data management marketing

 

Digital transformation in modern business is becoming crucial as days go by. The changing landscape uses unparalleled amounts of data each day, which is collected and processed to enhance data-driven decisions, market predictions, and so on for business advantages. There are several ways a business can use its resources and adopt sustainable practices that can use up the stored data and revive daily operations. Most of the gathered or used-up data is never used or discarded eventually after a designated timeframe.

 

Businesses can gather and use the data for their own benefit and growth. This can be done by utilizing the latest technologies and shaping them to their own advantage. It is imperative to manage the stored data effectively so that the efficiency can be increased and more solutions can be found for production. Data is a crucial aspect of businesses trying to adopt sustainable practices and increase profit at the same time.

 

Insurance and banking companies generate huge amounts of data every day, which is collected for further usage. With the latest technologies and Cloud services, this data can be managed effectively to reduce the daily workload. They can also use master data management in the banking and insurance sectors to keep up with the increasing volume.

 

Understanding sustainable business practices


When it comes to sustainable practices, there is a lot of innovation and changed marketing dynamics. The principles are altered as per technological changes to manage capital, finances, investments, risks, and workforce in a corporate setting. This also includes proper planning to lay a foundation for efficient performance in the long run.

 

The growing embrace of sustainability in business


Businesses are putting a lot of effort into maintaining and reusing data through data analytics, which can optimize energy consumption, operations, and other practices as per standard. Using their cost-saving methods, companies can adjust their consumption and save resources on a massive level. This also leads to accurate analytics, reports, and insights into the company’s health and output.

 

Data management strategies for sustainable business


A business can start by assessing its data volume and adding it to its operational practice. This helps strategically use data during risk mitigation and future investments. A data management framework can be built through third-party services to keep the workforce in core processes. Several management solutions that set the standard in companies can be implemented in real-time to leverage the additional value and use the gathered information.

Companies that have successfully implemented and adapted sustainable practices

 

  •       Tesla, Inc.- They have gained huge profits from their sustainable transport solutions, which can reduce pollution and save energy to a great extent.
  •       Unilever- The brand has been demonstrating a high rate of growth recently by following the steps of sustainable packing and marketing.
  •       IKEA- They have investments in renewables and resourcing eco-friendly products, which are attracting more consumers lately.

Similar to these companies, many companies are planning to pursue sustainable practices that are also eco-friendly and profitable. The changes and modulations can actually change the marketing orientation that defines each sector and satisfies customers.

 

Challenges and Solutions


Common Data Management Challenges in Pursuit of Sustainable Practices: Companies are constantly evolving and experimenting with new methodologies that can increase or decrease production. A green transformation is a common goal that can be achieved by handling data consciously and identifying any gaps.

 

  • The influence and structure are limited due to siloed sustainability
  • The metrics can hinder workflow and business progress if not managed regularly.
  •  Traditional ways don’t fall in place with new changes and fall behind in skills.

 

Innovative Solutions to Overcome Data-Related Obstacles: A business is growing every day and needs to be organized. Algorithms and other specifics can be managed with the help of data management solutions such as:

 

  • Data integration tools
  • Cloud services
  • AI and ML
  • Governance framework
  •  Training and upskilling.

 

Conclusion


Data management is vital to obtaining a pace for sustainable business practices, which will ensure a greener transformation both digitally and environmentally. Companies can take advantage of data-driven sustainable solutions and services to enhance their productivity and stay updated with the latest technologies.

data analytics personalization

Have you ever wondered how businesses know exactly what you want before you say it? It’s like they have a crystal ball in your mind. Well, the truth is, they don’t have a crystal ball. Instead, they rely on data analytics to gain deep customer insights. In this discussion, we will explore the fascinating role of data analytics in personalization and how it enables businesses to understand better and cater to your unique needs. Get ready to uncover the secrets behind those personalized experiences that make you feel like a valued customer.

 

1. Importance of Data Analytics in Personalization


 

Data analytics is pivotal in personalization by providing valuable insights into customer behavior, preferences, and needs. By understanding your customers better through data analytics, you can tailor your content, offers, and website design to meet individual customer preferences and create a more effective and engaging experience. Effective data analytics can improve customer satisfaction, loyalty, and conversion rates. It helps predict customer needs and wants, leading to targeted product offers and increased customer satisfaction. By analyzing various data sources, such as website analytics and social media data, you can segment your customer base and identify patterns and trends in customer behavior. These insights can then inform personalized experiences and improve customer engagement. Embracing data analytics in personalization will allow you to stay ahead of the competition and meet the ever-evolving needs of your customers.

