Knowing your customer
Since the beginning of commerce and marketing, businesses have strived to understand their customers. We have tried to know who our customer is. Tried to know what makes them tick. Tried to understand why they are our customer and how we can match our business models, products, and offerings to what motivates our customers and to the potential of them buying our goods or services.
Until recently, our knowledge and understanding of our customers was historic, general in nature. We would try to learn what age a person is. What gender they are. We have tried to understand their previous purchases and hope that this will be sufficient to predict in the future when will be a good time to market our products to our customers and through this, drive sales and success.
However, we have reached a time where a historical understanding of our customers, is no longer sufficient. It’s easy to understand why. If I purchased a TV a few years ago, does this give us any information about when I may want to buy another one? If I have gone to a Mexican restaurant in the last week, does this mean I want to go again tomorrow? Historic data can only paint a rough outline of who I am and what I’m interested in. but to see the texture and details of this painting, we need to understand customer behavior and psychology in real time, as the painting keeps changing and is never truly complete.
Real-time and personalized
Over that past decade, marketers have been given a wealth of tools that let them understand customer behavior in unprecedented detail. We now have access to data from social media – what am I truly interested in? We have access to payment data – what do I like buying? But no other technology has advanced our capability to understand real-time user behavior like the mobile phone. Why? Simple. It never leaves our side. I don’t always use social media on my home computer. I don’t continuously purchase things (and even if I do, we would only know once the purchase is complete, making it too late to influence my decision). But with the mobile phone in my pocket, it is possible to understand my real-time behavior.
When we talk about real-time customer behavior – there is really one thing that marketers are trying to understand – Intent to buy. What is the likelihood that at this very moment, I’m considering buying a product or service? If so which one? Is it one provided by our business or is it a competitor? How can I influence that intent to buy and drive the purchasing decision to one that meets our company goals?
A majority of purchasing is still conducted in brick and mortar stores and while e-commerce is growing, we will never get to a point where all commerce is e-commerce. Any successful business needs to be able to combine real-world purchases and e-commerce, driving a focus towards what is known as ‘Click and Mortar’. In order to master this new aspect of customer experience and commerce, we need to understand the real-time, individual, behavior of each customer in the real world.
From all of the possible technologies used to understand real-world intent to buy, accurate location technologies are one of the best possible proxies for understanding the individual, real-time customer behavior and using that knowledge to guide the intent of each customer to buy our products and services.
The ultimate evolution of ways of influencing customer intent to buy in our favor is known as Geoconquesting. For many years the dream of every marketing department has been not only to understand the customer, not only to own the moment of a customer’s purchase but also to own the entire customer journey, including when that journey takes our customers to our competitors.
To date, location technologies have either been too imprecise to give us a detailed and accurate understanding of if our customers have indeed reached out competitor’s front doorstep, or there has been a need to deploy hardware, such as Bluetooth beacons, at our competitor’s location – which is impossible.
As with all aspects of business, the unstoppable march of technology changes what we consider possible very rapidly, disrupting existing business practices and providing an opportunity to those first embracing new capabilities. Bluedot’s patented location technology is 20x more accurate than other geofencing technologies, such as those coming from Google or Apple. It lets our customers set virtual tripwires – Geolines™ – anywhere in the world. When customers reach these locations, it is possible to engage with them in a personal, targeted and real-time way, delivering the best possible offer to change their journey. Most importantly, as there is no need for any hardware, Geolines™ can be placed anywhere – including the front doorstep of your competitors!
Bluedot turns the whole world into your place of business and turns every step of the customer’s journey into a chance to understand their real-time behavior and engage with them in the most accurate way to drive their purchasing behavior in your favor. With Bluedot Places, scaling up locations is a breeze. Simply submit a text-based request asking us to set up locations at the front doorstep of every one of your competitor’s locations, anywhere in the world and we will find these locations for you and turn them into moments of truth for your business as well as moments of value for your customers.
Imagine having your customers receive an offer for the sale of the same goods your competitor offers, but at a 20% discount if they buy it from you instead. Imagine your customers getting a free meal if they come to you and not spend money with your competitors. How happy would your customers be if they received a $20 voucher valid for 20 min if they turn right around, walk out and come to your store instead?
With Bluedot’s technology, you can now own the entire customer journey, wherever it may lead your customer. You can now, not only drive your own revenue up but drive your competitor’s revenue down at the same time.
The future of your business is the same as the future of your customer’s experience and behavior. Be the first to grasp the new possibilities of marketing and engagement, as if you do not, you risk your front doorstep becoming your competitor’s place of business!
To see what Bluedot’s technology can do for your business and your customers, reach out to us at firstname.lastname@example.org.