By Norm Johnston
Adapt or die is absolutely the twenty first century mantra for company. Authors Norm Johnston presents tips on tips to undertake an Adaptive advertising version to make sure you will not be merely ready for this new information global, but in addition profitable opposed to either conventional opponents and new disrupters.
Read Online or Download Adaptive Marketing: Leveraging Real-Time Data to Become a More Competitive and Successful Company PDF
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Extra resources for Adaptive Marketing: Leveraging Real-Time Data to Become a More Competitive and Successful Company
The Coca-Cola Freestyle vending machine is just one example of how companies are using real-time data to enhance and improve their products, services, and experiences. Tapping into this rich stream of Internet data provides not just Coca-Cola, but any company that tries it, with arguably the world’s largest focus group, a continuous virtual lab that can help marketers shape their product strategy to better meet consumer needs and to get one step ahead of the competition. In fact, there is an entire spectrum of adaptive product approaches, ranging from a listening strategy to actual real-time adaptation, such as in the Coca-Cola Freestyle example.
The good news is that consumers seem to like the idea of adaptive products. A recent 2013 Bain9 survey of more than 1,000 online shoppers in the United States found that while less than 10 percent have tried customization options, 25 percent to 30 percent are interested in doing so, a number bound to increase as e-commerce continues to expand. That very same Bain survey found that customers are also willing to pay up to 20 percent more for adaptive products, which will be welcome news to those marketers seeking some incremental margin.
However, like most technology, it requires some intelligent input and governance from people. Here are some tips to help your teams establish a great listening program. Top Tips for Good Listening 1. Be clear about your objectives. Make sure to gain agreement internally on what information you are seeking from your social listening and monitoring and how that information will get distributed throughout your organization. 2. Carefully define what you are monitoring. Based on your objectives make sure you are defining exactly what you are monitoring.