As the mobile marketplace matures, rising customer acquisition costs and eroding customer LTV (lifetime value) are putting the squeeze on marketing budgets, and the way to curb this is through innovative technology. In her annual trend report, analyst Mary Meeker cited last year’s milestone of people around the world spending more hours on digital devices than watching television, noting that the dramatic shift in consumer behavior poses challenges along with opportunities.
Meeker’s prescription for businesses in this evolving landscape couldn’t be simpler: “Efficient + Effective Marketing = One’s Own Product + Happy Customers + Recommendations.”
Using technology, you can meet customers where they are
Customer satisfaction hinges on ensuring that your organization and your technology infrastructure are designed to keep up with customers’ evolving behavior. Of course, leading an organization through a major change like today’s mobile transformation is tough. When plotting an uncharted course, it is tempting to give in to inertia (“What we’re doing is good enough”), to stick with the tried-and-true rather than forcing innovation and reaping the hard-earned rewards. Braze is often in the vanguard with our clients during this process.
Mobile has already changed the nature of our relationships with friends and family, with our work, and with the world around us. The way we engage is fundamentally different, and there’s no arguing our way back to the way things used to be. Even as we layer new technologies such as mixed reality or voice on top of mobile, the fact is that we’ve already made the tectonic shift to a world of always-on connectivity. Each innovation will quickly reset consumers’ expectations of what a good working relationship with a brand can and should be.
Your customers have moved ahead; the challenge is to meet them where they are as they evaluate your business on the basis of the experiences they are having across all channels today. Demonstrate that you understand them through thoughtful, personalized experiences (what we call brand humanity), and your customers will respond with loyalty and advocacy. Choose the status quo, and you’ll learn the wisdom of retired U.S. Army General Eric Shinseki: “If you don’t like change, you will like irrelevance even less.”
Technology enables more customer communication
Human beings are complicated, and they don’t exist in isolation–they carry with them a dynamic context composed of their environment and their shifting moods, changes in circumstances, or a progression in their relationship with your business. To have a good conversation in real life, we strive to understand the other person in the moment in order to have a back-and-forth that makes sense for both sides. The same goes for communications between great brands and their customers.
The pace of change today demands a flexible, purpose-built MMP (mobile marketing platform) that can adapt quickly as new capabilities arise and as business needs shift. Legacy marketing-cloud providers are less nimble, built on foundations that were laid down 20 years ago when the smartphone was nonexistent, rather than a ubiquitous necessity.
Each person’s device is an intimate part of their life. If you’ve been granted permission to communicate over this personal connection, respect that invitation by working to better understand what matters to your customer. This requires a coordinated set of tools to listen closely and analyze customer behavior across multiple channels. A technology ecosystem that uses stream processing to experience the world as it happens will help you ensure that your message is heard before the moment of opportunity has passed. Even with lightly personalized content, batch-and-blast efforts make a statement about your brand’s lack of investment in what can now be an enriching, contextually aware experience between your business and the human on the receiving end of your communications.
Nonetheless, sometimes a prospective customer chooses to stay on the well-worn path with a legacy solution or to not graduate to more sophisticated strategies. It may be that they find it hard to walk away from existing relationships, or they are concerned about the scale of the undertaking.
Get ready. Your customers are waiting.
V-Accelerator recognizes that not every business is the same and we offer various ways for successful applicants to partner with us and create a technology space that can truly impact lives and businesses. This could be as simple as having a meeting in our labs and giving advice, marketing the product, signing a collaboration agreement to solve a big problem, or connecting the Partner with investment funding. Interested? Why not get in touch with us today to learn more.