November 07, 2017 - By Anne Curtin, Sr. Director of Marketing, Visual IQ
For decades, audience data has been of critical importance to marketers and media managers. Measures of audience size and demographic composition are used to plan, execute and determine the effectiveness of campaigns.
While accurate demographic and reach reporting is critical, it’s only the beginning of a marketer’s need for campaign insights. Consumers interact with brands across an ever-growing number of channels and devices, and they expect a relevant, seamless experience. If they don’t get it, they’ll take their money elsewhere.
“Data is the new marketing currency.” John Veichmanis, CMO, Farfetch
By promoting relevant, coordinated and genuine communication throughout the consumer experience, brands have an opportunity to engage with their audiences like never before.
London-based online fashion retailer and Visual IQ customer Farfetch sells products from over 700 boutiques and brands from around the world. In a recent interview with Digiday, Farfetch CMO John Veichmanis talked about how the luxury shop has transformed its marketing strategies to focus on one thing: the customer.
Leveraging technology and data, Veichmanis and his team have not only been able to target the right people, but also build a dialog and evolving story over time for ideas, inspiration and ultimately, purchases. Here are three key takeaways:
Farfetch uses its existing customer data and lookalike modeling to find more customers. Instead of casting a wide net, it reduces its reach, targeting only those who love luxury and fashion. By not spending on segments who are unlikely to buy, it is able to optimize efficiency while driving more profitability for the business.
Rather than relying on what consumers tell it in words and surveys, the retailer uses data to inform its creative messaging. By applying a rapid, test-and-learn approach, it’s able to expand and refine its techniques based on an understanding of consumer preferences and behavior.
Farfetch looks to create an ongoing dialog with target consumers, reaching them often with short, relevant messages. Using technology and audience data, it can figure out who and where to show messaging, while reducing waste and creative wear-out.
As consumers increasingly live their lives online and through their mobile devices, the opportunity to use data to provide tailored messages and experiences across channels and devices has never been greater. Smart marketers like Veichmanis are embracing the power of audience data and technology to drive profitability and build a globally recognized luxury brand.
At Visual IQ, we also understand that knowing who your customers and prospects are, what they are like, and how they behave is essential for ensuring your marketing strategy delivers on its goals. That’s why we’ve made audience demographic, behavioral and transactional data a core component of our Marketing Intelligence Platform.
By integrating audience data with the platform’s multi-touch attribution capabilities, marketers can see all the touchpoints involved in the consumer journey and the messages, offers, creatives and other granular tactics that are most effective for each audience. You can then use these insights to allocate budgets more efficiently and effectively, while making the consumer’s entire journey a better experience.
Want to see how you can optimize your marketing and advertising performance by audience segment? Request a demo today.