Forget big data for a minute. Pause on sending daily emails to your entire customer file, where everyone gets the same thing. Halt from launching a loyalty program that is not connected to your email club or your CRM efforts. Stop your app development that does not capture customer information.
Perhaps it’s not necessary. Maybe we don’t need to do better than this. Does sending me emails for women’s jeans 70% of the time lead me to be less interested in the email for men’s jeans when it appears? Have I been trained to put up with it? How about offers for products you know I have already have purchased?
I believe in something smarter, and I have for years. It’s this: when you take the time to integrate data from all channels (marketing channels, purchase channels), you are able to build strategies and tactics that provide market-beating financial returns for your organization. Over and over again. Knowing how browsing behavior impacts in-store. Seeing that email opens by category can lead to specific product recommendations that are of interest to the customer.
Every new technology comes with the promise of new capabilities, some of which are immediately apparent, and some that afford possibilities not immediately recognized, but that develop later. For those of us in the customer marketing and analysis side of the world, new technologies breed new types of data for analysis, and new applications of the data itself.
Go ahead and get comfortable on that couch. Close your eyes. Breathe deep and exhale. Repeat four times. Now imagine your company uses data and analytics to make decisions. Yes, that feeling of confidence, empowerment, and “Don’t mess with me, I have data backing this up!” is kind of like nirvana.
What would it be like to spend a day in the life of a true analytics-driven company?
You own your customers. Customers are one of your brand’s core assets; they are not something any company should put in the hands of a 3rd party. You may not own all the technology, channels, or touchpoints your customers use to engage with your brand, but when push comes to shove, that customer is yours, not the property of your supplier.
Because the customer is yours, it logically follows that each and every interaction should also belong to you, regardless of how the customer engages.
Big Data is here to stay and it is only going to get bigger.
More and more data is being captured, stored, and interpreted to make business decisions. Your ability to grow with the challenges and opportunities that Big Data brings can be the difference between success and failure. Transforming data into strategy and actionable insights is a requirement in today’s business world.