currently facing a situation of numerous changes. COVID-19 has caused many people to change their habits and preferences, which naturally affects the first steps of the buyer’s journey. Using data-based marketing will be necessary for supermarkets and CPG brands to create and maintain strong ties with their customers.
Developments in the field of data tracking allow retailers to invest in marketing strategies smartly. Using the right tools, like a Customer Data Platform, can be of great advantage for food retailers. They can now compare media spending and analyze brand impact throughout the consumer decision-making process, and as a result tailor content and designate campaign resources more effectively. Thanks to CDPs, it is easier for retailers to understand how their customers’ behavior changes and how product categories grow. Using a CDP, retailers can classify their customers based on their monthly spending, know which products are bestsellers, and which months are most profitable. All this helps retailers to better define how and when to impact their target in an effective way, and also make their marketing investment more efficient to attract new customers with similar purchase behaviors than the ones they already have.
Data collection and monitoring technologies are becoming increasingly efficient, however as these tools are optimized within the company, retailers must make sure the data collected will truly provide a benefit to the customer and fulfill their expectations. This is why retailers need to develop good control and supervision mechanisms that do not allow the misuse of this data, nor make customers feel uncomfortable (spam, etc.)
Retailers should use these technologies to understand their customers’ preferences across channels and devices even in the early stages of the buyers’ journey. Many B2C marketers affirm that marketing based on data, centered on the individual, is one of their priorities nowadays.