Moving from an attention economics strategy to a genuine value exchange mindset

Moving from attention economics strategy to a genuine value exchange mindset

It’s time for the modern marketer to reflect on the basics — it costs more to acquire a new (or lost) customer than it does to strengthen relationships with existing customers. In addition, people have even more channels to share their negative experiences, making it more important than ever to deliver valuable and positive experiences as often as possible.

This doesn’t mean brands should stop customer acquisition programs and decrease media budgets. Rather, it’s time to take the learnings from the past decade in digital transformation and optimise experiences that lead to increased lifetime value. Marketers have an opportunity to elevate themselves as stewards of customer data and hold their people, processes, and technologies to a higher standard.

No matter where you are in your journey today, now is the time to consider how you can drive continuous learning and optimisation across every touchpoint of your customer’s experience. Consider this — do you want to be the brand people move from, move to, or switch to? And what is your customer experience system of record?

With innovations powered by Adobe Experience Platform, you can differentiate your brand by evolving from attention to value — at scale. Let’s dig in to demonstrate how to understand, respect, and engage with new and existing audiences to deliver experiences that create priceless relationships that lead to long-term profit.

Re-imagine the standard use case with Adobe Real-Time Customer Data Platform

With Adobe Real-Time Customer Data Platform, marketers can collect data from different systems within the organisation, unify disparate data sources into actionable customer profiles, and activate high-value audiences across channels. Features such as Customer AI give marketers insights into customer propensity to determine which buyers are closest to making a purchase. Plus, with the patented Data Usage and Labeling framework, it’s easy to honor data usage policies as defined by regulations or partnership contracts.

The new trend is to centralise customer data management and use Real-Time CDP as a catalyst for organisational optimisation. Marketers can focus on marketing without creating inefficiencies for their IT counterparts to create experiences that give legal, privacy, and security teams peace of mind by honoring set guidelines. Plus, data can be centralised in Real-Time CDP to enrich profiles from different consent management and preference systems.

Let’s dive deeper into how Real-Time CDP can inspire transformative use cases beyond the status quo.

Say goodbye to…
Say hello to…
Abandoned cart campaigns
Intelligent re-engagement
Conversion rate optimisation
Customer conversion optimisation
Win-back campaigns
Don’t lose campaigns
Upsell/cross-sell campaigns
Evolving one-time value to lifetime value

Intelligent re-engagement — market to the customer, not just the abandoned event

Lack of real-time data can lead to missed opportunities, especially immediately following an event — when the chance of conversion recovery is highest. In addition, customer data managed in disparate systems leads to fragmented views, privacy governance risks, and poor customer experiences. With Real-Time CDP, you can account for a holistic view of a customer based on all relevant behavioral, attribute, and preference data from all channels — online and offline — updated in real time. This allows you to understand and respect the customer to plan a re-engagement strategy in the most impactful way possible.

Customer conversion optimisation — segment and activate users stuck in a consideration stage

It has become increasingly challenging to micro- and nano-segment customers to launch targeted campaigns for different cohorts to drive conversions. Plus, brands struggle to use anonymous behaviors efficiently to plan impactful experiences across channels. Real-Time CDP lets marketers use advanced segmentation capabilities and machine learning tools to analyse behavioral data and understand propensity scores for the best opportunities to drive conversions.

Don’t lose campaigns — identify and analyse risk signals and unmet needs

Marketing campaigns without access to real-time event data become inefficient and irrelevant. And this can lead to wasted spend if your campaigns aren’t meeting customers’ needs. Over time, profiles and attributes can become stale, which could lead to poor insights or disconnected experiences. Real-Time CDP can deliver enhanced “don’t lose” experiences to customers — with personalisation based on first-party, AI, behavioral, and offline transaction data.

Evolving one-time value to lifetime value — market to people, not devices

Transactional, people-based, and even preference data can exist across disparate business units, brands, and product teams. This exacerbates data silos — with profile, audience, and device data being duplicated and disconnected — which leads to missed opportunities for product extension and audience expansion. With Real-Time CDP, you can unify profiles across business units and reach authenticated customers in real time once they leave your owned properties to interact with an adjacent brand.

The ultimate payoff — connected experiences surfaced across applications

In addition to Real-Time CDP, Adobe Customer Journey Analytics and Adobe Journey Optimizer help brands leverage the innovations available through Adobe Experience Platform. Brands can seamlessly harness value across these applications to create a foundational experience layer, decrease time to value, and continuously evolve with business needs and ever-changing market forces impacting digital transformation. These applications are built to help you say goodbye to the status quo and deliver personalized, valuable experiences to customers to build rewarding and profitable relationships.

Rakhi Patel is a principal product marketing manager at Adobe, leading the global go-to-market strategy for the industry’s top customer data management solutions. With 20+ years of experience in the digital marketing industry, Rakhi has led vision, strategy, and thought leadership across key areas of discipline such as responsible data management, partnerships, and value realization. Passionate and customer-obsessed, Rakhi is dedicated to elevating the marketer’s role as a data steward.