In an industry as competitive and fast-moving as consumer electronics, staying ahead of the curve can be hard.
After all, consumer expectations of brands have evolved. From demand for the latest products and technologies (such as wearables, smart home tech and more) to anticipation for instant brand engagement and customer service across any channel – plus seamless online experiences, Consumer Electronics brands must be able to deliver.
And, as Consumer Electronics revenues generated a revenue of £899 million in the second quarter of 2018 alone – a number only expected to rise – brands who are able to understand consumer needs, then present them with a mutual value exchange, will be those who stand out.
So what should Consumer Electronics brands do, to stay ahead of customer expectations?
The answer lies in customer data. Everyone who interacts with a brand, on or offline, creates growing volumes and valuable sources of data, that can be used to deliver experiential and personalised marketing.
Because of this, value-driven Consumer Electronics brands are now viewing their consumer data as a new form of sustainable asset, which (with the right martech, processes and compliance considerations in place) can be leveraged to drive engagement and direct revenue streams, as well as direct commercial growth via monetisation opportunities.
Driving Change With Data – Next Steps for Consumer Electronics Brands
Brands who are able to connect, unify and aggregate their consumer data are able to unlock benefits across the business. Data is the fuel that powers personalised, relevant brand experiences that stand out, allowing a brand to identify and understand their consumers to better develop the right content, products and communication channels.
Of course, the challenge for many brands is not in understanding the value of their customer data itself, but in ensuring the right, holistic data and martech infrastructure is in place across the business to prevent data being stuck – unusable and outdated – in siloes.
The solution to unlock and activate the data is to connect all available data sources and create a true holistic, unified data layer.
Supported by the right data strategy and tech implementation, it’s possible to create the right environment to enable those rich and seamless experiences that today’s martech can bring. After all, without that holistic view over data, it’s hard to drive value from martech investments – a DMP, CDP or CMS is only as good as the data fueling it! Identity resolution is the key additional dimension. This enables the effective application of data to drive personalisation across touchpoints, identifying individuals online and offline, known and anonymous. This then enables a marketing ecosystem that then ignores the borders of CRM and digital and becomes one that is purely focused on seamless customer experience across channels. The marketing technology platforms that enable the execution of these intertwined offline and online experiences is the CDP.
A Consumer Electronics-Specific Challenge
Of course, many Consumer Electronics brands face a unique data challenge – where the retailer, rather than the Consumer Electronics brand, owns most of the available 1st party customer data that can be used to drive value across the business.
Because of this, it’s even more crucial that Consumer Electronics brands prioritise their approach to data; without enriched, enhanced or holistic access to that data, brands have very little information to enable personalised customer experiences.
To drive growth and value through data, Consumer Electronics brands must bring together siloed business units, and define a unified customer data strategy across all touchpoints in the customer journey.
Transforming Consumer Electronics Through Data
The benefits of implementing a considered data strategy can have a transformational impact across an organisation.
After all, enabling seamless, omnichannel, personalised customer experiences with data leads to better growth, retention and revenue – indeed, a study by the Aberdeen Group revealed that Consumer Electronics companies with strong omnichannel strategies experienced an average 9.5% YOY increase in annual revenue, and an 89% customer retention rate versus companies with poor omnichannel engagement.
Taking an Acxiom example, Acxiom helped electronics giant Epson to increase the lifetime value of customers, increase revenue per email and prevent ineffective spend by developing a unified view of the customer.
Consolidating data from 15 sources into one data warehouse enabled Epson to recognise customers globally, create clean customer records and run analytics to target more intelligently. Epson now has actionable data, enabling consistent customer communication.
Facing fast-changing technologies, rapid shifts in consumer expectation and increasing growth – with UK households alone anticipated to spend £10.8bn on smart devices in 2019 according to PwC – there’s no better time to prioritise and focus your Consumer Electronics data strategy than now.