In a special edition of the Thinking Caps podcast, Tim Glomb, vice president of content and data at Cheetah Digital, sits down with Chris Muscutt, head of MarTech at PepsiCo, to discuss the ins and outs of relationship marketing. They share their perspective on common buzzwords and the use of zero and first-party data and technology to fuel effective strategies.
Chris Muscutt, head of MarTech at PepsiCo, has had an interesting career path. In fact, his marketing career took off as an air traffic controller – “It was my job to figure out how to pick up planes from radars and then cross-reference them in a central data model, so they could be tracked. and communicated with. Unknowingly, I was in marketing prerequisites at the time,” he told Tim Glomb, vice president of content and data at Cheetah Digital, in a special edition of Thinking Caps podcast.
From there, Chris moved on to global energy and petrochemical giant Shell, where he was instrumental in the company’s digital transformation. Today at PepsiCo, Chris says he’s in a similar position, researching how best to use marketing technology to continually “surprise and delight” consumers.
Leveraging intelligence in a cookieless world
For years, brands have been perfecting personalization strategies that resonate with consumers and make them feel like individuals. For many B2C brands like PepsiCo, classic personalization has been integrating simple forms of data such as emails, names, addresses or recent purchases into outbound channel communications to ensure touchpoints are considered timely, relevant and contextual.
Personalization marketing tools burst onto the scene more than 15 years ago to help marketers interact more effectively with consumers across digital channels like web, social media, and mobile. These tools help marketers test different colors, icons, images, and offers on websites to optimize the consumer journey.
However, they rarely offered meaningful psychographic information about visitors, such as their interests, hopes, or needs. The cookie apocalypse and browser-based targeting solutions are further contributing to the challenge of getting to know the customer, with Google announcing plans to phase out third-party cookies absolutely.
“Marketers need to look at all the different signals they’re getting from consumers, even the subtle ones, as the third-party cookie breaks down,” Chris says. “They need to prioritize useful data in their marketing strategies and then focus on growing those data collection opportunities. With this, marketers can start crafting impactful strategies to improve the customer journey. »
Despite the challenges, personalization success remains a huge opportunity for brands large and small. According McKinseyPersonalization as a strategy has the potential to create over $3 trillion in new value.
However, unlocking this potential requires a new mindset and next-gen marketing tools and solutions to succeed. These tools go beyond anonymous and digital testing, targeting and optimization and focus on the continuous exchange of value and the customer engagement lifecycle by leveraging first and zero-party data.
For maximum impact, brands need to invest and bring together three breakthrough marketing technologiesincluding:
- Real-time personalization: This allows brands to learn more about consumers to deliver a better experience every time. This involves understanding what the consumer intends to do at that specific moment and includes monitoring web interactions as well as mobile SMS, web, apps, social media, point of sale, etc. This personalization strategy ensures that real-time data is captured from these touchpoints and brought back to the platform to be appended to the consumer’s profile.
- Orchestration of the course: The routes must be simple in nature; think of triggered events or a multi-pronged approach that unfolds over time based on consumer behaviors and preferences. Personalized customer journeys lead to growth in interactions, increasing the likelihood of purchases and conversions.
- Smart Deals: Deal management is being redefined by modern marketers. Harnessing the power of machine learning and analytics to evaluate content and determine not only the right offer, but also the best sequence of offers, the optimal time and context and channel is something that can be highly automated on a large scale. This can promote efficiency and effectiveness.
Solve data dilemmas
Large organizations like PepsiCo have mountains of data, and it can be hard to find and understand. Although the process is improving as technology advances, Chris explains, it’s still difficult to get information. And he is not alone. According to a Survey of CDP Institute members, 63% of marketers cannot gather unified customer data. Even more, Gartner Research reveals that 58% of marketers say integrating customer data is a major hurdle in their multi-channel strategy.
And that’s a problem. With consumers empowered to interact with a brand when and how they want – and often, unpredictable – it is essential for marketers to understand them to establish a personalized connection. Why? Because personalized connections lead to better results like increased engagement, customer loyalty and brand promotion.
The solution, however, is actually quite simple. Brands must have a unique and accessible vision of the consumer. Customer data resides in systems like analytics, email, mobile, campaign management, point of sale, and social media—areas that weren’t designed to be integrated. Overcoming this challenge of disparate systems can be as simple as a customer data platform (CDP), the The CDP Institute defines as “packaged software that creates a persistent, unified customer database accessible to other systems”.
A CDP does more than just bring all the data together, it provides marketers with a single, accessible and actionable view that can be used to drive meaningful engagement with consumers.
What differentiates the Cheetah EDP of a traditional CDP is that it gives marketers a holistic view of the customer, machine learning, native omnichannel touchpoints, and solutions that drive customer acquisition, loyalty, and retention . Together, these capabilities provide marketers with solutions to create value throughout the customer lifecycle, from acquiring customers to observing them as brand advocates.
The “buzz” about personalization
To stay competitive in today’s signal-saturated world, marketers need to deliver relevant and personalized content throughout the customer journey. According to a new eConsultancy report, in partnership with Cheetah Digital, titled 2022 Digital Consumer Trends Index: Consumer Attitudes and Trends in Personalization, Privacy, Messaging, Advertising and Brand Loyalty, UK consumers reward brands that make personalization a priority. More than half of respondents said they would trade personal and preference data to feel part of a brand’s community.
At the same time, there has been an almost 50% increase in UK consumers feeling frustrated with a brand that fails to recognize their unique wants and needs in its personalization strategies. Additionally, real-time offers and content can be 10 times more effective than traditional outbound marketing campaigns.
With all the “buzz”, Tim says the term personalization gets thrown around a lot these days, especially with consumers who are more privacy conscious than ever. However, he is not convinced that marketers really grasp the meaning of personalization. And Chris agrees.
“There’s definitely room for marketers to improve their efforts,” Chris says. “Making things relevant is one thing, but true personalization is another. There may be pockets of both, but they are not the same thing. This is where the gaps come in — is it personalization, in-context marketing, or journey planning? Many brands still have a long way to go before achieving true personalization.
According Gartner, 80% of marketers struggle to get ROI from personalization. Data is one of the main reasons for this struggle: 27% of marketers believe it is the biggest barrier to personalization, revealing their weaknesses in data collection, integration and protection. data. Personalization is about data: batch, streaming, structured or unstructured. It should be in one place to aggregate, analyze and activate.
While there’s certainly a lot of buzz surrounding relationship marketing and personalization, it’s important for marketers to cut through the noise, leverage technology, and get to the heart of what really matters: connect and delight consumers.
Listen to the full Cheetah Digital Thinking Caps podcast with Chris Muscutt, Head of MarTech at PepsiCo here.
About Cheetah Digital
Cheetah Digital is a provider of cross-channel customer engagement solutions for the modern marketer. The Cheetah Digital Customer Engagement Suite enables marketers to create personalized experiences, multi-channel messaging, and loyalty strategies, underpinned by an engagement data platform that can scale to meet changing consumer demands. ‘today. Many of the world’s top brands, including Starbucks, Hilton, Neiman Marcus, Levi’s, and Williams-Sonoma, trust Cheetah Digital to help them generate revenue, build lasting customer relationships, and deliver value exchange. unique throughout the customer life cycle. To learn more, visit www.cheetahdigital.com.
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