Dynamic pricing has become popular with businesses in the digitized world of today. It’s especially true for business that use the internet to advertise and sell their products or services to internet users. For that reason, dynamic pricing is particularly applicable with eCommerce…
Astute website owners are using buyer personas for some time now to help them understand their target customer segments better. Indeed, buyer personas are the cornerstone of the inbound marketing methodology, says Stormie Andrews in Forbes.
Shuchi Sankhyayan in GoodmenProject concurs: “Marketing can’t be based on guesswork. You need to define your buyer personas to better understand who your ideal customers are, what they value, what their pain points are and what it takes to motivate them.”
This blog post will touch on the following points:
- What are buyer personas?
- How do buyer personas work?
- How do you develop buyer personas?
- Big data to construct buyer personas.
By channeling the buyer’s voice — clearly, accurately and persuasively — the buyer persona gives marketing the confidence to say, “This is what really matters to our buyers. So here’s the plan.”
Digital transformation is for most small businesses the only way to survive the digital disruptions of the 4th Industrial Revolution. The digital disruptions are fueled by technology innovations that resulted in the “3rd Platform” which is built on a foundation of cloud, mobile, social, and Big Data technologies 1.
Many businesses reacted badly when the digital disruptions started to impact on their decision-making processes, operations, product roll-outs, and promotions. More importantly, they’d started to have problems engaging with their customers 1. Indeed, some big brand businesses that failed to embrace the 4th Industrial Revolution, has closed down.
It seems to almost happen overnight, the Fourth Industrial Revolution. “Something’s coming. It’s picking up speed and will overtake most of us in the coming years. Industries will be disrupted, lifestyles will be altered, economics will be shattered as this revolution takes hold”, according to a press release by the Digital Journal.
“Marketing automation is growing – sizzling fast, announced Michael Jans recently in his blog AgencyRevolution.com. In fact, there are eleven times more B-B companies using marketing automation than were in 2011 (VBInsight). Most visible marketing automation for retail customers are chatbots.
Advancements in artificial intelligence (AI), coupled with the proliferation of messaging apps, are fuelling the development of chatbots. Artificially intelligent chatbots or conversational agents can be used to automate the interaction between a company and customer.
One of the most important goals for retailers is to maintain long-term and profitable relationships with their customers. The construct Customer Relationship Management (CRM) started when retailers moved the orientation of their business from their companies to their customers. However, the advent of the internet, Web 2.0, and online social networks have disrupted the traditional way that retailers communicated with their customers. Hence, Social Customer Relationship Management (SCRM) came to the fore because of the emergence of a “social customer”.
“The most successful retail companies are utilizing data science and predictive analytics (PA) to improve efficiency, improve marketing campaigns, and gain significant customer insight for a competitive advantage” says Christine Kern, contributing for Innovative Retail Technology. But what about the “not so successful” retailers? How can they share in the advantages that Big Data and PA offer? Retailers can – by using predictive analytics.
Do Big Data for small retailers offer an opportunity to compete with the big retailers or is it too much trouble? One of the fall outs of the digitization of business is the massive amount of data that are everywhere.