Last week I ended my post with a revamped headline that All Marketing needs to be Relationship Marketing. Marketing can no longer simply be about selling to a customer and hoping for repeat business. It’s about building and maintaining a relationship with customers and to do that, you need data. And it needs to be good.
Yesterday, at Venture Spur Pitch Day the audience heard that a common problem retailers and restaurants are facing is competing for our consumers’ attentions. I listened to several great presentations from BrandFitters, JoopLoop, JoinMe@ and HostSpot which all endeavor to help businesses and brands connect in very meaningful ways with customers. These entrepreneurs understand that it’s not enough anymore to simply know that a 24-year old female from Dallas, TX purchased from you 3 times last year.
Brandfitters has created a geo-target based platform that encourages in-store, peer-to-peer engagement. It allows customers to have two-way communication with the brands that matter to them in a real-time setting. Because this social interaction (and it inevitable data) is valuable to the brand, the customer can then receive a coupon for their next purchase or some other item of value. This is basic advertising except now, we’re paying the consumer to do the advertising. Brilliant. And Meaningful.
JoopLoop is helping small businesses measure the ROI of their social media efforts. According to the presentation yesterday, marketers will spend $4.8 billion on social media this year alone and $8.22 billion in 2015 and not have a way to measure the ROI. JoopLoop’s patent-pending software solves this by assigning a value to customers based on their individual influence. This is meaningful data to a marketing exec who is trying to defend her social media request.
JoinMe@ has a similar premise as Brandfitters. The idea being that as a consumer, I can influence my peers. Using this app I can share exclusive deals to my network and then I get even better deals. It will launch soon with LeeHarveys, for all the Dallas locals.
Hostspot offers for brick-and-mortar restaurants and retailers the opportunity learn and measure the needs and behaviors of their customers similar to that of online stores. Their software uses location sensors, smart phone wi-fi tracking, and social media data to provide quality data about what is happening in their stores. The clients can learn the most common traffic patterns as well as offer wifi greeting to repeat customers.
Relationships matter. Making them meaningful matters more. Several years ago there was a thought that we’d soon buy everything online. That the traditional brick-and-mortar store couldn’t compete with the discounts offered by online giants. And, as those giants began leading the way developing a relationship with customers, the doom indeed did seem certain. However, these 4 particular technologies are giving the power back to the small business on the corner by helping them use data to create relationships with customers.