 

2. Customer Insights for Personalized Experiences


To create personalized experiences, businesses must gain valuable insights into customers’ preferences and behavior. Data analytics plays a vital role in providing these customer insights. Businesses can understand their customers better by analyzing various data sources, such as website analytics and social media data. These insights can then inform personalized experiences and improve customer engagement. Understanding customer demographics, needs, and behavior allows businesses to tailor their content, offers, and website design to meet individual customer preferences. Businesses can create a more effective and engaging customer experience by utilizing data analytics in their personalization strategy. Through these customer insights, businesses can truly understand their customers and deliver personalized experiences that drive customer satisfaction and loyalty.

 

3. Utilizing Data Analytics for Customer Segmentation


 

By leveraging the valuable customer insights gained through data analytics, businesses can effectively segment their customer base for personalized experiences. Data analytics allows businesses to analyze customer behavior and demographics, enabling them to divide their customer base into distinct segments. This segmentation can be based on factors such as demographics and purchase history. However, with advancements in artificial intelligence, businesses can now employ micro-segmentation techniques to create more nuanced categories and personas. By segmenting customers based on data analytics, businesses can personalize their content and offer to cater to each segment’s specific preferences and needs. This personalized approach enhances the customer experience and increases engagement. By measuring the impact of personalization on customer engagement and conversion rates, businesses can continuously improve their customer segmentation strategies and provide even more tailored experiences.

 

4. Enhancing Customer Engagement With Personalization


Enhance customer engagement through personalized experiences tailored to individual needs and preferences. By leveraging data analytics, businesses can create a more engaging customer experience that drives satisfaction, loyalty, and conversion rates. Here are three ways personalization can enhance customer engagement:

 

  1. Utilizing customer insights and data: By analyzing customer data, businesses can gain a deeper understanding of their customers’ preferences, behaviors, and needs. This knowledge allows companies to create personalized experiences that resonate with individual customers, increasing engagement and satisfaction.
  2. Tailoring content to match individual needs: Personalization enables businesses to deliver relevant and customized content to their customers. By considering unique behaviors and preferences, companies can create targeted messaging, offers, and recommendations more likely to capture their customers’ attention and drive engagement.
  3. Improving brand perception and loyalty: When customers feel that a brand understands their needs and preferences, it enhances their perception of the brand and fosters loyalty. By providing personalized experiences, businesses can strengthen customer relationships, creating long-term loyalty and advocacy.

 

5. Leveraging Real-Time Data for Personalized Experiences


Real-time data analytics enables personalized experiences by tailoring content and offerings to individual customer behavior and preferences. By leveraging real-time data, businesses can gain immediate insights into customer needs and wants, offering effective solutions before customer interactions occur. This saves the customer and the business time and enhances the overall customer experience. Data analytics is crucial in understanding customer behavior, as it helps in customer segmentation, personalizing content and offers, and improving website functionality based on customer feedback. In addition, real-time fraud detection using data analytics tools helps protect customer accounts from cybercrime, ensuring a secure environment and building customer trust. Integrating AI and data analytics drives personalization strategies, providing valuable insights into customer tendencies and behaviors and enabling dynamic content generation for personalized messaging. By harnessing the power of real-time data analytics, businesses can deliver highly tailored experiences that meet individual customer needs and exceed their expectations.

 

6. Ensuring Data Privacy and Compliance in Personalization


Ensuring data privacy and compliance is crucial for effective personalization strategies. In the era of data analytics, businesses have access to vast amounts of customer information, but it must be handled responsibly and by data protection regulations. To address this, here are three key considerations for maintaining data privacy and compliance in personalization:

 

  1. Transparency: Being transparent with customers about how their data is collected, stored, and used is essential for building trust and maintaining privacy. Clearly communicate your data practices and give customers control over their information.
  2. Security: Implementing robust data security practices and a strong data governance structure is necessary to safeguard sensitive customer data. This includes encryption, access controls, and regular security audits.
  3. Biases: Be aware of biases in the data used for personalization, especially in sensitive areas like healthcare and finance. Biased data can lead to biased decisions, negatively impacting customer satisfaction and trust.

