Cognitive Marketing – What Does This Mean To Your Business?
With all the developments that have been taking place in the marketing space in the past decade, the conventional ‘in-your-face’ marketing no longer works.
A smart marketing professional understands the link between a consumer’s material desires and his response patterns. This process of discovering the link between our desires and the need to nurture them involves cognition – the hidden variable behind any great marketing campaign.
If you’ve attended IBM Amplify 2016, you would realize the need for a cognitive approach in marketing. IBM has always been on the forefront about its investment in cognitive technologies to empower brands around the world to develop systems that are more cognitive.
So how is this relevant to your business?
Cognitive marketing delivers real-time personalization and ‘intelligent sequencing’ for your systems to learn and make highly relevant offers to your customer based on their interests and behavior. These systems learn, understand and reason as the users interact.
In other words, cognitive marketing helps you to make better decisions by identifying opportunities to create highly personal experiences to your customer.
But you might ask, why should I invest in a ‘futuristic’ technology when I don’t see any immediate need for it?
Well, you couldn’t be more wrong. In fact, it’s already happening.
Ask yourself: When was the last time you made a significant purchase without looking up on the internet?
Search engines and e-commerce platforms are gateways which exert significant influence on our buying decisions. Cognitive science is at play – everywhere!
Another reason is – customer loyalty.
For any business, customer loyalty is only second in importance to customer acquisition. Once you acquire a customer, it is the marketer’s duty to retain the customer – and in the best case, create a loyal brand advocate in him.
In this age of cut-throat competition, you cannot gain customer loyalty without providing real value to your customer.
The good old solution to this marketing panacea rests with 3 key factors:
- Knowing the right customer
- Data Analytics
- Creating compelling experiences.
As the world is increasingly going online, people are exploring options that gives them the best experiences from the comfort of their homes.
And when it comes to technology, it’s no secret that millennials are the early adopters of next-gen technologies. According to a research published by Amazon, more than 3 in 4 millennials have entered the prime of their purchasing power. Therefore, it is essential for you as a business owner, to channel your attention towards this demographic.
Data analytics is another important factor that forms the backbone of every marketing strategy. Every campaign should be executed backed by solid numbers. An active feedback loop should continuously optimize your campaign results.
Last, but not the least, you should strive to create the best user experience for your customers.
Picture this: You always stock Coca Cola at home. Your smart refrigerator knows this – and reorders the same from the cheapest online vendor. In this case, how will this tech-savvy person discover new brands and new things? How does Pepsi stand a chance at earning his business?
It’s simple – better brand experiences!
It doesn’t matter how sci-fi our world gets – digital and physical experiences will reign above everything.
You might ask, how does fit in the scheme of cognitive marketing?
The cognitive era will enable machines to use deep learning and natural language processing to determine the customer’s purchase intent – and deliver the goods and services without any glitch.
This essentially creates a highly intelligent and personalized user experience and establishes an emotional connection with a customer – and goes a long way in creating advocates for your brand.
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