Many brands are aware that their ability to capture data outstrips their ability to analyse it. Companies must apply not only advanced analytics to the large amount of structured and unstructured data to gain a 360-degree view of their customers, but also the principles of insight. It is a skill in short supply as so many rush to create their own capability, recruiting teams of analysts without enough experience of turning it into actionable insight.
We believe a brand’s engagement strategy should be based on an empirical analysis of recent customer interaction with a brand’s own channels and that of its competitors, as well as the behaviours derived from other sources such as mobile and social media.
Core to the Sophus3 Activate service is a process of data ‘signalling’ where our analysts respond to an initial brief. They identify trends and competitive factors that our consultants then evolve into hypotheses for improved performance.
How companies engage with customers in digital channels matters profoundly, not just because of the immediate opportunities to convert interest to sales, but because two-thirds of the decisions customers make are influenced by the quality of their experiences throughout their journey. Sophus3 data indicates that the average number of brands considered is 4.2 compared with 2.5 in 2010, opening up significant opportunity for conquest sales.
The next stage in the Activate process is a co-creation workshop, where the market insights are discussed with the client teams and ideas developed. We aim to build understanding and confidence in the insight in an efficient way, acting as an independent voice in the process and linking reliable data to business challenges.
Finally, we combine the analysis and discussion to create practical solutions which can be implemented in an effective way.
Optimising the different channels of your marketing strategy requires a change in approach and structure that can only be achieved with useful, trusted, data
We are in an era of big data and enhanced customer information, yet the adoption of insight platforms has not resulted in the 360-degree view of the consumer that brands know they need. Sales attribution is often dominated by ‘last-action’ analysis, which assess campaigns in isolation rather than in the context of the entire cross-channel consumer decision journey.
To get the full story of the customer journey rather than just a series of snapshots, brands need a data resource that assesses all contacts a customer has with their products, including those with their competitor sets.
Such sophisticated insight results in better strategic decisions to help guide overall marketing activity, both launch activity and run-of-business, avoiding dead-ends and cutting wastage. Getting the consumer journey right is complex because of the varying expectations, messages and capabilities of each channel. Teams too often launch campaigns that are slow to get off the ground and result in few new insights.
The most successful omnichannel marketers use an adaptive insight engine, which brings relevant insight ideas into the heart of the marketing function and assesses their benefits to the overall strategy. It deploys data to shape the allocation of resource, then at a more tactical level combines analytics with digital marketing.
It requires input from people across multiple functions, both in-house and outsourced, which can be challenging, but the reward is clarity on the most effective user journeys, including points where engagement is lost. Brands can then focus on the most effective triggers to purchase and intervene at the appropriate time with call-to-action and engagement tools.
Making an adaptive insight engine work
[lvca_accordion][lvca_panel panel_title=”Insight phase”]Identify a business challenge where data can provide a fresh perspective. For example, growing market share in an established sector with a challenger product or a product that is underperforming. Co-create a brief for your insight team, working with external agencies as needed, and brainstorm possible approaches. Focus on the business objectives rather than the data capability[/lvca_panel][lvca_panel panel_title=”Analysis phase”]Granular interrogation of analytics, on and offline data and competitor modelling to generate ideas. Use a digital innovation framework to reduce uncertainty, linking reliable data to business objectives in a practical way.[/lvca_panel][lvca_panel panel_title=”Implementation phase”]Sense-check ideas and implementation plan to refine solution. Set targets and create a roadmap with milestones, then monitor performance and make adjustments based on insight.
At Sophus3 we believe in a multi-layered approach to data interpretation. Our team of analysts employs the following approach to maximise the value of Activate insight