 

7. Integrating Customer Insights Across Multiple Channels


Integrating customer insights across multiple channels enables businesses to understand customer behavior and preferences comprehensively. By consolidating data from different channels, businesses can create a unified view of the customer, leading to more effective personalized strategies. This integration allows businesses to tailor content and offers to individual customer behavior across various platforms, ensuring a cohesive and personalized customer experience regardless of the channel or touchpoint. Data analytics plays a crucial role in this process, providing the necessary insights to identify patterns and trends in customer behavior. By leveraging these insights, businesses can predict customer needs and wants, improve customer retention, and enhance the overall omnichannel experience. Integrating customer insights across multiple channels is a key strategy for businesses seeking to provide personalized experiences and maximize customer satisfaction.

 

8. Future Trends in Data Analytics and Personalization


To stay ahead in the evolving landscape of data analytics and personalization, businesses must anticipate future trends shaping customer experiences. Here are three key future trends in data analytics and personalization that businesses should keep an eye on:

 

  1. Advanced AI-powered personalization: Artificial intelligence technology will continue to evolve and provide more relevant and real-time personalized experiences for customers. Businesses can leverage AI algorithms to analyze customer data and deliver personalized recommendations, content, and offers.
  2. Enhanced privacy measures: With increasing data privacy concerns, businesses must balance personalization and protecting customer information. Implementing cookieless personalization and adopting privacy-focused practices will be crucial to retaining customers’ trust and complying with regulations.
  3. Integration of physical and digital experiences: The future of personalization lies in seamlessly integrating physical and digital touchpoints. By leveraging data analytics, businesses can create personalized experiences that bridge the gap between online and offline interactions, delivering a cohesive and engaging customer experience.

 

As the field of data analytics and personalization continues to evolve, businesses that embrace these future trends will be better positioned to meet customer expectations and drive innovation in customer experiences.

 

Conclusion


You’ve seen how data analytics plays a crucial role in understanding and catering to your unique needs as a customer. By diving into data analytics, businesses can gain valuable insights into their demographics, behavior, and preferences. This allows them to personalize their content, offers, and website design to create a more engaging experience just for you. With the future trends in data analytics and personalization, businesses will continue to evolve and enhance their understanding of their customers, ensuring a truly personalized and enjoyable journey for you.

 

data protection

 

In this highly interconnected world, data protection has become an invaluable asset for organizations across industries. Evolving cyber threats and data breaches have become costly for businesses, and prioritizing data protection is a strategic and compliance imperative.

 

Therefore, evaluating your organization’s current data protection practices and enhancing them to safeguard sensitive information effectively is critical. Take steps to protect your data assets by adopting key strategies for building a more secure environment in your organization.

 

Assessing Your Organization’s Data Protection Status


Organizations must assess their data protection to learn about potential vulnerabilities and ensure sensitive information is safe. Start by recognizing the value of your organization’s data, such as customer records, intellectual property and financial information. Understanding the types of data you manage will determine the appropriate level of protection needed and areas that require additional security measures.

 

Additionally, it is essential to evaluate your current data protection policies and practices. Conduct a risk assessment that identifies potential threats or vulnerabilities in data storage, transmission and access control processes. With this assessment, you will gain a holistic view of your organization’s data protection landscape and develop targeted strategies to enhance it.

 

The Key Strategies for Prioritizing Data Protection


These top strategies for prioritizing data protection will provide you with actionable insights to help your organization enhance its security posture.

 

1. Develop a Comprehensive Data Protection Policy

 

A data protection policy is the foundation for creating a secure environment for your organization’s sensitive information. A robust policy should outline clear guidelines and protocols that govern how to collect, store, transmit and dispose of data.

 

Additionally, the policy should serve as a blueprint for the organization’s data protection efforts. That way, you ensure all team members understand and adhere to established best practices.

 

Start creating an effective data protection policy involving key stakeholders, such as IT, legal, HR and management. Consider aligning your policy with relevant data protection laws and regulations and keeping it updated as these regulations evolve.

 

2. Ensure Legal and Regulatory Compliance

 

Legal and regulatory compliance is a critical aspect of data protection, as organizations must adhere to laws and regulations relevant to data collection. While compliance will protect your organization from fines and legal repercussions, it also proves your dedication to the privacy of customers, partners and stakeholders.

