DEAL IS IN THE DATA
Updated: May 26, 2020
Big data to conversion - brands which create the right relationship with the customer through sustained Omnichannel communication clinches the deal
While physicists in CERN are decoding God’s particle after its discovery in 2012, Marketers across the world have already decoded and built fortunes through their God’s particle – Data. Why Data is Marketers God’s particle? Let understand that from the story of Charles.
Charles, a 35-year-old Rich Net worth Individual from Chennai, a metropolitan yet culturally inclined City from the Southern part of India, thinks that he has reached a stage in his life where he can buy a luxury car for him and his family. So he decides to go for shopping to buy his dream new luxury car on the weekend.
He informs his close friends about his plan to buy a new luxury car through his FB account. His friends give him best wishes and ask for his promise for a long drive on his new car soon.
Charles is excited about the new car he is going to buy. He always has a dream of buying a car from either BNR or ARC (imaginary car brand names) as he feels those brands have the legacy, style, speed and elegance that matches his profile.
During the course of the week, he searches for many variants and models of the car on the internet with colour specifications and specs matching his taste from the two brands.
Audience profiling through Data segmentation
On Friday, he was surprised to see an advertisement with a specific message on his Facebook and Twitter account from BNR inviting him to their nearest showroom in his locality and check the latest models of cars according to his liking. Charles was surprised to see this message and thought BNR guys are smart.
And the weekend arrives. Charles’ quest for buying his dream new luxury car begins. Though BNR has reached out to him, Charles thought of checking out the nearest luxury car showroom from his house first – ARC’s Bridgtel Showroom.
He steps into the showroom, got wonderful brand experience by the customer service professionals, took the cars for the ride…but he is not happy. Something is missing. The showroom does not have the preferred colour and spec of the model he was planning to buy.
Upon enquiry, the dealership manager informs him that he can come next week so that they can arrange the model for him to test drive. Slightly disappointed, he says he will make a visit next week and walks out of the showroom.
Moving on to the next showroom – BNR Elite which is a little far from his house, he was surprised the moment he stepped in. The showroom manager greeted him by his name and introduced himself as Raj. Again he thought, BNR guys are really smart and they are digitally well connected and active than the ARC people.
Enhance the customer personalization
Raj after initial discussion took Charles to a small area where 3 to 4 cars were lined-up. Charles enquired what about the other cars, for which Raj replied, first he would like to showcase these line-up of cars to him. Noticing his intent, Charles started to have a look at the cars, the third car he looked was the perfect dream car that he always wanted to buy.
He test drove the car, liked everything about the model and decided that he wanted to go for it. Right then, he realized that in the Car’s temporary number plate it was written Pondicherry.
Curious he asked Raj why it is written so. Raj explained that this car model was brought from their Pondicherry showroom especially for him as it has the price advantage of being a car from Pondicherry.
Charles was impressed about the showroom’s effort to take care of his interest and after getting assurance from Raj and over the phone from his friends that owning a car from Pondicherry (another Union Territory) will not create any trouble for him, Charles decided that THIS IS IT! He buys his brand new dream luxury car.
As the purchase formalities were going on, Charles asked Raj how he knew his budget which prompted him to bring the car from Pondicherry, for which Raj gave a wink!
Upon probing more, Raj informed that this is the insight he got from his Sales team and all he has done is that he has arranged for the right car with the right spec, colour and with right price (Pondicherry car).
Finally while handing over the car key to Charles, Raj funnily said - Sir, wherever you go, our network follows… with a smile. Charles, understood the smile, the effort that has gone behind it, realised how BNR gave importance to him and treated him well even before he became its customer.
He drove off in his dream new car very satisfied that he had made the right purchase with the right brand. Right there, a new journey also began….a new relationship between BNR and Charles.
What does this story tell? How did BNR clinch the deal which ARC couldn’t?
The answer lies in the Data and how the brand actioned on it. Though both brands with the right effort could have got the same raw data about Charles, BNR had the right digital partner to analyse the data, do the right data segmentation, creating a right audience profile for Charles, analysing his needs, buying pattern, etc and gave the intelligence to the BNR brand about the prospective customer – Charles.
BNR as a responsible company acted on the intelligence and clinched the deal. BNR will not stop there. After the purchase, the data about Charles’ buying behaviour and other details will be again collated as data and will be fed into his audience profile that was created already.
Data collation to redefining Customer experience
In this day and age, the brand which manages the Data well and creates redefined personalization experience for the customer WINS clearly.
It is very imperative for any brand to choose a right digital partner who gives the right insights, communicates to the customer through Omnichannel approach and finally help the brand to convert the customer to sign the dotted lines. The Deal is in the Data.
And why Data is Marketers God’s particle? Yes, if the Customer is God for the marketers, the Data about the Customer is God’s particle, isn’t it?