Direct Marketing News interviewed Subrata Mukherjee, vice preseident of product management for The Economist about the important of using data to personalize the consumer experience.
Here are some excerpts, as told to Ginger Conlon.
What to understand: “’Why understand customers? It allows you to meet their needs, earn their loyalty, engage them and nurture the relationship, and help and encourage them to be advocates.'”
What data can enable you to do: “The data marketers gather in the process of understanding their customers is invaluable. They can use it to personalize such items as content consumption, contract terms, services, and products (e.g., subscription offer for The Economist). Additionally, marketers can use the data to send targeted communications via email, mobile push notifications, and ad targeting; they can even create a personal paywall or payment options. According to Mukherjee, initial tests show that targeted content, email, and mobile messaging are working especially well for The Economist.”
What you need: “Mukherjee recommended investing ‘in a good DMP,’ and then feeding all of the company’s first-party customer data into it, adding second-party data to enhance it, and complementing that with relevant third-party data. He also suggested investing in tag management. Once the data is loaded into the DMP, marketers should use the data to build actionable segments within it. This includes reviewing data taxonomy, exploring new segments, and monitoring the size of segments.”
What will succeed: “’In the end, it’s all about testing. Some things will work and some won’t; based on that, you can focus on the campaigns that work.’”
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