Terms of Engagement - Best practice of direct marketing is key to success when engaging with new breed of consumer in 2011, says Callcredit
A seismic shift in the consumer landscape has changed how we look at fundamental issues of work life, personal life, future planning and which brands we trust. Consequently any organisation which still operates according to the 'traditional' linear and "one size fits all" model of customer engagement will struggle to compete effectively in this chaotic, ever changing world.
Recent research conducted by Callcredit has uncovered that 46% of British consumers never give out contact details to retailers (or provide fake details to avoid further contact). Yet 64% would give out personal details if offered an appropriate incentive. These increasingly savvy consumers are at the same time becoming more empowered. They share their experiences with others, learn from other customer transactions and are actually shaping the brand, as opposed to the brand dictating its own values.
David Beardmore Business Development Director at Callcredit commented:
"Consumers expect relevance in return for information and connected messaging rather than isolated mass marketing. Retails must therefore adopt best practice and use multiple data sources to provide the richest platforms on which to base smarter and more profitable decisions".
A report launched today (14th April 2011) by Callcredit Information Group titled ' Terms of Engagement' sets out seven steps to success, looking at how marketers can reapply their learnings to successfully engage with customers and prospects in 2011.
1. Get It Together: moving from a traditional Single Customer View (SCV) to a Single Holistic Consumer View recognising an individual across differing channels and locations.
2. Colour It In: enhancing what you already know about a consumer with external data attributes to provide a fuller, richer view.
3. What Else Do You See?: using data analysis to provide greater insight about those consumers.
4. Stop Shouting: traditional mass marketing techniques deliver increasingly poor returns. The era of batched mass-market communications is over. Dialogue and conversation is the new currency.
5. Speak Where I'm Listening: channel preference and the ability to deliver across channels is crucial to successful consumer engagement.
6. Show Me You Know Me: use the insight gained to deliver highly personalised, relevant and timely communications.
7. Learn From What Happens: the virtuous circle of test and learn is indispensable as each interaction generates additional insight which further improves the quality of future communications.
David concluded: "What we do know is that the old and trusted principles of direct marketing still hold true, even in changing times. But if the definition of madness is doing the same thing repeatedly and expecting different results, then it's time to enhance these fundamental principles with new ways of thinking, new technologies new insights and new terms of engagement".
To download a free copy of 'Terms of Engagement' click here