As an APAC marketer, I’m sure you’ve noticed how the B2B marketing game has evolved rapidly in the region over the past few years, especially with the rising prominence of data and intelligence. That’s exactly what we’ll be covering at B2B 360, our inaugural B2B marketing summit held on the 24th of July 2018 in Singapore.
Brands have started to connect the dots between data and creative – bringing in a new dawn in storytelling through data-driven creative. From the likes of Spotify, Netflix, and Amazon, we’ve seen the 360 power that crunching customer data and transforming it into personalised content can do to bring to the modern buyer journey full-circle.
And as much as you may want to resist this new change, this is the world of marketing today. Be it if you’re in B2C or B2B, it’s all about hyper-targeting your audiences to create tailored experiences and game-changing advertising.
It’s always a numbers game – and they don’t lie
For companies like Netflix and Amazon, their marketing strategy is almost entirely data-driven. For example, their advanced recommendation engine algorithms are designed to serve dynamic, personalised content and product suggestions based on each customer’s past behaviour.
Did this move to leverage data heavily pay off? Yes, it has:
- More than 75% of Netflix user activity is driven by its recommendation system
- Around 65% of the TV shows on Netflix are a success, while the industry standard is 35%
- About 35% of all Amazon’s sales are generated through its recommendation engine
That’s not all. Aside from turning quirky customer data points into entertaining content, Spotify, for example, takes it a step further and allows its advertisers to leverage their customer data, like user shopping behaviours and contextually relevant information such as their listening habits – helping the brands deliver their message at the right time, to the right people, and on the right platform.
It’s not about what you know. It’s who you know.
What does it mean for you here in APAC? Well, it’s a testament that simply segmenting your customers into primary demographic traits such as age, gender and occupation no longer works. Before the digital age, you could perhaps get away with one-way mass marketing communications. But in the customer-centric world we live in today where personalised experiences matter, simply knowing who your customers are is not enough.
Todd Yellin, VP of Product Innovation at Netflix explains why aptly, “It really doesn’t matter if you are a 60-year-old woman or a 20-year-old man, because a 20-year-old man could watch Say Yes to the Dress and a 60-year-old woman could watch Hellboy.” So, you can’t possibly make assumptions about your customers’ interests purely on what persona you’ve assigned them to based-only on demographic or qualitative characteristics.
So instead, you need to focus exclusively on the ‘who’ by using quantitative insights revealed through their behaviour to help you cultivate intuitive-driven decision-making by your customers – something that’s achievable even if you’re not an internet giant.
For more unfiltered, BS-free insights on how to build data-driven customer engagement, register here.