Big data can have an enormous impact on how marketing departments function today by allowing marketers to gain granular information about customers, but only if the data is selected, collated and used intelligently. By obtaining relevant data in line with the company's strategic goals, analysing it efficiently and acting rapidly, you can get invaluable results.
Customer is King
True marketing is placing the customer at the heart of a company's strategy. Data is key to understanding customers’ desires as well as their behaviours. Marketing has moved beyond tracking a redeemed coupon or response to direct mail. Today’s data allows organisations to understand a client’s preferences, geographic location, spend patterns and more. Marketers can now directly spot, assist with and, in some cases, resolve pain points for customers as they experience them. For example, Red Roof Inn used an algorithm which tapped into bad weather and flight cancellation data to develop targeted adverts for abandoned travellers needing hotel rooms. Smart use of big data resulted in a massive ten per cent sales increase.
These results speak for themselves. Big data allows marketers to gain visibility of massive opportunities and is therefore, too important to ignore.
Facts Not Guesstimates
Instead of generating broad marketing material or product offerings appealing to what customers might want, marketers can now make fact-based decisions on how to create bespoke, highly targeted campaigns and products/services.
The volume of data available can be incredibly exciting and interesting, but also overwhelming. A clear strategy and the right technology to collect, analyse and make use of the data is crucial. This is why close collaboration between the CMO and CIO is more important than ever. If you don’t have the internal expertise, companies should consider working with external experts to ensure the technology used to manage big data is effective.
How to Go About It?
There is no one size fits all method when it comes to how best to use big data. For example, a different approach is needed for a retail business on the high street compared with an e-tailer. Success hinges upon the data being aligned with strategic direction of the company, the correct technology and tools being utilised and the business being agile enough to adapt quickly to the findings from the data. In today's fast paced, digital environment, adapting and reacting quickly when opportunities arise is crucial. Businesses unable to embrace the opportunities big data presents will risk being left behind.
5 Way to Embrace Big Data:
- Create a clear, customer focused corporate strategy
- Research the areas where big data is needed to help achieve corporate objectives
- Prioritise which data you will work on first (it will be in line with corporate goals and could provide good ROI)
- Work closely with IT to understand how technology can help obtain the data needed, analyse it, and help the organisation adapt in response to the findings.
- Where internal teams don’t have the expertise, source external partners to advise on how software/technology can support data collection, analysis and with responding quickly to findings.
If you would like help creating Software to support your business strategy Black Pepper Software would love to meet with you.