The next step after determining who to contact is how to contact them. This leads us to C2C’s next key use case – channel analytics.
Multichannel marketing refers to the practice of interacting with customers using a combination of indirect and direct communication channels – websites, retail stores, mail order catalogs, direct mail, email, mobile, etc. Multichannel marketing is important for the simple reason that we must be where our customers are and determine how to best engage with them. While providing customers with multiple mediums and channels to interact with the business has a tremendous advantage, most businesses face certain problems:
- The Business may prefer a specific channel: There may be one medium that is preferred, but with multi-channel marketing, we lose the control of funneling users to one specific medium.
- More Moving Parts to Manage: With so many channels and so little time, it can feel overwhelming trying to harness the multitude of mediums.
- Increased Time & Expense: Since there’s so much more to manage with multi-channel marketing, businesses may likely have to devote more time.
C2C implements 4 key measures to overcome these challenges:
- De-Silo the Channels: Coordinate cross-promotional efforts with integrated marketing in which different mediums complement each other.
- Set Control Groups: Test the effectiveness of your multichannel marketing efforts by setting control groups that do not receive the multichannel promotion. This will help you better measure your campaigns’ effectiveness.
- Create Multiple Touch Points: Touch points can include social media, surveys, email newsletters, mail-in items, etc.
- Know Your Audience: What channels will work best for your business? Where does your key audience spend most of their time? This information should greatly influence your multichannel marketing approach.
As part of the C2C Channel Analytics Suite, we have implemented three types of solutions:
- Channel analytics based on actual preference
- Channel analytics based on surveys
- Channel analytics based on similarity
Channel analytics based on actual preference
In this option C2C incorporates customer channel preferences through which they would want to be contacted. These channels typically include phone call, text message, email, direct mail etc. Essentially this is a rule based model to define a set of channels of each customer.
Channel analytics based on surveys
Another solution offered by C2C analytics is marketing based on survey responses. In this approach, we typically design and conduct a market research survey in which a uniform mix of candidates is chosen to take the survey.
The advantage with this method is that we can control the representation of certain sections of the population by oversampling or under sampling techniques.
However, this approach heavily relies on assumptions around the absence of any kind of bias in the survey questions and sample. Also, since this data is self-reported, there might not be a concrete method to verify the actual truth.
Channel analytics based on similarity
This is the flagship solution offered by C2C. In this method, we identify similar customers and determine the most appropriate channel based on this similarity. We use multiple techniques like Euclidean distance, cosine and jaccard similarity coefficient to measure the similarity between customers. Then we build a collaborative filtering based recommendation engine to essentially recommend the best channels for marketing. This helps offer personalized experience to the customers.