- Engagement Platforms
- yBC Digital Services
- Business TV
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 can’t really send things to people who are under 18 to buy a product that was, for certain products need an adult to buy. I’m breaking the law, I can’t do that. Now, that could be because the data we have, our data births that we captured are rubbish. So it’s this kind of information you’re thinking, right, we can’t do that. We’ve got some wrong information. So understanding the data is key for any organisation, before you go down the route most people want to talk about is more of like the insight and the analysis and trending and behavioural output, that’s great, but make sure your data’s right first place."
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."