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.
There is always an opportunity to know your customers better, and strategize to reach those customers through the right channel, at the right time, with the right offer. By discovering actionable insights about your customers, you can achieve higher engagement with your brand’s most profitable and loyal customers. Take the steps outlined in Cogensia’s latest infographic to create a 360° view of your customers.
When purchasing a list, it is wise to not automatically focus on price. The best list will consume less than 30% of your marketing costs, and can improve response dramatically. This isn’t to say that price is a barometer of the quality of a list, but that the “cheapest” list is probably not the best list for marketing efficiently.
There is an endless supply of consumer data that can be used to target lists including demographics, lifestyles, and census data. This data can be used to define a “target audience” that is most likely to be more responsive to a promotion. This includes “affluent households,” “households with pets,” “young adults in high income neighborhoods that rent,” and more; the combinations are endless! If a marketer can define their audience in demographic terms, this will improve response.
Loyalty programs have traditionally been popular in American households. Consumers like to feel as if their business is valued by a particular brand, which is a likely driver behind the widespread acceptance of rewards programs in the consumer landscape. Domestic shoppers now hold 3.3 billion memberships in customer loyalty programs, which is a 26 percent increase since 2013, the latest COLLOQUY Loyalty Census showed.
The biannual report found American households have memberships in 29 loyalty programs spread across retail, travel, financial services and a variety of other verticals. While data showed shoppers are currently active – either earning or redeeming at least once a year – in just 12 of these programs, that figure represented a 33 percent jump from 2013. With an increasing number of companies across various industries implementing loyalty programs, it’s evident businesses need to do likewise in order to keep up. As competition increases, companies must leverage back-end data analytics to better understand and communicate with customers in regards to loyalty programs.
Raise your hand if you have read an article or googled “big data” lately. Put your hand down…that was rhetorical. If we took that poll a bit more formally, we would find that most marketers (in addition to technologists and forward-thinking executives) have been doing their research. So what if “big data” is not the latest buzzword. Replace “big data” with beacons, AR, or in-memory and the issue remains the same.
Technology has become the solution…and we seem to be seeking a problem for our solution. Fascinated with the proliferation of communication channels and customer touch-points, marketers tend to embrace new technology without a need, and search for a way to use it.Read More