Knowing your customers better than they know themselves and being able to calculate their next moves is key to standing out in the post-digital era.
Two of the trends outlined in the 2019 Accenture Technology Vision are linked to targeting consumers with individualized and real-time marketing. These trends are "Get To Know Me" and "MyMarkets."
Accenture and Google Cloud—through their partnership in the Accenture Google Business Group (AGBG)—recognize that the post-digital era will be one where each consumer, employee and business partner will have their own reality, and every moment will represent an opportunity for companies to play a role in shaping it. Organizations will need to deliver not just personalized, but individualized, experiences to meet digitally mature expectations.
Unlock unique consumers and opportunities
"Get to Know Me" is about unlocking unique consumers and the unique marketing opportunities they present. Technology-driven interactions are creating an expanding technology-based identity for every consumer. The companies that successfully grasp digital identities will achieve an evolving individualized view of each customer. It’s this level of insight that’s needed to deliver rich, continuous personalization.
Google Cloud Platform (GCP) provides a vast array of products and services that allow clients to bring data together in one place so it can be used more effectively. Accenture uses GCP to clean and aggregate first- and third-party data to connect individual users and their experiences to the bigger picture.
Accenture’s Cloud for Marketing recognizes that the customer journey is non-linear and does not follow a predictable path—consumers access multiple sources of information across multiple platforms and devices to determine their best options. The result: Much, if not all, of the research is done before the purchase process begins. If you map the customer journey, you can serve them better. This is not just about personalization; it is about targeting the consumer better across multiple channels.
Covea, a UK insurance company, needed to reposition for growth in the post-digital age. Covea turned to Accenture for a full digital transformation. Together they co-created a customer engagement platform with a focus on retention through actionable insights. The Cloud for Marketing solution drove an initial income uplift of £8M annualized, customer retention rate improvement of four percent and average income per case increase of £10.
Accenture also successfully implemented the Google Cloud for Marketing solution for Abilways Group, helping its 11 brands move from a product-centric to a customer-centric marketing strategy. We built 360° views of sales and marketing activities and leveraged GCP by building a centralized data warehouse, enabling in-depth analysis, scoring, segmentation and activation in their marketing automation and digital marketing tools.
Accenture Smart Interactions (ASI) is a customer data architecture that aims to help brands become more relevant in the market and regain control over their marketing spend. ASI aggregates client’s 1st party data with their media and marketing data to deliver better segment and audience insights, resulting in an increased understanding of customer journeys and preferences; audience and contextual content management to improve spend efficiency; and accelerated, data-informed decision-making that improves campaign return on investment.
Intelligent Revenue Growth (IRG) provides proactive options to clients. A leading social media company was trying to grow their advertising base. Accenture looked at their data and targeted the matches between their users and their advertisers’ clients. Through this engine, Accenture provides the social media company with daily call lists of companies whose clients use their social media platform. These improvements have resulted in $25-30M in incremental annualized ad revenue, an 8-10x efficiency gain from predictive modeling, a 40-50 percent improvement in lead conversion cycle time, a 50 percent improvement in revenue coverage from direct sales teams and an 8-10x program return on investment.
All of these innovations are resulting in improved experiences for clients and consumers. However, trust is eroding as customers are asking if companies are overreaching. It is true that consumers want and like the more tailored experiences, but at the same time they are worried about their data being abused or stolen. According to Accenture’s 2018 U.K. Financial Services Report, 40 percent of surveyed customers would support banks analyzing their spending patterns using AI to serve them more personally. Companies must understand the delicate mix of customer personalization and privacy—a nonstop balancing act—if they wish to grow these personalized relationships.
We believe AI must be embedded into the core of business to unlock trapped value and create new value. Accenture has created a new AI/ML center at their San Francisco Innovation Hub designed to help clients explore the trust questions:
- How is AI/ML used?
- How do businesses avoid the trust trap?
- How do businesses utilizing AI/ML deal with regulations?
AGBG can help you tune in to MyMarkets
MyMarkets is about meeting consumers’ needs at the speed of now. As consumers’ lives become more and more personalized through technology, companies are taking their first steps in a new world—one that tailors itself to fit every moment and finds and captures each opportunity as if it is an individual market—a momentary market. Companies that weave a tech strategy to meet growing customer expectations will find themselves far ahead of the competition. They will remain continuously relevant in the face of the constantly changing customer, partner or employee needs. It’s what will differentiate them in the post-digital era.
Participating in momentary markets is a necessity. Miss a moment, and there is no second chance. Serving momentary markets requires a new level of agility. Google has embedded capabilities in GCP that enable an organization to more quickly respond to change by removing the silos that result in fragmented data and providing real-time data, a better universal ID match rate and higher data relevancy. Google and Accenture can help you collect and correlate the high-quality, real-time data described above to take advantage of it all and serve the market of one—making new, transformational services possible with less media waste.
Consider a person who is researching for an upcoming vacation. Their data-stream will be filled with information about where they are going, what they will need for the trip, places to stay, things to do, etc. Your business can target this consumer with relevant products and services to enhance their travel experience. Once their trip has come and gone, any ad dollars aimed at selling those same products and services to this particular client are lost marketing dollars—media waste.
The hyper-relevancy required to serve momentary markets calls for a deep understanding of the market, which is very industry specific. GCP, along with the deep industry experience of Accenture, create the perfect combination to assist clients in defining and serving those momentary markets in real-time.
Get to know more about the Accenture Google Cloud Business Group and the five trends outlined in the 2019 Accenture Technology Vision.
To view other Tech Vision 2019 trends with Google Cloud:
Learn how we are using DARQ power to lead the way here.
Learn how we are using AI to help our clients grow their businesses here.