Post by account_disabled on Dec 2, 2023 5:16:21 GMT
We continue to see changes to consumer behavior driven by the pandemic. For example, aggregate data compiled by Jornaya revealed a significant year-over-year change in online shopping trends related to home insurance. After comparing the first two weeks of home insurance shopping activity in May 2020 to the first two weeks of May 2019, Jornaya measured a 200% increase in the number of online shoppers and a 191% increase in their shopping activity. This could coincide with the mortgage industry’s historically low-rate environment, which also drove an increase in online mortgage shopping.
To extend the example, for home insurance businesses, the question becomes which of these new consumers are shopping for policies with the intent to buy and which are keeping themselves busy while they’re Country Email List stuck at home or simply digital window shopping because they heard a news report that rates are low?
Combining first and third-party behavioral data enables marketers to identify trends that differentiate levels of intent, segment their audience, and deliver messages that align with a customer’s mindset, and perhaps most importantly, prioritize efforts not on demographic assumptions but on actionable individual data. For the past decade or more, many leading marketing teams have invested heavily in marketing to personas—segmenting campaigns and messaging based upon groups of similar customers or prospects. However, this is still marketing to averages not individuals.
The next logical step in marketing evolution is marketing to the person based upon their exhibited behavior not upon the expected average behavior of the group or persona the marketing team or data scientists have lumped them in with. Behavioral data offers an unmatched level of insight that—and here’s the important part—used effectively and with consumer privacy safeguards, offers a huge value add to marketers and consumers by enhancing the shopping experience. It’s crucial that we remember that protecting consumer privacy is as important as collecting their data. Break their trust and customers will take their business elsewhere.
To extend the example, for home insurance businesses, the question becomes which of these new consumers are shopping for policies with the intent to buy and which are keeping themselves busy while they’re Country Email List stuck at home or simply digital window shopping because they heard a news report that rates are low?
Combining first and third-party behavioral data enables marketers to identify trends that differentiate levels of intent, segment their audience, and deliver messages that align with a customer’s mindset, and perhaps most importantly, prioritize efforts not on demographic assumptions but on actionable individual data. For the past decade or more, many leading marketing teams have invested heavily in marketing to personas—segmenting campaigns and messaging based upon groups of similar customers or prospects. However, this is still marketing to averages not individuals.
The next logical step in marketing evolution is marketing to the person based upon their exhibited behavior not upon the expected average behavior of the group or persona the marketing team or data scientists have lumped them in with. Behavioral data offers an unmatched level of insight that—and here’s the important part—used effectively and with consumer privacy safeguards, offers a huge value add to marketers and consumers by enhancing the shopping experience. It’s crucial that we remember that protecting consumer privacy is as important as collecting their data. Break their trust and customers will take their business elsewhere.