Now’s tech-savvy consumers need smarter programs that notify them with helpful information, join them to tailored experiences or offers (or coworkers ) and finally inspire them by using information to drive behavior – such as the best fitness trackers. This implies that for marketers, good campaign design progressively starts with the data, and in the near future will be on the interaction”device” rather than the station or place.
It also means that despite all of the hype around social media and new and mobile technologies for ad and message targeting, the story wants to start with the customer. Only by thinking of the journey, and what information can be obtained to inform, connect and motivate them along how is it possible for entrepreneurs to comprehend the needs of customers in the new electronic world. The end goal? Better awareness of market dynamics and customer tastes so contemporary marketers can deliver purposeful, personalised insights on the program or device of their choice, and completely engage buyers at every stage of the travel with the brand.
Better still, the great news is that entrepreneurs aren’t starting from scratch. Marketers already have a lot of information background, tools and approaches to build on, and research by McKinsey reveals that firms which place data at the center of their advertising or sales decisions enhance marketing ROI by 15-20 per cent. The challenge lies in being able to bring the power of data to life, and turn data into actionable insight that regular campaign supervisors and end-consumers may use with no degree in data science.
Visual analytics for entrepreneurs
Today’s marketers are facing the challenge of increasing volumes and varieties of customer info. The recent growth of disruptive technologies – such as new cellular devices and the Internet of Things — has increased the amount of customer touchpoints and contributed entrepreneurs access to alternative collections of small and quick information they need to extract value from. And these choices are just going to increase as prices of wearable devices are expected to surge this year (up 173 percent !) According to market watcher IDC. To exploit the potential of these new sources and devices, marketers will need to rely on new techniques, like data visualisation and innovative analytics, to place data into context.
With the explosion of new types of data available today, marketers who don’t possess the resources to easily collect,”blend” and research it is going to be at a disadvantage. One of the critical ways for entrepreneurs to make sense of all this is acquiring a”360 degree” view in some visual form, which permits them to mine and gain insight into the data, draw conclusions and build”smart” segments, profiles and behavioural models. Yet nearly all marketers today do not have a data scientist history, so the capability to easily understand and socialise market data is crucial if businesses want to capitalise on the creativity of the marketing function, without needing an understanding of complex mathematical or statistical algorithms.
Predicting what’s to come
Once entrepreneurs have access to each of their client data in 1 place, then it’s possible to focus on the future and begin to predict what’s very likely to occur. Indeed, the most fascinating element of marketing that is emerged together with the proliferation of big and small information is the concept of getting really”data-driven.” As a result of new tools that are more powerful yet easier to use, predictive analytics is moving from the labs of information scientists and into the company function. At the hands of those users, predictive analytics is helping answer questions and predict consumer behaviour to enable far more concentrated and”agile” advertising. By way of example, while traditional BI can tell you how many telco customers have churned in a year, tools like a huge data analytics appliance can help you identify which customers are likely to innovate, and what provide may stop them from leaving.
With new predictive analytics solutions giving rise to another group of data-driven marketers that have more market and business knowledge than deep analytics know-how, the ability to predict results and operationalise large data insights on daily basis is now able to be an integral marketing advantage for businesses. In fact, the most recent all-in-one tools enable marketers to bring together large scale transactional, societal, web and third party data into one spot, and analyse it to understand relationships, tastes and future behavior. Armed with this information, marketers can keep up with their clients’ increasingly demanding expectations while still delivering new business insights that drive better strategic choices.
When coupled with data visualisation methods that provide insights into the masses (like clients ), we could start to see an end-to-end analytics process emerge. First we use information to better understand our market and our customers to identify buyers and perfect offers. Then we participate these buyers with data-driven visual information like alerts or infographics. How they interact with these assets — say through their mobile device — creates new information points we can monitor, which permit us to refine our models, and deploy the next, more concentrated campaign assets, etc. This iterative process is essential to not just gaining crucial competitive insights, but also fast adjusting to the whims of the increasingly distracted consumers.
