Consumers have never had so many choices across all industries. Shoppers can easily compare the offerings of multiple companies and shopping mediums, regardless of whether they plan to buy one of two similar products at the store or skip the store altogether to shop online.
As consumers have so much power, businesses need to position themselves in existing customers’ minds as necessary.
Every customer wants a brand that knows them and tailors marketing campaigns and products to their specific needs. Customers will be encouraged to stick with a brand and won’t have to spend their time searching for the right one every time they go shopping. This will allow them to return to familiar faces.
What is Precision Marketing?
In precision marketing, marketers examine the specific wants, needs, interests, and behavior patterns of certain user segments. By improving understanding of precision marketing offers, brands are better positioned to meet the needs of specific groups and significantly increase their marketing effectiveness and success.
Purchasing behaviors and product preferences of teenage girls, for instance, would be completely different from those of their fathers. The use of precision marketing strategies lets you instantly distinguish the individual preferences, behaviors, and interests of your target demographics, so you can make more tactical and smarter business decisions.
Your brand is built with individuals who want to buy from you, so it’s all about connecting with them in a more relevant way. When you adopt a precision marketing approach, you can use tools and data to develop content-rich, data-driven customer communications that deliver results that are better than ever before.
How to Create a Precision Marketing Strategy
Marketing plans that are tailored to certain audiences heavily rely on the ability to analyze and parse information about their demographics. Precision marketing requires a more effective course of action than other strategies due to the need for a greater degree of accuracy.
When you do your research and take the right steps, you can create a marketing plan that is tailored to your customers’ needs. By meeting those needs, you can not only attract new business but also retain it for the long run. You can create a precision marketing strategy by following these steps.
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Develop your brand guidelines
Branding is one of the most important aspects of your business. It is what people will remember about you. Even if your logo and associated colors are some of the most important aspects of your brand guidelines, consider your company’s values and voice as well.
You can create a buyer persona for your brand by establishing what matters to you and how you interact with others. Your brand will be effectively communicated to your target audience via that buyer persona.
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Identify your target audience
It is impossible to develop a precision marketing strategy without identifying which group of people you are targeting. The more information you have on your clients, the better your precision marketing will be.
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Establish goals
Ideally, you should have goal-oriented marketing campaigns. No matter how big or small your goals are, you should keep them realistic. You can create a better campaign down the road by tracking your successes and challenges. Measuring success is critical: Subscribers to email newsletters, click-through rates on ads, engagement with CTAs, and website traffic are just a few examples.
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Make retention a priority
It is always better to have a return customer than a one-time visitor, so a precision marketing plan must ensure customer retention. The customer rewards card, for example, not only keeps people coming back but also allows you to collect data about what they like about your business and how often they show up. This information allows you to create a better marketing plan to target certain segments of the customer base, thus continuing the cycle.
Who Performs Precision Marketing?
Regardless of the company’s size, it seeks to develop loyal customers. Think of a small sandwich shop where customers use punch cards to keep track of how often they eat there. When they eat five sandwiches, the sixth one is free. Precision marketing is a highly flexible marketing strategy because it is cheap, easy, and effective.
Most companies with expansive product lines, however, are most interested in implementing a comprehensive precision marketing strategy. Retail, hospitality, and travel companies compete fiercely for repeat business and thrive on repeat business. To offer deals and offers to exist, customers, invest significant resources into gathering and analyzing customer data.
Putting It To Work
Having a single view of your customers is the first step to precision marketing. Your data is aggregated, consistent, and holistically represented in this report.
A data science platform lets you view all kinds of demographic information in one place, including age, gender, and location, as well as internal data like past interactions with your company and external data like broader interests they seek on third-party websites.
Differentiating between different customers and the same customer using different devices is also important. AI can help with this.
When you create a customer as one person regardless of what device they use, you can monitor their cross-screen behavior and see which device they are most likely to use for conversions.
This will allow you to reach them at the best time to secure a sale (for example, while they are adding items to their online shopping cart using their tablet in the evening, rather than while they are browsing from site to site on their phone while traveling in the morning).
By using programmatic advertising powered by deep learning, you can retarget your audience once you have a holistic view of them. In order to rank your audience segments, deep learning is used to analyze your data to predict your conversion rate (CVR) and return on advertising spent (ROAS). Based on the ranking, you can identify which segments are most valuable and should be targeted first.
With advanced artificial intelligence (AI) techniques, you can create micro-segments of customers even more effectively. The process is like looking deeply into the data of your customers. In addition to identifying your customers’ external interests and topics, machine learning can reveal their real-time intent based on third-party data. These more in-depth data can then be used to create even more specific audience segments.
You can use all those insights above to personalize your marketing campaigns down to the smallest detail, targeting your customers’ specific interests and delivering your messages through the appropriate channel at just the right time when it’s time.
Final Thoughts
Precision marketing is essentially about fine-tuning your message to reach the right audience. By using data and analytics, you can optimize your campaigns for increased conversions and revenue.
