Famed writer and technologist Daniel Keys Moran once said, “You can have data without information, but you cannot have information without data.”
This statement is becoming increasingly accurate as we begin to experience the aftermath of the big data boom. While data has proven to be the key ingredient in cooking up the level of relevance demanded by today’s connected consumers, many brands are coming up empty handed despite their mad dash to land grab as much data as possible.
That’s because there is a huge difference between having data and using data, and haphazardly stashing exabytes of data across business silos is hardly the way to go.
Let’s take a look at 3 data-driven marketing opportunities your business is missing out on, and the steps you can take to start capturing and applying your “big data” in meaningful and effective ways.
There is no better channel to influence real-time buying decisions than mobile, and Mcommerce is growing at a promising clip. Mobile usage accounted for 21% of all Internet usage in 2013 (Google), and 32% of all online purchases are now made via mobile devices (BusinessInsider).
While mobile presents an unmatched opportunity to instantly reach consumers at prime points of influence, nothing is more annoying and intrusive than real-time spam. For example, receiving a text message for a 25% discount at a store 3 hours away from you is irritating and irrelevant. But a 15% discount text for an item you recently shared on Facebook at a store 10 minutes from your current location? That’s just plain awesome.
Take This Opportunity: Leave browser-based tracking cookies in the dust, and instead offer users the option to login to and register for your site or app using their existing social media accounts. This gives consumers a convenient way to verify their identities, even via smaller mobile screens.
Not only does social login give your business permission-based access to users’ social profile data, including their locations and favorite retailers, but it also makes it possible to tie all cross-channel activity to a single user profile.
Three out of four consumers say they prefer giving their business to brands that deliver a more relevant, personalized environment (Digital Trends). And while greeting customers by name and saving their items in their shopping carts is a start, it’s becoming par for the course.
One brand that does a great job of creating an innovative, personalized user experience is Netflix. When a user logs in using his Facebook account, he grants Netflix permission to access his friend list. Netflix is then able to show him a list of his Facebook connections’ favorite shows and movies, as well give him the option to view individual friends’ recently watched items. Netflix also makes personal recommendations based on his own unique viewing history, ratings and preferences.
Take This Opportunity: Establishing consumer identity is only the first step to creating consumer relevance – burying identity data in multiple silos across your business seriously stunts its effectiveness and usability. 65% of companies agree that data silos prevent them from having a holistic view of campaigns across channels (TeraData), making consistent and cohesive personalization nearly impossible.
Make sure all consumer identity data is being collected and managed inside a single repository of truth. To determine whether a database solution is right for your organization, ask the following questions:
Does the database have the ability to reconcile both structured (email, location) and semi-structured (interests, relationships) data?
Can it reflect real-time changes in consumer profiles and behavioral patterns?
Is it able to bi-directionally synch with your existing third-party marketing platforms?
Does it automatically maintain compliance with data privacy policies and security standards?
With personalization now at the forefront of the user experience, audience segmentation is ranked as the third most effective method for improving conversion rates (Monetate). But segmentation today is a lot different from the hypothetical, demographic-based audience personas of the past.
Segmentation in the big data era means bucketing your audience according to clearly defined and identified characteristics, interests and behaviors, including relationship status, favorite brands, shopping habits and much more. The ability to dynamically segment consumers based on this level of insight allows marketers to automate marketing campaigns while reaching consumers with personalized messaging at scale.
Take This Opportunity: Once your business has a single, organized view of consumer identity, it’s time to make this data accessible for key marketing decision makers. Offer marketers an actionable view of end-user data housed within your consumer identity database via a user-friendly, web-based dashboard.
Giving marketers the power to easily run queries based on any number of user attributes allows them to strategically build custom audience segments. Make sure that this data dashboard also has the ability to export these segments directly into your existing third-party marketing platforms to personalize messaging across campaigns.
Being “data-driven” is no longer an option for modern marketers. It’s time to stop missing out and put the strategies and tools in place to start taking full advantage of big data opportunities. For more information about how to responsibly and strategically collect and apply consumer data, download our free guide, Making Sense of Consumer Data.
By Tobias Meyer-Grunow