Revision Flashcards
(261 cards)
*Define Intelligent Marketing
Intelligent Marketing embraces many different marketing approaches (such as customer-centricity, data-driven marketing, testing and learning and multi-channel campaigns) with the ultimate goal of prioritising customer needs and interests and adding value to all customers and prospects through every communication.
*How can you ensure marketing communications are customer-centric (four ways)
Ensure every communication has value
Ensure every communication is relevant
Reach out for customers on their preferred channel
Align frequency of communication with customers’ needs and expectations
Why is data important in intelligent marketing?
Using data effectively is key to making a business more efficient and effective. By looking at the data sources available, you can develop a better understanding of your audience and predict future behaviour, ultimately increasing customer engagement and improving long-term sustainable revenue growth.
Define Omnichannel Marketing
Omnichannel marketing is an approach that integrates and optimises marketing communications and seeks to enhance the customer’s recognition and perception of your brand. It does this by:
- Collating your data, especially channel data and audience insights
- Ensuring a consistent customer experience across all your channels
- Providing consistent messaging across all communications
What is the difference between multi-channel and omnichannel campaigns?
A multichannel approach means selling on many channels, while an omnichannel approach means selling on all channels.
Multichannel marketing might mean different campaigns run across different channels simultaneously, but an omnichannel campaign would operate cohesively between various channels, integrating experiences and adapting to the customer’s behaviour.
Omnichannel marketing revolves around the customer while multichannel has a product at its core instead.
Why is an omnichannel approach more important than ever?
In the modern era, people are accessing the internet with an average of four different devices. A study by Harvard Business Review (2017) found that the more channels used by a customer, the more valuable they became. As internet use continues and more devices and platforms come into play, it is important to maintain a cohesive approach to communicating with customers through them all, and to make it as seamless as possible for them to interact with your business through their various devices or touchpoints.
What are the benefits of omnichannel marketing?
- Provides additional data and insights
- More effective customer-focused strategies that enhance customer journeys and experience
- Improves brand consistency
- Enhances conversions, revenue growth, and CLV
- More cost-effective
Expand on the following benefit of omnichannel campaigns:
- Provides additional data and insights
Data and intelligence gained about the buyer and their preferred method of communicating with your business can help to create a persona journey and provide insights that can help deduce what customers want from each channel, ensuring they provide a powerful and unique set of experiences.
Tracking interactions across channels and touchpoints gives you a detailed understanding of your customers. You can use this information to optimise marketing, sales, and customer service strategies.
Understanding customer preferences and their pain points gives your team more ways to improve the journey from start to finish. Accurate data also helps you make informed decisions about products, services, and campaigns.
Expand on the following benefit of omnichannel campaigns:
- More effective customer-focused strategies that enhance customer journeys and experience
- Relying on a combination of customer data, technology, and personalized content served up at the right time, this enhanced customer journey can reduce friction so it’s easier for customers to complete their desired actions. And when customers have a good experience, they’re more likely to buy from you next time.
Expand on the following benefit of omnichannel campaigns:
- Improves brand consistency
- Omnichannel marketing aligns your logos, colors, typography, marketing content, voice, and messaging to present a recognisable experience on every channel creating familiarity across different touchpoints. This increases brand recognition, helps people trust your brand on new channels, and keeps you top of mind.
Expand on the following benefit of omnichannel campaigns:
- Enhances conversions, revenue growth, and CLV
Can bring initial conversions faster and at higher rates, which sends revenue up in the short term.
HBI’s study found that omnichannel shoppers spent an average of 4% more on each shopping occasion in-store and 10% more online than those who use only one channel.
According to a 2021 survey by Sprout, over two-thirds (77%) of customers are more likely to increase their spending with brands they feel connected to.
And at the same time, lifetime value for each customer grows with every positive experience people have with your brand.
Loyal customers make repeat purchases, refer others, and provide valuable feedback. This leads to a lower customer acquisition cost (CAC) and a higher ROI for marketing efforts. According to Google, omnichannel shoppers have a 30% higher lifetime value when compared to those who shop using only one channel.
Expand on the following benefit of omnichannel campaigns:
- More cost-effective
- As you bring together all of the data about your customers to inform your approach, you will understand more about where your customers are and how you can help them. This gives you a better picture of where you should be investing your time and money
What are the challenges and barriers of omnichannel marketing?
Managing and analysing a complex web of channels can be challenging in omnichannel marketing. It can cause problems such as:
Budget constraints.
Resistance from senior stakeholders
Difficulty tracking the customer journey
Difficulty adapting siloed processes and enabling collaboration between teams
Adversity to change
What is the 13 step marketing communications planning framework used for?
To lay the foundations for a harmonised omnichannel strategy, showing the necessary steps from preparing to implementing then measuring a communication plan.
Omnichannel planning takes time to create, but plays a vital role in ensuring organisation-wide involvement, clarification of roles and objectives, and eliminating confusion.
What are the 13 steps in the marketing communications planning framework?
