Businesses today have enormous amount of customer data from various sources. The challenge now is to turn the data into actionable insights that can add value to the enterprise. Data becomes meaningless if it does not help organizations make vital decisions. The rise of structured and unstructured data, (known as Big Data) has eventually made capturing, storing and accessing information, strenuous. Understanding Big Data (which is a unique combination of variety, volume and velocity) is not an easy task and driving optimal actions out of it is even harder. So, rather than focusing on collecting more data, organizations should focus on capturing the right data and then analyzing it in a way that empowers them to foresee and act.
In today’s consumer driven environment, marketing decisions can no longer be based on gut feelings or on past models. To make intelligent marketing strategies, we need to look at the insights on the data and act accordingly.
So, how should organizations turn customer data into insight?
Data generated at any point of time helps marketers understand their customers better. Data provides invaluable customer behavior information, enabling marketing strategies to be fact-based and not a guessing game. Knowing what, where and how much a customer has bought provides companies with information needed to target customers, based on their actual purchase pattern. Data also helps marketers predict and plan future actions based on past consumer behavior.
Brands can also use this data to create and deliver high relevance messages to boost companies’ relationship with customers and prospects. Enterprises have a wealth of real-time customer information data from websites, sales calls, emails, mobiles, social media etc that marketers can use.
Many technologies emerging today provide ample support for storage, processing and visualization of Big Data. All we need is a multitude of users with enough training to take advantage of this.
Next step: Turning insights into competitive advantage
Marketers who analyze customer data for vital insights on customer-centric strategies gain competitive advantage. Brands can now effectively reach out to the right audience with the right message and at the right time. Brands are able to reach effectively as a result of proper insights generated from this data. When right reach is ensured, it is a sure shot way to have strong customer relations and build new customers.
DATA is a company’s greatest asset, but what actually helps them grow, is how they make use of this data.
Collecting customer data is vital to understand customer preferences, purchase habits and also to measure the effectiveness of marketing and sales strategy. The key behind creating, building and maintaining strong customer relations lies in how much the company knows about its customers and how they use this information to execute relevant and productive customer interactions.
It is now very clear that it is not sufficient to concentrate on one part of the process, but to give equal (if not greater) importance to data analysis. This would help gather insights on the actions to boost the company/brand’s performance. With Big Data by their side, they will be able to stand out, make good returns in the market and also have strong customer base.