 

Start familiarizing yourself with relevant data protection legislation. For instance, the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA) may apply to your organization.

 

To maintain compliance, ensure you develop and implement a data protection plan that aligns with the requirements of applicable regulations. You could also make this tactic more effective by designating a data protection officer (DPO) to oversee the compliance efforts.

 

3. Employ Encryption and Secure Storage

 

Encryption and secure storage protect sensitive data from unauthorized access and potential breaches. Encryption technologies, like Advanced Encryption Standard (AES), will protect data by converting it into an unreadable format. Yet, only authorized parties can gain access by deciphering the encrypted data with a decryption key.

 

On the other hand, secure storage involves implementing robust solutions for maintaining the integrity and confidentiality of sensitive data. These may include using secure servers, data centers, cloud storage providers and data management tools. For instance, Informatica Cloud is a leading data management tool that enables organizations to securely store, process and analyze sensitive information in a cloud environment.

 

Protect your data by employing these technologies to prevent breaches and maintain consumer trust.

 

4. Create an Incident Response Plan

 

The role of an incident response plan is to ensure your organization knows how to manage and mitigate data or security breaches. With a well-structured guide, you have a clear roadmap for identifying, containing and recovering from incidents. This ensures your company responds quickly, helping you save money from potential damage.

 

An incident response plan should outline the roles and responsibilities of key personnel, communication strategies and procedures for coordination. Leaders can develop an incident response plan by involving stakeholders.

 

The company should also regularly review and update the plan to incorporate lessons learned from past incidents. Additionally, conducting periodic drills will enable the organization to test the plan’s effectiveness and identify areas for improvement.

 

5. Train Employees and Raise Awareness

 

Ensuring employees know how to protect data is essential to reinforcing your security strategy. Oftentimes, human error is a leading cause of data breaches. Therefore, ensuring all team members know what is at stake and their role in safeguarding sensitive data is key to reducing the risk of incidents.

 

Regular training sessions, workshops and awareness campaigns can equip employees with the skills to recognize and prevent potential threats. Additionally, you can build a security-conscious culture by encouraging open communication and collaboration between departments. Implementing this approach promotes sharing best practices and insights into emerging threats.

 

6. Regularly Conduct Security Audits and Monitoring

 

Regular security audits are essential for maintaining strong security and identifying potential vulnerabilities. Consider conducting audits to evaluate your organization’s policies, procedures and technical controls. Doing so will ensure they align with industry best practices and comply with regulatory requirements.

 

Additionally, continuously monitoring your organization’s networks, systems, and applications is vital for detecting suspicious activity. You can achieve continuous monitoring by implementing tools, including:

 

  • Intrusion detection systems (IDS),
  • Security information and event management (SIEM) solutions
  • Log analysis software

 

Leveraging these tools will alarm you of potential threats and allow for prompt response and remediation. Remember that regular security audits and ongoing monitoring enable your company to stay ahead of emerging threats. Additionally, it ensures you are continuously protecting and prioritizing your data assets.

 

7. Continuously Adapt and Improve

 

As new risks emerge and attackers employ more sophisticated tactics, organizations must remain vigilant and proactive in updating their security measures. This type of commitment ensures you stay ahead of threats but requires staying informed about industry trends and evolving best practices.

 

To ensure your company is continuously adapting, ensure you communicate with departments about the latest developments in data protection. Taking this iterative approach will sustain long-term security and maintain the vital protection of your data. For example, research SAN storage pricing solutions because they can aid you in discovering the latest ways to store your data securely. You can adapt and improve your data security methods by staying informed and keeping up with the latest technologies.

 

Secure Your Organization’s Future By Making Data Protection a Priority


Prioritizing data protection is essential for organizations of all sizes and industries. While proactively protecting sensitive information is vital for minimizing data breaches, it also maintains the trust of customers, partners and stakeholders.

 

As the digital landscape constantly evolves, cyber threats persistently emerge. Hence, it is crucial to continuously monitor your data, ensuring its privacy remains intact and well-protected.

 

Eleanor Hecks is the editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.

 

 

Big Data to Determine My Smart Business Goals

 

Businesses that set smart, very specific goals know exactly what they’re working toward and have an easier time meeting those goals. If your business goal is too generic, such as “make more money,” then the path to that goal becomes obscured. Smart goals are well defined, specific and attainable. People who set goals succeed about 10 times more than those who do not, so goal-setting shouldn’t be overlooked.

