Hot tip: key driver is a collaboration between martech and adtech
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Do you know which 5 best and worst customers shape your business? Can you identify them and pull out the most profitable from the stack? There is no need to cater to anyone and everyone. Cherry-pick the best and focus on serving them. If your business caters to diverse industry verticals, compile a current list of 5 best and worst people/companies. It can be based on the volume of business, regular interaction, and revenue generation. This is all that matters in a professional relationship.
There are several holistic strategies that can be adopted to trigger profitability within a close-knit group. Once you are aligned with them, you will be able to handle lean periods and also have a buffer for recession. We also focus on one important area- a collaboration between Martech and Adtech departments. This synergy is valuable in developing profitable solutions.
Before tapping a holistic strategy, it is important to address 3 issues:
- Dealing with a ‘specific situation’ for a customer.
- Determining the goal and time frame to execute the buying process.
- Are your current capabilities more sophisticated than the customers you serve?
A research or clinical study will prepare you to interview customers and take action. With these insights, segregate customers into two lists of best and worst.
Customer journey analysis
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Over a period of time, choose a few secret strategies that bend the rules for the best customers. As they bring in the revenues, pamper them to keep them from moving on to rivals.
Focus on:
- Making an informative strategy of the ‘Customer Journey’ with data analytics.
- Strength of the customer until it covers the entire lifecycle.
- Identifying gaps between communications and important touch points.
- Mapping KPIs that create ‘best customers’ to churn out profitability.
- Understanding disruptive trends and using actionable results.
- Working on challenges to improve acquisition rates.
- Knowing competitive intelligence.
- Making AdTech an integral part of the journey with Martech.
Blurred lines between AdTech and MarTech
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Delineating AdTech and MarTech is a challenge today as it functions on several parameters. But the customer’s journey and analysis are definitely dependent on the wheels of AdTech and MarTech. Digitally the common denominator is a technology that is fuelling multiple disruptive trends.
- AdTech focuses largely on campaigns, rolling out data, and impressions of unique users.
- MarTech is designed on managing campaigns, personalization, and user feedback.
Both portmanteaus use online platforms to leverage the best customers and effectively measure KPIs for customer profitability. The right combination of data and technology is critical in identifying the best customers for long-term business.
Pick the real customer
If someone is still doing business with you then it is beyond the social nuances and local demographics. As long as you efficiently deliver, it does not matter whether you are new in the market or established. One or two high-profile clients are ideal and the others fall short of perfection. Perhaps, you have aimed too high and turned away from reality. You will have to patch up such sweat spots using AdTech and MarTech collaborative tools.
Integrating the two portmanteaus
Devise and design new formulas to bridge the gaps between AdTech and MarTech. On one hand, they can continue to work in silos and yet collaborate to keep the best customers. Aligning both teams help to successfully identify, map, and handle the customer journey. As we spot the cracks, we learn which gaps to fill up by unifying technology and gut feel.
Keep trailing us on the next informative post that defines exclusive access to the best customer secret sauces. It is ready and you will get to read it soon.