Sochi 2014 and the future of marketing
Coverage of the Olympic games in Sochi gives us beautiful insight into the future of marketing. This is the first time we’ve seen wholesale use of drones, sequential photography, and the use of virtual leader linesto show how competitors stack up in every race that has a finish line. We can see winning strategy in full detail and dissect where things went wrong within moments of their occurrence. We’re seeing video Big Data that describes what’s happening in real time that, in effect, segments performances.
Segmentation at an even higher level
Segmentation in the past has been a matter of studying transactional behaviors. More advanced systems today are able to see patterns in non-transactional customer behavior and the most advanced are capturing and using what’s happening right now to create ever more accurate segmentation. Now, before most of the world has caught up with real-time customer context, along comes a new way to understand and interact—video data.
The physical patterns that shoppers create as they move through the buying experience are incredibly valuable. Seeing the Winter Olympics coverage, it is an easy leap to the world of brick-and-mortar retail where knowing who lingers, who moves quickly and purposefully, and who sits down to study products has meaning for the marketer. It tells a story of consumer behavior, how choices are made, and, most importantly, what influences buying decisions.
Making patterns personal
For those marketers clever enough to blend loyalty programs with video data, the shopping experience can be captured in a way that maps back to the patterns of their loyal customers. A world of real-time video data can be used to analyze and then influence buying decisions of the most loyal shoppers and greatest brand advocates. Imagine prompting brand advocates to test out a new product likely to fit their lifestyle, shopping profile, and personal preferences, but doing so when the product is within reach. Video data offers a very rich new source of personalization that allows each customer’s “technique” to be understood and seamlessly brought into the marketing equation.
There’s a disclaimer, however, for getting to this level of sophistication. Marketers that struggle to gather the right data to accurately segment today will struggle with this inevitable version of tomorrow. Those who have just plastic and points (read: transactional) loyalty programs will be several steps behind. For those keeping pace with the new technology of marketing, however, this is within reach and a reward for keeping up with change. Where are you on the path to taking advantage of the new wave marketing technology?
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