Marketers often get a bad reputation for using pithy language that is full of too many buzzwords. Beyond the talk of synergy, disruption, and capturing the low hanging fruit, there are several key terms that cause confusion among executives and business professionals. By defining these terms through the lens of a marketer, we can also address how these terms can help businesses grow through their application
Let’s take a look at a few terms that are often misused in the industry and what the proper definition should be and how the term can be applied to a business.
Over the past few years, the phrase big data has risen to prominence and has taken front stage as the next great buzzword. Similar to cloud computing in the sense that many use the phrase as a catchall, however big data in its native form is defined as a vast amount of structured and unstructured data that is so large it is difficult to process using traditional database and software techniques.
When put into practice (again, like cloud computing), big data has been proven to show business growth opportunities. Big data enables organizations to create a 360-degree view of their customers. By connecting third party data sources with transactional data, businesses are able to understand how customers are behaving and engaging with their business across multiple marketing touch points. This insight allows brands to be able to tailor their engagement strategy to meet the preferences of their customers. In short, big data = big opportunity.
Lifecycle marketing is another term that sometimes creates confusion among both marketers and business professionals. Why? Because the term lifecycle can be used to describe the stage the customers are at along the buyer’s journey and it can also refer to marketing campaigns that are designed to engage with customers at various points along he buyer’s journey. Since these terms are essentially siblings, it is quite easy to use them interchangeably. However, it should be noted that lifecycle marketing refers specifically to the marketing and sales campaigns that address your customer's needs and requirements as they evolve over time.
In practice, lifecycle marketing campaigns help businesses segment their customers by lifecycle stage (again – note the overlap) – e.g. retention, repurchase, and reactivation to provide these customers with content that is relevant and timely to them. By leveraging on customers’ big data, brands are able to effectively communicate and engage with customers and prospects. This in turn helps to drive transactions.
Total Customer Monetization:
At Customer Portfolios, our special is called Total Customer Monetization. Total Customer Monetization pulls on the concepts defined above to create a segment-based, end-to-end, lifecycle marketing approach.
Total Customer Monetization has been proven to generate incremental revenue and grow customer value naturally. The idea is to identify and motivate the ideal (think revenue!) engagement behavior at each point along the customer lifecycle. This means that we’re deriving the greatest possible value from your customers at every step of the way, while ensuring that your relationship is a long, happy, and prosperous one.
In summary, marketing does not to be defined by buzzwords. Rather, its language can be defined by action-oriented terms that help create tangible business value.