3 Tips for Mastering ‘In-the-Moment’ Offers
2. Dig Deep: Analytic modeling capabilities can help you better understand consumer behavior and provide the information you need to determine which individuals might be "gaming the system." For example, some consumers intentionally abandon their virtual carts in hopes of getting a better deal. Analytics can help pinpoint the people who are actually serious about making a purchase, but who may genuinely need a discount or further incentive to be persuaded to buy. The brands that get this right will dig deep into customer-level data from across their enterprise and use it for customer-specific decisions, not just generic segmentation. To accomplish this, both depth of data and depth of analytics are required.
3. Act Fast: Forget about limitations of the past. Bring organizational teams together and ask, "If the sky is the limit, what could we do to create incredible, highly personalized experiences for our customers? What would it feel like?" From there, take inventory of current, broken experiences to identify key areas of improvement and desired outcomes (customer journey mapping can help with this). Then, identify two or three quick wins with the greatest near-term impact. From there, assess technology or data gaps that need to be addressed before getting started. Then give yourself 30 days to test a subset and use the resulting data to test effectiveness, track and tune. Brands who will succeed in this new world order are the ones who act fast.
The "moment" for brands to get serious about "in the moment" offers is now. So, what are you waiting for?
Mark Smith is president of Boston-based marketing software provider Kitewheel. Reach him at email@example.com.