The New Consumer Contract, with Erich Joachimsthaler of VIVALDI

Today’s guest is Erich Joachimsthaler, VIVALDI CEO and author of The Interaction Field (among others). Since his time at university, Erich has spent his career chasing the intangible value of a brand, far beyond sentimentality and logo recognition. In his latest book, Erich lays out the true intangible value brands can leverage — new digital business models that go beyond delivering great products and services. He shared why brands must enter into a new “Customer Contract” with consumers, one in which they work to solve problems faced by society, not the market.

> See all episodes
Light at the End of the Tunnel: How Dark Stores and Micro-Fulfillment Centers are Revolutionizing the Retail Supply Chain

As the well-worn proverb says, “necessity is the mother of invention,” the pandemic hit retail spaces particularly hard, pushing consumers to use ecommerce more as social and safety protocols increased. While there may be more stores open now, shoppers have found that the convenience and speed when ordering items online is invaluable even long after the protocols have gone.

To take advantage of this, retailers have turned parts or all of their spaces into “dark stores,” which act much the same way a warehouse or fulfillment center would. The opportunity then arises for retailers to not only leverage a wealth of direct consumer data from these types of transactions, but also provide greater personalization and localization services. This itself sets off a bevy of offers and angles from which to engage their customers.

> See all issues
Pulse Issue 7

Honey, I Shrunk the Data

July 2019

Big Data revolutionized marketing with the sheer volume of consumer insights that could be gleaned from massive data sets. For years this has aided marketers in their targeting and campaign design. While big data works fantastically on large consumer groups and demographics, it lacks the ability to understand and then target the individual with personalized information more reflective of the actual buyer. Enter small data, which takes the giant store of data collected and makes it easier to analyze, act upon, and uncover consumer trends. The resources here discuss how to successfully use small data, both on its own and in concert with big data.
As we reach the point where most forward-looking businesses have “digitally transformed” and successfully used the vast amount of data to their advantage, the foundation is shaking. Interestingly enough, the main factors driving this change are the consumers providing much of the data, and the technology that has made use of it. This examines each of these elements, and the path forward for businesses to use data in the best way possible.
Marketers strive to design customer experiences that leave lasting impressions, drive conversions, and keep customers coming back for more. But do they rely too heavily on big data instead of honing in on the specific actions that drive customer engagements? A Forrester survey found that nearly a third of digital marketers rely completely on big data.
Big Data is created in untold ways – transactions, clicks, IoT devices, etc. Small Data is gathered through primary research. This paper from Vision Critical unpacks what each of these buzzwords means and outlines why it’s important to use both to really understand your customer.
Big Data is created in untold ways – transactions, clicks, IoT devices, etc. Small Data is gathered through primary research. This paper from Vision Critical unpacks what each of these buzzwords means and outlines why it’s important to use both to really understand your customer.
In the drive to harness data to scale and enhance customer relationships, companies are beginning to question whether the customer has been lost along the way. Instead of truly listening to the voice of the customer, respondents say they often face data paralysis and resort to making decisions based on assumptions. While there isn’t an easy solution, some believe it begins with making big data smaller.
This explores the potentials of small data, which holds a fortune that marketers may have overlooked. It looks at the things companies are not able to find to truly know what their consumers want or the little things they do — their culture, religious affiliations — on a small scale.
Are you an ANA member with a research request? Contact Ask the Expert to submit your question.

About ANA Marketing Futures

Knowing that marketers are increasingly challenged in their efforts to keep up with the latest trends and technologies, the Association of National Advertisers (ANA) tasked itself with creating a program designed to help marketers anticipate—and prepare for—the future of marketing.

 

ANA Marketing Futures is what emerged. With a focus on innovative topics and emerging trends, ANA Marketing Futures provides resources that will influence and inform via member cases, research studies, and insight from industry innovators. Check back often to learn about emerging trends and become inspired to take steps toward the growth of your business.

 

Copyright © 2021 Association of National Advertisers-established in 1910

Contact

10 Grand Central

155 E 44th Street

New York, NY 10017

Phone: 212.697.5950

Email: marketingfutures@ana.net

 

marketingfutures.ana.net