All the rage right now is talk of omnichannel. It's a concept that promises to bring retail marketers closer to their customers by meeting heightened expectations of shopping immediacy, convenience and ubiquity. It also recognizes an inevitable reality: Consumers increasingly demand a retail experience that transcends barriers between channels or devices.
The hallmark of omnichannel marketing is successfully engaging in a relevant, personalized dialogue with a customer across every touch point. For marketers, that means identifying when an online shopper goes in-store, or vice versa. It means targeting that shopper with a pertinent message or offer, and knowing when the shopper has made a purchase and completed the sales cycle. And it means jumping on opportunities to cross-sell or upsell, as well as knowing exactly when the shopper has returned to your website or store.
In short, the omnichannel experience means connecting with a customer in a way that's meaningful and makes the brand appeal to the customer. But doing that is neither easy nor direct. One of the main challenges to omnichannel marketing is a lack of accuracy in mobile targeting and measurement. According to a study that Neustar conducted with the Mobile Marketing Association in 2013, 38 percent of marketers are holding back their spending on mobile because they are unable to accurately target audiences, while 34 percent are concerned with their ability to get access to the right data.
In another study by Forrester Consulting, only 13 percent of marketers had confidence in their ability to measure cross-channel and cross-device campaigns, but 93 percent of them would increase their spend on such campaigns with the measurement problem solved.
Data quality is more important than you think
So what makes this kind of measurement so difficult? The simple answer is data quality. While customer data that's clean, accurate, detailed and up-to-date is important for any marketer, it becomes absolutely crucial in the context of omnichannel. Impeding the quality of that data is the fact that your customers and prospects are real people who change all the time. In fact, based on Neustar's internal data, every year:
• 75M consumer change their phone carriers
• 45M consumers change some part of their contact information
• 16M consumers relocate
• 2.1M people legally change their names
Additionally, in the last 15 years the amount of publicly available data to verify your customer and prospect information has declined from 78 percent to 30 percent. And finally, the number of channels and devices consumers are using continues to grow exponentially, increasing the complexity of the touch points marketers have to deal with throughout the customer journey.
But how do you surmount these barriers to data quality? How do you boost the accuracy of your measurement and target with precision? The answer lies with having a single view of your customers. And that requires access to an "authoritative identity" engine like the one developed by Neustar that gives marketers a comprehensive portrait of those customers. Only then is it possible to find and target real audiences at scale and personalize content and offers in a way that resonates.
What makes an identity engine like Neustar's truly authoritative is its ability to link verified offline data—including wireless data—to a foundation based on hundreds of millions of adults and households. This data should be further augmented and linked with thousands of offline and online predictive attributes from third-party data sources across various industries.
Most importantly, such an identity engine should continuously corroborate its data with billions of anonymized daily transactions. This ensures that its methodology keeps up with rapidly changing consumers and provides the freshest audience data. Only then can you have the level of data quality required for targeting and measurement.
At the end of the day, you want to increase your long-term customer value by gaining a greater share of wallet while also improving the customer experience. The key to that experience is enabling a personalized dialogue across multiple channels and devices—a conversation that starts with high quality data. Only an authoritative identity engine offers that level of data quality, giving you a comprehensive portrait of your customers to consistently target them with precision and accuracy. With that, you'll eliminate a significant roadblock and come closer to realizing the potential, meeting the demands and fulfilling the promise of omnichannel marketing.
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