- Context Analysis
- Objectives
- Strategies
- Communications Mix
- Creative Assets
- Legal Compliance
- Scheduling & Implementation
- Testing
- Budget & Forecasting
- Customer Responses
- Campaign Calendar
- Measure & Control
- Feedback
What is involved in the first step of the 13-step plan (Contextual Analysis)?
Contextual Analysis is used to analyse the internal and external environment in which you are communicating.
The PESTLE framework can be used to consider the relevant macro environmental factors that may influence a campaign. These factors cannot be controlled, but by identifying them in the preparation stage, you can plan for how you will adapt and deal with them.
Other important aspects of the contextual analysis are:
Internal Analysis - what are the organisation’s strengths and weaknesses relevant to running this campaign (GIVE E.G)
Competitor Analysis - look at who your competition is and how they do their business. What can you learn from them and how can you use this information to position yourself uniquely?
Customer Analysis - what patterns can you observe using the data from your own customers: their needs, perceptions, motivations, attitudes, decision-making characteristics, and channel preferences
Market Trends - what is happening specifically in the market you will be speaking to. (E.g. shift in customer behaviour, rising popularity of a particular service, etc.)
SWOT - useful to organise all the information gathered into strengths, weaknesses, opportunities and threats. This can help to identify the most appropriate direction of action and highlight areas to avoid or improve in order to achieve success.
Why is objective setting important? What is the value of objectives?
Value of objectives:
Focus and coordination - They help to orient everyone involved toward a common goal
Guide for strategy formulation - They serve as criteria for developing strategy and making decisions
Measurement & control -They provide the standards and benchmarks for evaluating results
What is involved in the second step of the 13-step plan (Objectives)?
Three levels of objectives should be set in your omnichannel campaign:
Corporate Objectives: These should refer to the vision and mission of your organisation and the business segment you are aiming to be successful in (e.g. appealing to a new customer base, moving into online sales)
Campaign Objectives: Derived from the overall company objectives. These should be SMART. Address the question: what is the objective for this campaign? Am I trying to increase marketing leads? Drive downloads of content? Increase customers coming to the stores? Resist the temptation to focus solely on your sales conversion goals.
Marketing Communication Objectives: Also need to be SMART; they may include much more in-depth KPIs for objectives that aren’t focused on revenue, e.g. database growth, engagement measures or brand measures. Each objective and KPI should be a building block towards your campaign and business objectives. Within this, each of your channels needs its own strategy to determine how they will contribute to the overall objectives.
What is involved in the third step of the 13-step plan (Strategy)?
Guided by objectives, the next step is to determining the strategies to set you towards achieving the goals.
Determining the target market, proposition and positioning are key to this stage.
A framework such as DRIP can be useful in supporting marketing communication planning.
What is the DRIP framework in relation to comms planning?
DRIP stands for Differentiate, Reinforce, Inform and Persuade
Differentiate: businesses need a unique value proposition that tells customers how they differ from competitors. This should be conveyed consistently through all communication channels.
Reinforce: consistently reinforce the brand’s message through all the channels, consolidating and strengthening the message and demonstrating your brand’s unique value.
Inform: Make people aware of your brand and educate them on its merits, uses and features. This could include telling your prospects or customers about new features or showing how an existing customer benefits from your product or service.
Persuade: Encourage your audience to take actions such as visiting your website, downloading content or taking part in a free trial.
What is involved in the fourth step of the 13-step plan (Coordinated communications mix)?
This step focusses on how you will present your position to the market and the key messages your business wants to convey. It involves selecting your campaign media and working through what content you will distribute across, as well as channel selection - which online and offline channels will you use?
What is involved in the fifth step of the 13-step plan (Determine creative assets and team)?
This step focusses on the creative assets required for your campaign and how you will manage its production and distribution. Will it be done internally or outsourced to agencies or freelancers?
Which of your teams will be involved? Not just digital / marketing teams - E.g. product managers and sales managers will be important in developing the campaign and providing feedback.
What is involved in the sixth step of the 13-step plan (legal compliance)?
It is important to consider the strict laws which ensure the protection of brands, IP, and customer data. You need to ensure your marketing is compliant before you take your campaign plan further.
This includes ASA guidelines and data protection regulation.
Breaches of both can have profound effects on a firm’s financial performance as well as reputational damage.
A Data Protection Impact Assessment (DPIA) should be used to document your data collection and usage for each campaign you run. It is very important that you understand where your customer data is coming from, the agreements given with that data, where it is going, and how it is being used - because YOU are accountable for it.
What is involved in the seventh step of the 13-step plan (scheduling and implementation)?
This stage is crucial for executing your integrated marketing plan effectively.
Your schedule should factor in opportunities to adapted and modify activity after launch (if required), so your organisation can be truly agile, responding to any changes in market conditions to stay on track towards goals.
It should include key dates in the campaign, e.g., launch date, product availability date, campaign end date, etc.
Importantly the channel experts should work together to design a journey on a timeline through the campaign, using their knowledge of how audiences use each channel to utilise the greatest benefits of each channel. E.g. aligning your social media and TV advert schedules