Self-improvement in use of metrics and tools is an important part of Growth Marketing
Authored by Vikram Kumar, CEO, Letstrack.
Marketing trends are fast changing the way traditional businesses operate in the market. Growth marketing is the term used to define the usage of behavioural data to run customized campaigns to garner new customers and helps retain existing ones. User preferences are not static and the lifetime value of the customer is dynamic, necessitating a smart and technology aided marketing campaign to drive marketing strategy.
Self-improvement in use of metrics and tools is an important part of growth marketing. The core tenet of marketing is to provide an enhanced customer delight. This will help in retaining existing customers. Studies indicate that a 5% increment in customer retention can result in increase in profits anywhere from 25% to 95%.
Ways to incorporate technology to enhance growth marketing
Technology pushes growth. It increases ease of business, allows for stronger customization. There is a call to action to push for immediate sales and also helps in retention of customers by improving customer interactions.
- A robust content marketing strategy inclusive of blog posts, videos and infographics can be a growth multiplier. These are your company’s digital assets and can be utilized to drive multiple marketing channels to build brand visibility and equity.
- A strong email marketing drive can be a part of the end to end marketing process. It can ensure that at low cost the company gets not only a brand building exercise but also a boost in conversion rates and reengagement. Customer loyalty and lifetime value also improves dramatically.
- There is a strong customer affinity towards the SMS channel. It is an effective marketing and engagement tool and can convey relevant messages to the customer. Verifications to coupons all can be handled through SMS. It is direct, low cost and effective.
- Mobile browser push notifications can raise engagement rates to 40% or more and subsequent conversions once the user opts in. Personalizing the push messages can be instrumental in increasing open rates by up to 800%according to studies.
How to craft a data driven message?
The three pillars of data driven messaging are:
- Data, that is the information collated from marketing channels like emails, social and digital media.
- Technology in the form of a robust platform that can collect the relevant data and also manage multi-channel campaigns effectively.
- Strategy knows how to use the collated data in the most compelling manner. This generates higher ROI.
Use of technology platforms help collect data from multiple channels and provides a granular view of customer interaction through data analytics. The next step would be how to use this data in the most relevant manner. These tech applications allow you to build effective messaging from insights available in your analytics platform. The data is then used to create a detailed customer profile. The previous engagement data helps build a robust customized messaging. This is then delivered to the end user through the platform automatically.
The workflow uses a number of filters, channels, delays and triggers to optimize impact. The tracking mechanism helps in evaluating campaign performance and completes the feedback loop to make the campaign result oriented. The analytical mechanism measures the impact of the marketing initiative. Thus combining growth marketing techniques with a data driven strategy with the help of an advanced platform will result in achieving measurable and sustainable growth.
The use of Electronic logging devices and IOT in driving growth and security
“The precondition to freedom is security!"
The IOT (Internet of things) is basically a system that enables physical things with sensors, electronics, software and connectivity to enhance performance by exchanging information with connected devices. It is important to safeguard the connected networks and devices from security breaches as they may become vulnerable to serious threats.
Electronic Logging Devices or ELD’s are technology driven mechanisms that are designed to connect vehicles to collect data on specific vehicular movement like date, time, driver identification, vehicle miles, vehicle and motor carrier at pre-set intervals. ELD’s can be used from smartphones and wireless devices of certain technical specifications.
Tracking applications can be the optimal way to stay connected with your family, track vehicles and pets and do so much more. It is a global real time tracking and messaging application that can change the way we think of security. The cross-platform and proprietary app use the Internet and GPS to track, send messages, videos, images and real time locations.
When used by commercial vehicles, routes can be optimized by using Big data from ELD’s. Transportation of goods can be tracked and data consolidated to reduce costs and improve safety by monitoring driver behaviour.
Technology is the way forward to build a faster and stronger connected world. Marketing will see tech-innovation trends increase and create new channels to enhance customer delight.
With over 18 years experience in setting up businesses ranging from a telecom consultancy, software development and establishing national distributing at various retail chains, Vikram Kumar has a large input in the day to day running to his existing companies - Prima Business Solutions, a software and web designing company, and Mpay Global, a web-based retailer portal covering whole of the UK. Before this he was responsible for the set up of Lebara Mobile in the UK.