Digital Disruptors for Retail Marketers in 2015
There are three main areas of opportunity today with social media: listening, targeting and interacting. Social media listening provides new levels of real-time granularity on retailers, consumers and products. On the main networks, including Facebook, Twitter and Pinterest, there are opportunities to create significantly more targeted marketing campaigns leveraging the dearth of consumer data that exists in these channels.
At the same time the velocity of new social channels has continued to increase with emerging players like Wanelo and Snapchat. These networks create a level of complexity and fragmentation that challenges retailers and brands to effectively keep pace and provide meaningful exchanges. While there appears no clear-cut formulas for success, it is clear that social media allows marketers to know a lot more about individual consumers and consumer segments, and provides many more opportunities for meaningful interactions.
3. Fast analytics: As the Internet of Things continues to blanket the world with sensors and create massive data streams, the challenge for marketers will be the ability to "market in the moment." Being able to generate insights quickly will be a key differentiator as it enables more real-time capabilities. We see this today in the paid search and display segments with real-time bidding. Fast analytics built on top of big data will make marketing decisions in subsecond timeframes a differentiator and potential disruptor. As retailers drive their analytics strategies, including tools and resources, speed needs to be among the core considerations.
4. It's about the journey, not the destination: Tracking and attribution technologies across differing channels continue to improve, allowing retailers to get closer to that Holy Grail of "one view of the customer." With this, retail marketers have the opportunity to drive increased levels of personalization reflecting not only an individual's current transactional value, but also their value over time. As these connections are made, lifetime value will (finally) be better balanced with transactional margin, driving marketing spend.