 

There are many methods for creating goals for your business. Big data is one way to figure out which goals are the best to pursue. Grow your business in a very strategic way by studying data about your business and the industry you’re in, and then aligning your goals accordingly. Here are six ways to set smart goals using big data:

 

1. Choose the Right Data


People today are overwhelmed with data. There is information on industry specifics, internal data, sales data, online analytics of website traffic and so on. Figuring out which data works best for setting goals isn’t an easy task, even for the most seasoned business owners. Data overload is a problem for many people, who don’t know where to start.

 

Don’t be afraid to combine more than one type of data to get the full picture of your target audience. For example, a survey of current customers compared to general data about your target audience allows you to see exactly who your typical customer is and create marketing goals accordingly. Combining data from different and nontraditional sources allows your business to get creative and stand out from the competition.

 

2. Predict Outcomes


Get the IT department involved to create data models that analyze big data to predict what outcomes might be if your business takes one action over another. So, if your goal is to increase sales of a specific product by 25 percent per quarter, then you can use the model to try out different sales scenarios and marketing methods to see what works best. Predicting outcomes also allows you to test ideas that seem crazy before implementing them. Crazy ideas sometimes become the most successful ones.

 

Gaining an advantage over the competition is simply a matter of forming a hypothesis of what works best with the target audience, running methods through the model and analyzing the data to see if those methods should be implemented. At the same time, use common sense and business experience as you analyze the data. Computer models aren’t fail-proof, and sometimes they predict the outcome incorrectly. Consider them a source of information but not a final way to set goals.

 

3. Reduce Indirect Spending


Cash flow and management makes a difference between success and failure. Indirect spending are those things you aren’t even aware of, such as buying too much paper for a department that rarely uses it, wasteful energy use or added travel expenses for unnecessary trips. Cutting indirect spending saves companies about 25 percent in expenses.

 

Cut spending by first analyzing data and figuring out where even small amounts add up. Sort through data and figure out how much spending goes to energy, travel and office supplies. Watch for patterns that indicate overspending and cut these costs accordingly.

 

4. Personalize Promotions


Big data provides information that explains customer habits. For online companies, even what items a buyer looked at are factored into the equation. It is easy to see which items attracted attention and which ones converted into a sale. This allows companies to personalize promotions.

 

One example is a business that sells clothing. A large amount of site visitors looked at a specific shirt, but few bought it. Management notices on heat maps that when consumers looked at the price, they bounced away to a different shirt instead. A smart choice here is to set a goal to sell a certain number of those shirts. One way to achieve that, since data indicates people don’t like the price point, is to offer a discount on the shirt. Since data shows who looked at it, you can also push out an email to those customers registered in your system.

 

5. Improve Customer Experience


Improving customer experience helps with retention. A happy customer is more likely to do business with you in the future and tell family and friends about you. About 86 percent of consumers state they’d pay more for a good customer experience. One of your smart goals should focus on improving the UX of your website or sales process.

 

Big data allows improvement in frontline methods. Consider a business such as an online flower shop. Customer demand increases during holidays such as Valentine’s Day. Digging into the statistics allows such a business to predict demand and increase service through their network of florists and distribution centers. This results in same-day delivery and provides an overall better experience to customers.

 

6. Align Team Members


Although your company has big, smart goals as a whole, each department has individual goals as well. Department heads analyze big data and determine what the team does well and what needs improvement. Data also aligns the entire team by showing which goals are attained and which ones need work.

 

Team leaders should also give each employee specific goals, but those goals should be attainable. Unattainable goals impact team members negatively, so make sure goals make sense for the team but are also achievable. Teams should be aware of the company’s overall goals and strive to create smaller ones that align with them.

 

Big Data and Goals


Big data and goal-setting go hand in hand. Take the time to study how well current processes work and make adjustments as needed. Goal-setting isn’t something to look at once a year and then forget. Look at goals every month, study the data about what methods move the company toward achieving them and make adjustments as needed. With all the tools at business owners’ disposal today, success isn’t a question but a given. What areas will your business succeed in this year?

 

Author

Lexie Lu is a designer and writer. She loves researching trends in the web and graphic design industry. She writes weekly on Design Roast and can be followed on Twitter @lexieludesigner.

