What Do We Mean By Customer Obsession?
Customer obsession is the very core of customer experience.
Customer-obsessed organizations are always thinking of new and unique ways to better understand their clients. Such business ventures apply their knowledge and data to produce products and services that solve their customer’s problems.
Customer-obsessed businesses will focus on adding value to the customer experience.
They collect feedback regularly and ensure that client needs are a priority in every business goal. They’re more concerned with retaining and delighting existing customers than acquiring new ones.
The goal is to increase customer loyalty, leading them to become more reliant on your brand. Your customers may believe that your company is looking out for their best interests, which boosts their chances of making repeat purchases.
What are the Strategies for Becoming Customer-obsessed in Adtech?
Customer obsession has never been as vital as it is now for adtech. The industry is in the midst of a resurgence. Despite languishing in investors’ bad graces over the past few years, adtech has suddenly shot up.
Luma’s Q2 2021 Market Report shows how adtech deals have drastically increased year on year by more than 500%.
Notable examples include Mediaocean’s acquisition of Flashtalking for a reported $500 million and AdTheorent Inc. combining with a special-purpose acquisition company (SPAC) to go public with a $1 billion-plus valuation.
When it comes to value, the answer is simple: Programmatic advertising or ad tech works. Publishers are in a much better position to incur additional revenue now than what they generated in the pre-programmatic era.
As the industry prepares for the future, key players must shift their focus on becoming a customer-obsessed brand and how this particular facet will go a long way in improving customer experience.
After all, the ad tech industry is expected to grow tremendously. The backbone of the internet advertising industry is set to grow from $438bn in 2021 to $1 trillion in 2030, as per the forecasts by GlobalData.
Let’s explore a few strategies that will help you establish a mindset that is customer-obsessed:
1. Role of Data
Data should be your key pillar behind effective online marketing to provide a seamless customer experience.
With better technology available to assist us in accessing big data, the market is growing at an astronomical rate, reaching a value of $103 billion by 2027 (Statista report).
Real-time insights from this data will help businesses to create meaningful ads.
Start with combining location data with business, consumer, and contextual information to ensure that relevant ad content reaches the right audience at the right time.
2. Focus on Content
Content is equally important.
Marketers must have the ability to determine which ad is the right ad to show to a specific user without overexposing the consumer to their ads.
Predictive bidding, which leverages the power of data, can be of tremendous advantage.
This type of approach develops and implements algorithms to analyze the individual before the ad is displayed. This ensures consumers are being served the ad that is most relevant to them across their devices.
3. Speak Your Purpose
Improving customer experience will be incomplete without brands being true to their purpose. Your customers want to know what your business stands for and its driving mission.
Take Verizon for instance. The company’s vision is to deliver the promise of the digital world by enhancing the ability of humans, businesses, and society to do more and do more good. It defines why they are here and who they are here for.
Once these are aligned, customer-obsessed companies must understand their customers’ needs — even before the customer has articulated them. Customer conversations and survey feedback can help you kickstart this process.
4. Being Multi-Channel
When customer obsession is the foundation of all your customer experience strategies, make use of multi-channel marketing to get the word out about your promotions.
You can utilize email to generate excitement about your promotions early among your current and most loyal customers.
Social media is another powerful tool for you to promote your offerings. This will also enable you to interact with customers and gather information on customer sentiment.
5. Keep Advancing
Technology and media are industries in constant flux.
To stay ahead of the competition, ad-tech ventures must keep abreast of the changes. And while successful startups keep up with changes, the most successful are always two steps ahead.
The key is to be nimble and innovative in order to turn challenges into golden opportunities. This will not be possible if companies don’t dream big. Allow your teams to contribute to the creative process.
6. Integrating AdTech and MarTech
Adtech and martech do overlap but have primarily remained distinct from each other with a common goal—to provide better customer experiences.
Such disconnected systems add unnecessary complexities, making it hard for companies to know their customers well. Integrating adtech and martech can solve this challenge.
This type of integration helps advertisers by optimizing advertising investments while creating a 360-degree view of the customer. Additionally, companies can make use of martech data to improve their ad targeting initiatives.