Do You Really Understand
When asked if they know their customer, many marketers will recite a series of data points that include age, gender, location and income. But is that really painting the complete picture of your potential customers?
Using simple demographic information can result in blind spots in who a business believes their potential customer is. For example, a high-end brand may determine that its potential consumer base has a median household income of $150,000 or greater. Although this may be true of many of its customers, it may also result in missing out on a significant portion of those who would consider buying their product, e.g., affluent retirees with little to no income, but considerable accrued wealth.
A sophisticated data-driven campaign should overlay traditional demographic information with more complex A.I.-powered insights that factor in behavioral and psychographic components. This approach will help you understand who your potential customers are and importantly, when they are in the market to buy. A.I.-powered campaigns have shown the ability to yield anywhere between 50 to 100% improvement in lead generation over those that use traditional demographic information alone.
Although your potential customer pool may be relatively large, not everyone that matches your profile is actively in the market to buy your product or service. However, a well-designed omnichannel campaign should allow you to identify customers who are actively shopping for your product or those who may be potentially shopping the competition. This approach enables you to quickly get in front of those customers to either close them or convert them.
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