One of the prevalent misconceptions in the digital business universe, especially when it comes to marketing automation platforms, is the application of B2B marketing strategies to B2C practices.
Fundamentals governing B2B purchase procedures, are completely different than, and occasionally at loggerheads with, B2C basic principles. B2B is rather linear and direct in structure. The parties engaged in such a relationship are of a fairly similar nature (e.g. a car parts manufacturer addressing a second-hand car dealer).
On the other hand, a B2C process of purchase is far more convoluted as multiple channels have to be used to address a diversity of clients. It is therefore much harder for B2C companies to maintain cohesion in their marketing strategies while catering to the multi-layered nature of their clientele.
SALESmanago has created “Customer Value Marketing” a new approach to marketing for B2C companies and Online Stores.
Note: Each Marketing Automation provider offers a different array of features. This post is based on solutions provided by SALESmanago Marketing Automation, one of the largest European martech companies. Find out more info at www.salesmanago.com
What is Customer Value Marketing?
Customer Value Marketing is an enduring marketing process aiming to maximize a customer's Lifetime Value for B2C businesses and Online Stores over time. Furthermore Customer Value Marketing also enhances the customer’s value through running continuous marketing automation processes destined to gradually elevate customers from less valuable to more relevant status, therefore enhancing their spending output.
According to SALESmanago, Customer Value Marketing is based on elements such as:
1. RFM, a module which enables CVM to categorize clients according to three main tendencies (Recency, Frequency and Monetary) of their transactional data:
A. Recency – shows when was the last time a customer made a purchase order in the following dimensions: long, medium, short.
B. Frequency – shows how regularly does this customer make a purchase in the following dimensions: regular, casual, often.
C. Monetary – (the purchase value) shows how much money does this customer spend over a given period in the following dimensions: spender, average, saver.
2. Another important aspect of this strategy is ‘Digital Body Language’.
In this process of creating a client’s individual profile, DBL becomes the moment when the Digital Personality of the client is created as his habits are being discovered and catalogued in the form of website as well as mobile behavior. Elements such as searched phrases, website visit duration, viewed items, clicked buttons, shopping cart actions, etc. are also used to create a more accurate description of the profile.
Consists of the delivery of offers made to the client, once all information gathered has been sorted out and analyzed. These offers are bespoken tailored to the client’s registered needs. According to SALESmanago these offers are delivered on the day and hours when they are most likely to be opened and read. Delivery is done via all available means: email, dynamic website content, mobile, social media, advertising networks, telemarketing, mobile marketing, POS.
This service offered by SALESmanago is placing a substantial part of the action on ‘automatic pilot’. Automation functions in real time producing targeted marketing campaigns. It is even capable of discerning between a client’ desirable and negative digital behavior and react accordingly.
As more and more B2C companies and Online Stores become dependent on marketing automation, Customer Value Marketing is another exciting chapter in this ever-growing field of digital business.
Disclaimer: This is a sponsored post on behalf of SALESmanago. All thoughts and opinions are my own.