, created by Florian Baur
White Paper: A targeting transformation
Is it time for a radical new approach to targeting in terms of how promotions, advertising and media are utilised and how results are assessed?
In a new White Paper (just register and download it here), emnos argues that traditional targeting methodologies are no longer appropriate and should be replaced with something which cuts across and transcends all media channels – an approach centred not on media but on what people need and how they shop in order to meet those needs!
By looking through the eyes of shoppers, it is possible to establish what they really want – whether they are existing or prospective customers of a particular shop, category or brand and if they prefer to shop online and/or offline. Although a little obvious, the harsh reality is the majority of targeting is currently based around media schedules rather than what people actually require!
A three stage process
With the shopper at its core, this new targeting approach was developed by emnos based on the company’s extensive experience in personalisation. It has three stages:
- Establish what customers need
- Refine the targeting criteria to support ultra-personalisation
- Identify individual recommendations for each customer
The customer point of view can be found in the use of loyalty schemes, debit and credit cards which generates a wealth of insights revealing in-depth detail of the type of products and services they demand. Next, further definition is introduced by prioritising those needs and grouping them into units through an understanding of the relative affinity between the substitutability of one product against another. Once ‘needs units’ affinities are identified, they can be further ranked and a cut-off point established to determine an acceptable level of aggressive cross or upselling.
The third stage uses advanced analytical techniques to distill huge volumes of customer data and enable retailers and brand owners to target their customers based on the ‘next best product to buy’ or ‘next best product to try’ - information which moves campaigns into highly relevant, ultra-personalised targeting and implementation
In early testing, this transformational approach has already produced some excellent results. Check out the White Paper for the full story and more detail on the three step process.