By Ashley Kimler
Your customers have never had it so good, in the sense there’s never been so much choice. On the flip side, too much choice can be a bad thing if a customer feels overwhelmed and can’t decide which brand to shop with.
What all customers would prefer is a brand that knows them inside out, and tailors marketing campaigns and products specifically to them. This would encourage customer loyalty and mean customers don’t have to waste time trying to find the right brand each time they go shopping. Instead, they can return to old familiar faces.
In a nutshell, this is where precision marketing comes in. For businesses, it’s a weapon for hitting the spot with existing customers so they turn into loyal, long-term customers.
What is precision marketing?
Picture it: You’ve just made a purchase from an online store and you’re happy. Two days later, the same store sends you an email offering a discount on the item you have just purchased. Matter of fact, the item arrived at your door that morning!
This kind of thing is a major turn-off to customers. It tells them that the business just doesn’t get them. It’s the same with content. If you bombard existing customers with content that doesn’t match their needs, you’re missing the mark and turning people away.
The point of precision marketing is to target existing customers with the aim of promoting brand loyalty. Instead of using ads, marketers create tailored offers, deals, and even gimmicks, that hit the spot.
Market segmentation is at the heart of precision marketing. This is when you take your market and divide it into smaller chunks of customers who each have their own unique needs. Sometimes a segment will be broad (men) and sometimes it will be super specific (unmarried men under 40), for example.
Look at it like this: While social media provides us with a place to direct our marketing campaigns, precision marketing helps us target the right people at the right time with the right message. This, in turn, boosts conversions and customer loyalty by ensuring we’re not wasting people’s time with messages they don’t want.
Just ask yourself how many times you personally have been bombarded with unwanted ads on Facebook that have eventually caused you to block the page. With precision marketing, brands are able to fine-tune the direction of their arrows so their messages target the right people. This means no more unwanted products, deals, and offers that are a major turn-off for customers.
It’s all about connecting with customers with greater relevancy so you are building your brand with individuals who actually want to buy from you. With precision marketing, you can use tools and data to adopt a content-rich, data-driven customer communications approach that produces results that are better than ever.
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How to use precision marketing to boost revenue
Like with any marketing campaign, you must begin with a goal. What is it you want to achieve with your precision marketing campaign? Do you want to achieve a better response rate to your promotions? Or perhaps you want to bring dormant customers back into the game?