A great product or service needs a voice. The voice of marketing. During the erstwhile years, marketing was all about giving out ads in the newspaper, hoarding, flyers, etc. (these methods still exist, though) but technology has changed the face of marketing altogether. It’s completely digital.
The objective of marketing, however, is, has, and will always be about finding the right customers on the right platform. In this digital age, a cohesive platform of the right customers is built by Identity Resolution.
What is Identity Resolution?
Put simply, Identity Resolution is a process of recognizing relevant customers through typical ‘identifiers.’ The identifiers are different devices, platforms, and channels that customers choose to engage with the brand.
Identity resolution helps in building a database of customers and this database could be the most powerful possession for the marketing professionals of your organization.
Marketing activities can now be directed to the right audience, at the right time, on the right channels. You will reach out to customers the way they prefer the most; this essentially is important for profitability.
Let’s now address the importance of Identity Resolution
Benefits of Identity Resolution
#1 Better Marketing Process
Seth Godin rightly says, “Marketing is contest for people’s attention”. Marketers generally spend enormous time, effort, and money in identifying the relevant channels and touch points, just to ensure their campaigns reach out to the right audience only. The marketing process becomes streamlined and efficient with Identity resolution. The marketers will get a 360-degree view of the customer and only the relevant customers will receive campaigns, promotions, and offers of the brand.
#2 Makes you a better competitor
A brand that reaches out only the right audience (most importantly, does not bombard any and every customer with their campaign) is highly regarded. There are 2, co-dependent aspects, to being in a competitive advantage. Identity Resolution presents you with the information of the relevant customers only and when you have relevant customers (you know how exactly they engage with your brand), you will always send the right information to the right customers; this ultimately makes you a better competitor.
#3 Enhances customer experience
Identity Resolution takes customer experience to a whole another level. When you know who your customers are, you will be able to personalize or customize your messages, campaigns, and offers that best suit your target customer. For instance, Mr. X generally engages with your brand via SMS and likes short but crisp messages. To him, a well-designed, wonderful e-mail that entails a great offer may not hold any importance. But now that you know his engagement pattern, the same offer sent in merely one sentence via SMS will get you more traction. This process enhances customer experience and helps you build brand loyalty.
#4 Better Cost management
Every organization allocates marketing costs. When the management believes a campaign or strategy is great to attract customers, they are willing to spend funds. Most often, even after incurring a fortune, the campaign would have failed. Why so? The campaign was great. There was no rationing on fund. In fact, you spent more than you should. Well, you spent on the wrong audience. Put simply, spending $500 on relevant customers will be more profitable compared to spending $2000 on masses who may not even respond. So, recognizing the right customers will help you optimize marketing costs and spend only on what is needed.
#5 Implementation of security best practices
Ideally, the execution of Identity Resolution also requires conforming to security best practices and regulatory compliance. Of course, the objective behind opting for Identity Resolution is to ensure marketing strategies are executed and rightly so whilst being in the security best practices boundaries. Security practices such as encrypting data, storing data, monitoring access to information, complying with regulations like GDPR, CCPA, and other such security protocols. So, customers are not only impressed with your marketing methods but also feel secure about their data and information.
Finally, marketing today is not about what you want to pitch in to your customers. It is about what your customers want to know about your brand, offers, products, and services.
It’s about time organizations embraced Identity Resolution as an integral part of marketing activity.
Reach out the right customers, always.