How to Meet Today’s Consumer Demands
Vinnie Mistry, VP APAC at Alterian, led the session, providing the audience with numerous thought provoking points backed by statistics and research as well as state of marketing today. He talked about today’s connected world where opportunities lie at the intersection of what we already know about a customer (slow data) and the behavior they are currently exhibiting in our eco-system (fast data). Marketers have progressed with tying campaign activities together as part of a cross-channel approach, but many have been prescriptive and lose customers’ attention due to a lack of focus on those customer’s actual needs and desires. Vinnie emphasized that marketers must begin influencing customer decisions and adapt in the moment, driving engagement and loyalty, to spark instantaneous, welcomed exchange and create a profitable relationship.
For a real-life perspective, Vinnie sought answers from one of Alterian’s long standing retail clients in Australia, whose Head of Customer Insights flagged the importance of real-time marketing and its meaning to a customer-centric organization like theirs. Overall, he said: “It is the ability to ingest information about a customer as soon as it’s become available to an organization and then to adapt your offer to the customer based upon this information—immediately. It lets you look like you really know the customer rather than guessing what the customer might be like.”
On the importance of in-the-moment marketing, he continued: “It’s key, as it allows an organization to know how to deploy adaptive, personalized, and more relevant strategies to customers. You can now react far quicker than you ever could before, so that the interaction becomes seamless for the customer. You can then gain a competitive advantage in speed to market/customer.
Finally, on how brands will benefit from this fast, adaptive approach, he stated: “It allows brands to be more in tune with their customers’ needs rather than pushing out just what they want to sell. It allows brands to know now what the customer wants, and then adapt marketing strategies to react to that—instantly. It lets a brand remain relevant to customers.”
This interesting topic raised a lively discussion at the event. For us at Alterian and Catchi, the dialogue provided excellent insight on how important the topic of in-the-moment marketing is amongst marketers and digital professionals.