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As marketers, we hear the words “big data” a lot. In blogs and articles, marketing leaders say things like “big data can help you better target your ideal demographic” and “noticing trends in big data can give you a better understanding of how consumers think.”

 

At first glance, data just seems like a bunch of numbers that don’t mean anything. With some digging and hard work though, data becomes very valuable because of the tools it provides businesses.

 

Where Do You Get “Big Data”


 

The very first place to look for data is your personal website. Of course, you’re probably already doing that, but how much data are you missing? Google analytics and similar analytics software throw a lot of data at you, and prominently displays the easiest and most popular numbers right off the bat. By simply accessing your software, you’ll see basic data concerning your website’s traffic, like how many visitors and page views you’ve received. It’s a great start, but doesn’t give a lot of insight into your site.

 

Delving deeper into your website’s analytics is the first step to going down the big data rabbit hole. To get your feet wet, go to the behavior tab and slowly go through each option below. Hitting behavior flow gives you a nice visual representation of how visitors travel through your website and where you are gaining and losing consumers. Finding trends in this data can lead to focusing better on getting visitors to go where you want them to be.

 

Google also provides other big data sources outside of analytics software. Google Adwords, even if you don’t use it for PPC, can give you valuable keyword big data. It’s not perfect, as proved by Rand Fishkin at Moz, but it can give you a good idea how people search for information on Google. Google compiles all of their search information and let’s you know what type of keywords are very popular and competitive. Plus, it doesn’t cost a cent to set up for your business.

 

Another simple starter tool is Google Trends. This lets you see what people are searching in comparison to timelines. Being able to do so lets you find out when people are searching something and when a topic is really hot. This is extremely useful for planning out content around times its topic is getting searched. Also, if  your business relies on being on top of what’s trending at any given moment, you can find what is getting the most attention online.

 

These are just a few resources everybody has access to so you can start using big data. As you become more skilled and experienced in it, you can pursue more detailed

 

Finding Trends in Data


 

The reason marketers look at big data is to find trends in consumer behaviors. When looking at your own site’s data, you can find trends of where visitors are landing, leaving, what pages they visit, and with a little digging, you can even find out their demographics and type of device they used to visit your site. By cross analyzing these types of data, you can begin to find trends. For example, how do people accessing your site on a mobile device roam your website differ from people on traditional computers?

 

Looking at other sources, you can learn to predict future trends and capitalize on them (also known as predictive analytics.) Google Trends is an easy to use tool to visualize this data and predict when people will talk about certain subjects. For example, if you look up “Big Data,” you’ll see that as a topic, it’s growing pretty steadily. You’ll also notice that for the past few years, interest in this topic is a lot lower in August and December, so it might not be great to cover these topics during these months. You can also predict that around March and September, interest sky rockets, meaning it’s a great time to write about it and capitalize on it.  Also, searching for big data is very popular in India and Singapore, so if your target market includes those areas, it might be a good idea to cover this topic.

 

Even general trends can help you plan and capitalize on when something is going to get global attention again, meaning you’ll be able to get a nice boost in website traffic on these topics.

 

Using Trends To Grow Your Business


 

The whole reason to use big data and find trends is to use them to grow your business. Industry leaders are already using big data to take their marketing and business to the next level.  Finding tons of trends in data doesn’t mean a thing unless you apply them to your marketing efforts.

 

With the help of big data, you’ll be able to better plan and predict what marketing tactics will and won’t work for your business. Looking at trends, you can better plan content for months that it receives more attention, and you can better focus content to your target markets. You can also avoid putting up content during poor performance months so your efforts aren’t wasted.

 

You can also use big data to improve on our existing content and website. By finding trends in how people travel through your site, you can capitalize on popular pages and make them better to get more customers. You can also analyze what makes those pages great and recreate them with other pages.

 

As you gather more data, you have the opportunity to find more trends and continue to grow. Just as marketing is always evolving, finding trends in data can always grow and guide you to improve your efforts.

 

Do you have any questions about big data? How often do you actively look for trends in your available data? Have a success story about using big data that you want to share? Post a comment below and add to the conversation.

Big Data Marketing

Tim Cook recently voiced strong opinions on privacy issues at a cyber security summit in Silicon Valley. With big data fueling personalized marketing strategies, brands are paying close attention to the latest developments in online security and legislation. Providing data sharing and analysis is done openly and with the full understanding of the public, data driven marketing can offer a valuable service to both marketers and their audiences.

