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That’s based on information you might have or may not have on the customer, for example you might not have their renewal date, therefore they’re only in that market for a specific time of the year. You only may have three days out of 365 to actually market to them. So use that, don’t waste your time on the other 362 in that instance, or it could be a trigger in terms of they’ve deposited a large sum of money in their current account, well they should be having a savings account then, this kind of thing. If you start to understand that, your volume goes down, because it’s very targeted, your response rate might go up to, up to eight percent/ten percent. And the top of the pyramid is what I call CVI – Customer Volunteered Information. So the customer is actually giving you information as opposed to you looking for it and finding it. And that could be the customer goes into a branch, it doesn’t have to be a bank, it could be anything, in my example, doing financial services, I could actually say to a rep, “I’m going to be in the market for a mortgage in three months time” because that’s when we’re looking to buy our first house. If that’s captured, so they’ve actually told you that, you know, what a great piece of information. So the spike of the pyramid goes up. And CVI, I’ve seen response rates of ten percent plus. Compared to the one or two percent at the bottom of the triangle, it’s 10 times better, very powerful."
I mean traditionally you could commission a piece of research. You can go outside into a shopping centre and ask people. You can phone people up. But nowadays email, internet, social media again, these channels can potentially be used. And that helps back more to another point you recently made about how quick you can do that. So if you know someone bought a product as of yesterday, how impressive would it be if that company got back to you and actually said to you, “Well how was your customer journey? How do you think? You bought this product. They actually tell you what product that they bought. And then do that within a week back to your buyer, that’s quite impressive. You know, and it sounds relatively straightforward, and companies should be doing that. But again, because of technology and systems and integration and that kind of thing, not a lot of companies can do that."
They need to have, for them, the right products in store and the right offering, but really when working with us it's being able to influence that consumer behaviour. One of the phrases we use at SP is 'being able to help our customers and our clients turn browsers into buyers.'
The reality is obviously the product and the offer needs to be right, but the way in which it's communicated needs to be very, very clear and concise. I think it needs to represent, particularly in retail and particularly in the large grocers, real value to the end user, so they need to be able to visualise the value to them, be it in it's either the cheapest or it's a better brand at an appropriate price."
I think there’s still a role for the sales person and the point of sale material to do that, but it’s got to convince me, it’s got to be quite a convincing argument. You’ve got to change my mind, rather than guide me. I’ve made an idea. This is the kind of thing I’m looking for, I’ve got two or three options on the table. You know, to really divert me, you’ve probably got to catch me earlier on in the journey."
We help our clients to grow their customers, so we will analyse the customer engagement data and help them to identify the best products to sell to those consumers at the right time or the right product or sequence of products. Customers have an expectation when they share their data with brands that they trust that those brands will use that data to market to them appropriately, so with the right products, things they're interested about and at the right time. And we help our clients to do that and to optimise the customer engagement process."