2016 – Data the lifeblood of Organisations profit – Part 2
Our predictions for the insight world
In part 2 of our crystal ball gazing, we address the “applied” world of data insight and communication. So these are some of our predictions for 2016.
- Campaign Insight. The ongoing perennial need to understand where value is delivered in the marketing chain, and “simple” campaign analysis broadening to more sophisticated views of media and marketing attribution. In 2015 clients were asking us to move beyond last marketing attribution analysis for more complex attribution modelling, including looking at macro-economic factors and even competitor media spend impacts. We created the Media Visualiser application to help plan their media mix and balance acquisition spends.
- Dashboards & Customer Reporting. We can see continuing need for profiling and customer dashboards to track and report on marketing activity and performance, across channels with appropriate metrics. Sometimes simple applications that allow marketers to quantify populations and profile of cross-tabulate against product ownership can provide much needed quantification of audiences for marketing planning.
- Customer Journeys. We see organisations increasingly doing analysis to understand customer journeys, visualising journey flows and helping to optimise value through determining next actions and offers, and indeed next next, and next next next best ask through automated rule engines. Our Customer Journey application helps analyse these complex permutations. Next please!
- Campaign & Marketing Automation. As many vendors, including several ESPs (including Communigator & dotmailer) have developed programme building capability, we see more complex chains of communications built around specific activities e.g. customer welcome, purchase or renewal. In particular FastStats‘ PeopleStage module will become a replacement for their Cascade module, having an omni-channel automation engine. This type of technology is not only releasing internal campaign resource but developing more sophisticated communication programmes that react to customer behaviour, as well as incorporating targeting rules.
- Ever-more Targeted Email. Consumers and businesses alike are getting fed up of cluttered inboxes with badly targeted emails leading to low click rates, high Unsubscribe rates, and a rapidly diminishing pot of emailable customers. Email targeting is getting increasingly smarter, and insightful data planning underpins this.
In terms of “strategic insight”, we see organisations continuing with a number of key areas:
- Customer & Market Segmentations. The development of segmentations to support key strategic planning, key account management, customer acquisition and retention planning. We are already engaged with several segmentations in commercial and financial sectors both in UK and Europe, levering a variety of data sources, including customer panel and qualitative information.
- Risk & Propensity Scoring. Whilst conventional risk modelling can be considered tactical with best/worst prospects for an activity or ask, we see these range of techniques being applied more strategically to look at the impact or risk to an organisations income streams and hence related to our next strategic area.
- Income Forecasting. Many organisations are seeking to develop more sophisticated financial forecasting models and scenario planning around income investment and attrition impacts. We are developing our range of applications to address this area, and meet an increasing demand for more accurate income stream modelling.
Many of these can be incremental steps, driving efficiencies and improved returns, often with a relatively low investment. We see an ongoing and increasing need for the smart application of data, and of course access to data and applications that can help organisations in their marketing planning and communications.