Since a decade, the data-driven global market is facing a tedious challenge of monitoring the emerging data from various sectors. Did you know? According to Forbes research, consumers are generating nearly 2.5 quintillion bytes of data. It’s quite a challenging task to handle the huge amount of marketing data in this competitive business world. Fortunately, our innovators and business makeovers have come up with new technologies and business models to ease your work. Wherein Data recency is one of their boon that helps us to understand customer behavior patterns and so on. In this article let’s gain insights over the significance of Data recency and its beneficial applications.
What is Data Recency?
Data recency is one of the important indicators of the RFM model. Let me simplify it further, today most of the database marketing industry’s experts rely on a classic direct marketing response model called RFM. The RFM model is composed of three indicators namely recency, frequency and monetary. Each indicator depicts the online behavior pattern of the existing as well as the potential customer. But let’s focus on the significance of the recency in data usage.
Thankfully, the new technologies like analytic tools are assisting us to track our customer’s online behavior. Like their interval of recent visits, counts they visited and many more. However, these tools help us to assign recency score based on their recent visit else the interval of a recent purchase made. For instance, check with google analytics tool. Here the tool assigns ‘0 days’ for the new users who visit for the first time and even if they visit again on the same day. By including only the segment of multi-session visitors, the executives can filter out new users. Whereas in the case of Adobe analytics tool, new users or the first time visitors are filtered out. Here is a google analytics report that depicts the customer visits for a month.
The information gathered from google analytics report help us to design profitable content and digital marketing strategies. Let me explain further every company promote their products and services on a regular basis. They may do it on a daily basis, weekly basis or monthly basis depending on the visitors for the promotions. Just imagine! You are promoting your content on a daily basis, and the new users visit only once a week then it’s a loss of your marketing efforts. Remember! Your marketing efforts will be beneficial only if there is a rise in the customers visits rate for every promotion of the content. It helps business executives to segment the customers based on the recency score and design a profitable marketing strategy. Hence, it’s wise to refer data recency score generated by analytics tools before launching retarget marketing campaigns and other promotions.
Applications of Data Recency:
Retargeted marketing campaigns –
In the case of retargeted marketing campaigns, data recency of potential customers plays a crucial role. Here, knowing the recency of potential customers helps marketers to identify the position of customers in their purchase journey. Perhaps it helps in achieving the best marketing strategies with more number of clicks, shares, and sales. Business marketers can follow the below-mentioned steps to design a remarketed marketing campaign based on customer recency:
- Select a demand-side platform that includes recency data
- Set up retargeted tags to collect visitors data and segment it into the demand side platforms
- Create a recency schedule by plugging recency data into the retargeted campaigns
- Execute the marketing campaign for a certain duration and mend it to maximize the marketing results
Often B2B marketers make an effort to analyze their existing customer to cross-sell their products or services for larger audiences. Here customer recency offers vital information that helps them to analyze their customer interests. By identifying their journey length, marketers can design effective marketing strategies for beneficial business results. However, in future upcoming technologies will help marketers to predict the future of sales.
Today customer behavior changes very often with trending technologies hence it’s very important to keep track of their interests. It’s better to segment the customers based on their interests by identifying with the help of customer recency. Because by targeting on a smaller segment of customers will lower your campaign budget. Perhaps it provides more opportunity to experiment with new strategies.
Enhance customer engagement
Recency data helps B2B marketers in depicting customer behavior and segment them based on their recency score. Depending on the recency score marketers can identify customer needs and nurture them on a regular basis. It helps you to keep your customer involved in learning about your company products and services. Thereby, improving customer experience to build customer trust for better business relationships.
Media and content
In this competitive media world, most of the media companies are focusing on few marketing metrics like data frequency, recency and so on. According to few resources, online news channels monitor the updates based on the recency of data. Some of the firms reveal that only 15% of customers re-visit on a daily basis.
The final words!
Every business needs crucial information about their customers, to achieve an edge in this competitive global market. Hence, it’s very important to gain knowledge on upcoming marketing technologies and metrics that retrieve vital information of the customer. Don’t wait till you lose your investments! Get the insights over customer behavior through the recency of data for better marketing ROI. Know more about the marketing metrics by referring to our resources at https://blog.datacaptive.com.