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OMR Masterclass video: https://www.youtube.com/watch?v=GwdQ9z4pOoQ
The platform economy has massively shaken up marketing. For decades, the unattractive procedural costs behind switching between brands have kept customers loyal: the costs of researching, evaluating, searching for and implementing a product from a new brand has kept customers coming back to an old one that they know that they can trust. The platform economy has taken a hammer to procedural switching costs: products and brands can be researched at the click of a button, customer reviews minimize economic risk, instant information has replaced needing to speak to an employee. The problems pile up as customers’ loyalty diminishes. Brands are left having to put a lot more focus on their active brand-customer relationship, but that’s a lot easier in theory than it is in practice.
Marketers need to think outside the box and create opportunities to connect with customers at times and places that haven’t been traditionally utilized. Dr. Markus Wuebben shows in his OMR Masterclass, I Got 99 Problems but my CDP Ain’t One, that when trying to connect with customers in new, innovative ways, the data requirements come thick and fast. We’re left feeling that we have 99 problems.
Wuebben explains in his OMR Masterclass talk that CDP technology cuts through our problems and gives marketers unparalleled opportunities for connection and relationship maintenance. The CRM and marketing landscape has changed rapidly: It’s fortunate that, thanks to CDPs, the ability for marketers to rapidly adapt and change along with it has arrived with perfect timing – just like a perfectly timed CDP-enabled notification.