We have all heard the original 4Ps of marketing – product, pricing, place and promotions. Over time, with the addition of ‘people’ in the mix, it became the 5Ps! Now there are 7Ps or 8? Why are the Ps suddenly accelerating?
The world is comprised of data, and lots of it too. It is a constant process to distil this data into information, and information into actionable knowledge. As business intelligence becomes more accessible, companies can make more reliable correlations between previously unrelated variables; thereby adding veracity to their decision-making.
It’s the newest frontier in this data revolution. Companies and their marketers can now use exceptional BI tools to better understand customers and their digital journeys; from discovery to decision of purchase, from awareness to loyalty towards the brand, and from intent to action.
However, with new paradigms arise new challenges. Digital democracy has given rise to a new breed of customers – the “digital drifters” who are more ‘price loyal’ than ‘brand loyal’, face decision paralysis and get actively hijacked by product competitors. This means that companies are now seeing unpredictable heart to cart journeys due to the sheer amount of choices and options available for web commerce. Moreover, with governments becoming cognizant of the digital rights of their citizens, companies no longer have unprecedented access to their potential customer’s historic behaviour. When this is contrasted with the finding that “80% of customers are likely to make a purchase when their experience is personalized” (Epsilon study, 2018), companies are in a paradoxical situation where the only sure way of customer conversion is personalization, but personalization is extremely difficult due to privacy policies.
How does one resolve the paradox?
Enter new-age tools like Namogoo that allow companies’ marketing efforts to stay above board while ensuring that your bottom line smiles. By using non-personally identifiable information (PII) data, such tools enhance customers’ shopping experience by creating unique journeys for unique customers. Such unique journeys have led brands to achieve a huge reduction in promotion costs while achieving a significant increase in revenue.
Namogoo especially does this by accessing 2,000+ data sources (none of which are third-party cookies) to understand customer behaviour and intent in real-time. Using this information, Namogoo has helped retail brands like Asics, Samsonite and Dollar Shave Club to improve their brand perception, create brand loyalty and on the way improved conversion rates. Namogoo collects data, recognizes a shopper’s triggers and relays that information back in real-time to Ops teams thereby, helping brands decrease cart abandonment, and helping customers decrease the time for purchase.
Tracking ‘Intent’ the Namogoo way
Customer Behaviour
Namogoo collects data about shoppers’ purchasing patterns, shopping journey, traffic source, content viewed, browsing patterns and shopping intensity to create a customer personality profile that its platform can use for hyper-personal promotions.
Device & Environment
For most e-commerce businesses, obstacles that prevent customers from completing an online purchase, directly impact revenue. Namogoo takes care of the biggest of these obstacles by effectively collecting non-PII data such as device type, network type, browser data, geo-location (region) and more, to reduce the likelihood of cart abandonment.
Website & Product Data
By tracing purchase & customer behaviour trends on the website, Namogoo offers recommendations to companies on how to improve customer journeys. This helps them become continuously smoother and more efficient in terms of conversions.
Brand results with Namogoo
10x increase in average ROI in 1st month
15% instant boost in digital revenue
25% less spend on promotions
With numbers like these, businesses can finally turn their focus back to presentations, and let tools like Namogoo do the heavy lifting!
Sources:
https://www.coredna.com/blogs/digital-customer-experience-trends
https://www.namogoo.com/blog/in-the-age-of-gdpr-how-can-you-leverage-non-personalized-data/
