Mobile users broken down into four segments
Understanding buyer behaviour is always key to helping you decide how to add value to your buyer’s journey. What can your organisation offer a prospect or customer above and beyond what your competitors are offering? For most companies, mobile devices i.e. smartphones have changed the way customers engage with your business. McKinsey, through their “iConsumer: Digital Consumers Altering the Value Chain” report has uncovered four distinct segments of “smart phone” users.
In Exhibit 2 below McKinsey research identified what they call 1. Traditional, 2. Practicals, 3. Entertainers and 4. Omnivores smart phone users. The 80/20 rule still generally applies. In the iConsumer report, McKinsey share how working with a digital publishing client they were able to use this segmented data to introduce a tiered-access subscription model.
“With one digital publishing client, for example, we found that very occasional visitors made up about 80% of audience by numbers, but less than 10% of the total page views for advertisers. Understanding the detailed behavior of the remaining 20% of high-intensity users, for example, their use of competitive services, and their loyalty to our client’s services – enabled the company to successfully introduce a tiered-access subscription model, while maintaining the overall size and breadth of the advertising audience.”*
Is it possible to see into the future & quickly?
The other interesting point I extracted from this report was the speed at which changes in buyer behaviour take place. In Exhibit 4 above you can see the impact of digital technology on both the print and music industries. As McKinsey point out, hindsight is easy and looking at these two graphs most of us would say “yeah, I knew that”. However, did you know that in 1999?
What’s happening in your industry that may replicate the graph in exhibit 4?
The print and music industries (more so print) were quick to get online, quick to give their content away for free seeing it as a way to sell more advertising space. However today, many of the big newspapers are looking to charge for access to their online newspapers – however that’s a whole other discussion.
A Tip for Oracle Marketing Cloud Clients
Part of the key to uncovering the insight McKinsey & Co. speak of is achieved through segmentation of your contact data. Through various reports and CRM integration, Eloqua users are able to uncover the insight needed to deliver value to prospects and customers.
Make time to analyse your campaign performance and look for ways to gather insight from your CRM. The team at Marketing Cube can support you through this process.