Economists are warning local business owners about tough times ahead. This usually leads to cuts in marketing and advertising, but ANDRE HUGO, CEO of M4JAM says that companies need to use data more effectively to target their customers.
At the moment, it is difficult to do business in South Africa. Following the Rand’s crash and predictions of a recession, economists warn business owners to brace themselves for tough times.
As businesses work hard to keep their doors open in these conditions, costs will be cut – and the first casualties are usually research and marketing. However, now more than ever these businesses need to understand and target their customers effectively so that they stand out from the rest.
Using data to improve business strategies
That’s where data comes in. It’s become an essential ingredient in business success whether you’re a Fortune 100 company or a nimble startup. In fact, 81% of marketers consider data to be a vital part of their marketing efforts, according to a global survey by the Global Alliance of Data-driven Marketing Associations (GDMA). The reason is that effective use of data is the key to improving and refining business strategies that result in campaign success and a higher ROI.
The real value of real-time data
The good news is that getting hold of this data doesn’t need to break the bank. Integrated advertising agency, Ogilvy & Mather, has harnessed real-time insights to inform some of its campaigns and pitches by making use of M4JAM’s JAMFACTORY. The JAMFACTORY allows businesses to create, manage and run their own research campaigns and source quality data and insights in real time, for a fraction of the cost of traditional research.
According to Managing Director of Ogilvy & Mather Cape Town, Luca Gallarelli, “Research is an invaluable tool for substantive marketing, but it has been a cumbersome and expensive business with long timelines and usually one shot only. With JAMFACTORY we can gain particular kinds of market intelligence off very short leads and get the results pretty much instantly, and do it so economically that we can go round again if we need further refinement in the data.”
The case for holding on to the marketing budget
This is a great example of a business that is exploring new, cost-effective strategies to drive business value and show its clients exactly why they should continue to include marketing in their budgets when the going gets tough. Adopting a data-driven marketing approach has allowed them to take functions of marketing that have previously not been quantifiable and develop a factual base on which marketing decisions can be made. They are using insights from customers and prospects to deliver targeted messages and content that will more effectively deliver greater results.
At the end of the day, these results translate into more money for the business. Effectively using data to gain customer insights means money well spent on better targeted campaigns. In fact, McKinsey has reported that organisations that place data at the centre of their marketing decisions see a 15-20% increase on marketing return on investment on average.
Data-driven business here to stay
Talking about data might be nothing new. However, as businesses brace themselves for the year ahead, it’s never been more important to find cost-effective ways to get hold of that data and turn it into an asset by making use of the real-time insights it offers and taking the right action as a result thereof.
There is no alternative for proper, detailed research – now more than ever, data trumps opinion.
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.