Big Data Has Big Impact, Proves Crucial to Marketing Success
Big Data is everywhere right now, so much so that it’s the talk of the town in the Big Apple. Microsoft opened a new lab in New York City, dedicated exclusively to parsing the copious amounts of information we gather these days to apply it to sociological, technological, and economic advancement.
Additionally, I recently wrote about how big data helps digital marketers better target products and services to existing and potential customers. Another case in point, our client Hello Music just increased sales by up to 50 percent by making one small tweak to a popular offering that wasn’t previously selling. The company knew to make the change because of the data analytics it obtained from us on customer purchase patterns.
But is all of this data really necessary, something more than a fad, for societal and business advancement? And should marketers care? In a word, yes. A recent study completed by the Corporate Executive Board found successful marketers rely on customer data, while those who are less successful make decisions based more on intuition. The best know how to use the enormous amounts of information at their fingertips to become more customer-centric, tailoring offerings to meet customer needs and personalizing marketing materials to cater to customer preferences.
The bottom line is that using data to make informed decisions about customer relationship management puts businesses at distinct advantages in their sectors. Without the data, they face the risk of falling behind.
Are you addressing the elephant in the room that is big data? And, do you have any mind blowing data insights or uses of data that improved customer interaction?
We’d love to hear your stories.