The second biggest File Power story of 2020 has to do with marketing channels.
Here's what I commonly observe (again, how I calculate "File Power" will be explained later ... focus on the concepts today).
- Traditional Call-Center Customers have 100% "File Power".
- Traditional In-Store Shoppers have 100% File Power.
- Desktop/Laptop E-Commerce Customers have 85% File Power.
- Mobile fused with Social Customers have 70% File Power.
The ramifications of this finding (your mileage will vary) are driving modern commerce challenges.
You read about mobile having low conversion rates. That's a surface issue ... what I'm talking about is deeper than that. When you convert a customer from e-commerce to mobile, you increase the File Power of the customer with the purchase but you decrease the File Power by causing the customer to switch channels. In the short-term, you get a purchase. In the long-term, you weaken your business.
This is particularly harmful in retail, where you convert the in-store customer to e-commerce, you split future purchases across both channels, and you reduce File Power going forward. This is a huge reason why thousands of stores are closing and brands are going bankrupt. We (Marketers / Management) caused this to happen. We did it to ourselves. We didn't measure File Power, we didn't synthesize what it truly meant, and now we're paying the price for decisions we made years ago.
The themes above come up over and over and over again ... the second biggest File Power story of 2020.
You're measuring File Power, right?