So you may be wondering how your brand can adapt to the modern consumer? Here are some pointers that brand marketers should adhere to in 2023.
New pathways and online channels in the modern consumer journey make tracking and analytics more complex. But the detailed data available today also means marketers can reach prospects with carefully tailored messages at critical moments in the digital customer journey.
For example when someone who is ready to make a purchase searches 'football boots' on Amazon Adidas can present them with a sponsored ad.
On Google when someone searches 'Buy protein powder' they'll see a series of relevant ads along with lots of organic search results. If someone reads Braun's blog post on 'How to cut your hair' they can then be retargeted with ads for the brand's hair clippers.
Ensure that you have your brand's presence on multiple channels such as website marketplaces and social media and outline the different objectives these channels are going to solve for. Your brand strategy should be focused on exploring and improving the retail footprint.
Consider whether it is vital for you to have presence at a retailer level or not. For example Bose decided to close all of its stores in Japan, US, Europe and Australia. They Will now sell online and via retailers only in an effort to adapt to the change in consumer needs.It is not always necessary to have a physical presence especially if a brand has very strong brand awareness in the market already.
Being familiar with the consumer journey allows marketers to identify which touchpoints are most important and where there are problems that may prevent conversion. It helps you to make informed decisions which boost performance while also improving marketing ROI.
On top of this monitoring the customer journey has been shown to improve overall business performance. After all you can't optimize what you don't know!
The RFM model is a relatively simple yet powerful method for customer segmentation. However it is worth noting that it only takes three behavioural variables into account.
Although recency frequency and monetary value are all highly important factors many other variables can be used to make tactical targeting decisions. Down the line you could consider further dividing each RFM group based on other attributes.