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marketing and big data
The surge of big data
Almost every retailer, especially those involved in digital, (which is becoming almost every retailer) has some or even gigantic amounts of Big Data at their fingertips. This could be social media data, transaction history, browsing patterns or loyalty club data, however a vast majority of these same retailers are not making use of the data treasure trove that is sitting idle and untapped directly in front of them.
Why are these companies failing to comprehend the value of data and harness it's power?
The wrong people are being hired
If you have hired marketers that respond to data-driven opportunities with “It’s not suited to our target audience” and “It’s not effective for smaller retailers”, you may need to re-consider your hiring strategy.
Marketers who are slow to adapt to trends are the sure anchors who will keep your company from moving in the right direction. Great marketers need three very important skills to thrive in their role which is intelligence, intuition and innovation; meaning they must embrace change with open arms. knowing that what has worked well in the past isn’t a sure cert for the future.
the importance of data management
Retailers are struggling to capitalise on data today because marketers don’t know what data they’re looking for or what to do with it.
According to the findings of a New York American Marketing Association study, one of the biggest obstacles preventing marketers from using data was employees lacking the right skills or training.
This means knowing how to integrate data across multiple commercial channels or touch points, gain insights at vast speed and knowing how and what customer data to capture, analyse and utilise.
If a CMO is weak in data management and fine-comb analytics, they must act as a project manager and recruit a suitable professional whose skills do meet this criterion. In employing a versatile skill set, the analytical insights succeed in anticipating a customer’s buying preferences and habits, allowing marketers to think like a customer and optimize marketing activities to drive sales.
Understanding the value of data
To sell anything well, you need to pinpoint exactly what type of customer is most likely to buy the new product. You should be spending your time, money and effort into advertising to customers who have a high probability of buying your product.
Harnessing and understanding the value of Big Data makes all this possible. Marketers can contact customers on how they wish to be reached and engage them with personalised real-time offers. Plus, with real-time feedback and performance analytics, a marketing department can make vital changes or shut down a campaign completely, saving the company a lot of money.
How to take advantage of Big data
The vast majority of data-driven marketing departments use automated marketing platforms to capture, store and utilise customer data. This is often achieved through a POS and website integration such as HubSpot whereby databases are built, and valuable customer and transaction data is sent directly to the platform.
Marketers can then utilise this data and segment their database into different customer groups or set up automated campaigns with various trigger points; for example, time that has elapsed since their last transaction or automatic payment reminders. Automated campaigns set up to target customers based on factors such as demographics, buying preferences, location, occupation and personal interests are also massively successful.
Many of these platforms have their own analytics reports allowing marketers to keep tabs on conversion rates, monitor what performance milestones are being missed, see where exactly a campaign is losing its effectiveness and what audience groups are and aren’t responding.
Phonovation is a data-driven company
Phonovation has recently Integrated a CRM platform as we understand and value the power of utisling Big Data in everything we do in order to improve our services and user experiences. Contact us through sales@phonovation.com or call us on +353 (1) 284 30 11 to find out more and speak to a member of our staff.
