Transforming Data into Actionable Insight

0 18

Digital marketing is an amalgamation of science and art constructed within a creative process. Fast adaptation to new technologies and platforms by Digital marketers has emerged, offering a range of opportunities. Data is undeniably one of the most dynamic raw materials in today’s information world, instrumental in making marketing more real and effective. Technological progresses have urged marketers’ unparalleled access to volumes of customer data. But, the power doesn’t lie in the data alone – the power lies in the utilization of that data by brands/companies.

90 per cent of digital data beamed now is generated in the past two years, especially as mobile devices have started becoming omnipresent and consumption of social media and multimedia on digital devices is increasing on a daily basis. In the overflowing reservoir of customer information, the issue most often is a lack of actionable insight that can be garnered from this data that already exists. How should marketers gather and analyze data to target right customers? What are the end benefits derived from data- driven marketing?

social-media1 billion plus smart phones in the world, 3G /4G / Wi-Fi adoption are increasingly growing. The importance of data analysis has never been so crucial before in the rise of Big Data. However, with tons of data available from multiple channels, deriving what’s relevant and what’s not and then fitting it together in a way beneficial for the brand & business is the main concern.

While most companies understand the value of gathering data, they now also understand that that leveraging this knowledge to create intelligent, fact-based marketing strategies is packed with challenges.

Data provides avaluable peek into customer behavior journey in the digital world enabling marketing strategies to be real-time and customized. It helps you answers the simple and integral questions like: what, when, where, and how? Also, its key in predictive analysis and probability i.e. based on customer’s current need and behavior marketer can derive what they might be looking for in future, etc. and thus identify business and marketing trends.

This Data can also be useful in personalization of messages and relevance. This can help brands boost their bond with customer, and potential customers. Again, data helps understand and have customer-oriented mindset when taking key marketing decisions like:
– What messages will resonate best with these audiences?
– What offers will be most compelling?
– Through which channels should the messages be delivered?

On an average a user is bombarded with thousands of messages on a daily basis. In an extremely cluttered digital space, customer attention is difficult to achieve. Thus, marketing success depends on delivering relevant, well-timed and tailored marketing messages.
Here are some platforms from where marketers obtain various types of customer information:
– First-hand information from websites, Social media, Mails
– Shopping preferences from searches, e-commerce, retail sites
– Communication preferences from email and social media
– Purchasing behavior from point-of-sale

Classification of customer into small sub-segments based on a combination of multiple digital activities they engage in, provides higher level of confidence in demographics, behavior and intent analysis of customers.

Using techniques of contextual analysis and collaborative filtering, it is possible to multiple data points from multiple digital platforms that consumers use into different but unique segment level profiles. Intelligent use of Big data allows for customer classification based on demographic, behavior and intent.
The customer profiles can be further broken down into sub-segments using Data and applied science technologies. Visualization of multiple data points into easily recognizable visual features also help marketers infer information faster and drives intelligent decision making.

Traditional marketing methodologies generally use the same mechanism to acquire consumer as for providing them with value added information. Better profiling through use of multiple digital platforms is ineffective if multiple means of customer reach are not used. These tools could be display ads, visual ads, emailers, in-app ads, IVR/ Voice, etc. However, maintaining quality of content as compared to quantity is more important. Intelligent use of creativity, technology and marketing is the key for better customer acquisition and retention.

While on one hand customer data can be your greatest asset, it can also be your greatest challenge on the other. Many marketers fail to maximize the use of their customer data and as a result, miss out on customer retention and acquisition opportunities. This happens a lot due to lack of budget, lack of cooperation from other inter-related departments, limited expertise, limited infrastructure, etc.

The digital marketing industry is at a cusp of paradigm shift. The old rules of digital marketing are giving way to the new set of more data driven, real time marketing decisions. At the center of this transition is an ever evolving, time starved and multifaceted consumer. More and more consumers are in an ‘always on’ mode on various digital devices like mobile, PCs and tablets at homes, on transit and at offices. They scourge the internet for the best deals, buys and review multiple products on e-commerce sites daily. They discover content through various sources like search, social recommendations and content curated sites.

In this fast paced environment where millions and billions of digital engagement is taking place across thousands of touchpoints, the challenge to catch the right audience at the right place with the right marketing communication is paramount. Audience marketing and its various tools leveraging Big Data technologies to better understand and predict and connect the 5Ms – Millions of People with Millions of Devices, doing multiple activities, at multiple times, using multiple ways or methods is the Key for a brands marketing campaign success.

About the author / 

Leave a reply

You must be logged in to post a comment.

Brand News