Peeruntorn Vannaprasert, Head of Digital Sales and Marketing, Senior Vice President, Citibank Thailand
How do you measure the impact of marketing communication to the business results? How do you know which media drive sales volume? Or how do you know that having a brand ambassador is better than not having one? If you work in the marketing domain, you may have experienced these questions from your boss, top management or your counterparts in other departments before.
These are samples of classic questions asked to all marketers. Most of the time, we do not have the right answers to these questions. However, thanks to the digital marketing and technology, marketers are now able to answer the above questions.
AdTech and MarTech help marketers improve the way we communicate to target audiences by understanding their behaviors and interests, to attract them and finally convince them to buy our products or services. While traditional media such as TVC, billboards, radio, out-of-home may help a brand gain awareness among mass target audiences, but it’s challenging to measure which media is the most effective in bringing in expected sales or business results. On the contrary, digital media allows us to measure every single step of a customer’s journey from views to clicks, clicks to leads drop, and to get through the final conversion. We can choose which group of customers we would like them to see our communication by using their demographic, interests, mobile devices, or usage, as well as other social media data that are available. Under the targeted digital media strategy, we tend to use less marketing budget to gain the same results compared to the high budget required for mass media. However, marketers can make good use of these data as long as it complies with related laws and regulations, especially the data privacy laws.
We can quickly convert a customer’s idea into a design spec and then efficiently release a prototype for their pilot run. We are able to execute all that within three months
Apart from specific targeting strategies that digital marketing has to offer, we can also leverage various tools to evaluate the effectiveness of our communication strategy in terms of creatives, content, layout, or even colors impact. A/B testing is a system-based methodology that allows us to understand consumer response towards different creative content or digital journeys. The concept is to show different communications to similar profiles of target audiences to see which one performs better than the others. The measurement depends on the objectives we want to test; it can be a click-through rate or final conversion of different leads forms. While conducting these tests, you might be surprised to learn the result that given the same content, the differences in colors or formats could lead to different outcomes. If we continue to diligently perform A/B testing in our communication, it will help us gain a higher response or conversion rate among our target audiences. There will be no more judgmental decision to make on which colors or images we should use to get a better response when creating our communication. A/B testing is, therefore, a critical approach on performance digital marketing as it helps us gain higher conversion or better response from customers by improving marketing funnels as well as enhancing customer experience.
Customer acquisition is just a beginning point of the customer journey. Deepening customer relationships to make them stay, and become a loyal customer is more critical for the sustainability of every business. Banks have an abundance of customer data when they transact with our products or services. For credit card customers, we know what they buy, where they buy, how often, and how much. Data analytics helps businesses to understand existing customer behavior and decide on engagement or portfolio strategies we need to take. In contrast, digital marketing helps businesses to bring the relevant offer to the customer at the right time and channel.
Various businesses commonly use real-time trigger of communication for different purposes. It can not only help increase product usage when we send the right offer to customers at the right time, but also helps banks in using portfolio data to identify which group of customers are likely to take additional products or services. It can also help safeguard security to alert customer promptly when we detect suspicious transactions on customer account. In some cases, machine learning algorithms can take a job of data scientists to come up with relevant offers and communication to customers on a real-time basis.
Digital marketing is the key that helps businesses unlock all the mysteries behind marketing that used to be subjective and difficult to measure in the past. It changes the way we measure the marketing campaign effectiveness from only qualitative or brand awareness towards quantitative or business KPIs. It helps maximize yields on the same investment amount. For those who try to quantify the impact of having a brand ambassador in their marketing campaign, executing a right digital marketing strategy right will give you the unbiased answer you are looking for.