The relationship between consumer data and privacy is notoriously complex; the summit at which Tim Cook attended preceded the signing of a new order that will make it easier for the government to share sensitive information about potential cyber threats with the public sector. Cook said “We believe customers have a right to privacy and the vast majority of customers don’t want people knowing everything about them.’ Cook highlights a sensitive issue; consumers don’t want to be watched or to be pestered with overzealous social media presence and frequent emails.

Conducting market research in a trustworthy and transparent way enables brands to maintain a continuous presence as opposed to an invasive ‘always on’ approach. In this sense data driven marketing can be less invasive than attempts to cultivate on-going conversations with consumers through more traditional marketing practices. Generic ‘feedback’ and testimonials are being increasingly overlooked in favour of more meaningful ‘real time’ responses to brands, their products and their activity on social media platforms. Online panels offer a great opportunity for brands to execute a more targeted approach for more valuable data.

According to a recent study, organisations that take the lead in implementing data-driven marketing report better levels of customer engagement than those that don’t. Working within global markets has created a stronger sense of competition than ever before. Tapping into consumer intelligence offers an exciting opportunity to develop more useful marketing strategies and the benefits appear to outweigh the challenge of striking the delicate balance between offering better customer service and respecting consumer privacy. Marketers who have embraced data-driven marketing to the fullest extent have enjoyed demonstrable results. The travel industry is a leading example – 67 per cent of travel executives claimed that data driven marketing has helped to improve customer engagement and satisfaction. Similarly, the retail industry is enjoying great results – over 55 per cent of retail executives claim to have enjoyed a competitive advantage in customer loyalty and acquisition.

Consumers can experience real benefits from the tailored service that data driven marketing facilitates. From pre-filling online supermarket shopping baskets and saving preferred travel routes to recommending music and films – understanding data can enable consumers to enjoy an efficient, personalized shopping experience.

See our top tips below for an introduction to some of the key considerations for implementing or executing a data driven marketing strategy:

  • In order to extract the best possible value from your data it is important to ensure you are using the most relevant and efficient market research tools. Over 68.2 per cent of marketers are analyzing customers through data and 30 per cent of marketers use analytics tools – choosing reliable tools is a great way of leveraging your data for maximum benefit
  • Keep things simple. Introducing numerous tools and technology to your marketing strategy can complicate things and distract from the true objectives and lead to mistakes. 51.8 per cent of marketers interviewed indicated that building reports presented a serious issue. Introduce clear objectives and create a simple reporting format for rich, meaningful results.
  • This is new territory; don’t be afraid to follow a good example. Monitor competitor activity and thought leadership. Like all areas of the industry, data-driven marketing is constantly evolving and staying on top of the latest developments will help to keep your strategy relevant.
  • Over 33 per cent of marketers in a recent study claimed that they don’t have staff with the right skills to properly leverage the data. Be prepared to build both your strategy and your team. Get the right process and the right people in place, a skilled and numerate team who understand the challenges of interpreting data will be in a far better position to grow as the industry evolves.

Author bio

Morten Strand is the chief executive of Cint, a global provider of market research tools for obtaining market insight from survey respondents. With a global reach of more than 10 million people in 57 countries – all recruited through 500 different panel owners like publishers, local media outlets, market research agencies and non-profits – Cint’s exchange platform OpinionHUB is a fully transparent insights marketplace, bringing together questions and answers from all around the world.

Big Data and Inbound Marketing

 

Big data is a term that’s been bandied about for some years now and can no longer be considered a technology buzzword. Many have tried to define, then redefine and re-label it, mostly in an attempt to try to harness the term to apply it to their job. This has led to it being declared dead in some reports, but it’s really only the term that this has been applied to.

 

 

Data is extremely valuable to businesses and these days, consumers create an awful lot of it. This is due in part to social media, but also to the connected world, online shopping and more. The sheer amount of data generated can be overwhelming – so how do we make sense of it all?

 

Big data requires businesses to use software and to some extent hardware to make sense of it in real time. In order for it to be useful, it has to be processed in order to find patterns and predict certain outcomes. With regard to inbound marketing, this information can then be used to better target potential and existing customers with tailored marketing campaigns.

 

For example, say you’ve just run a campaign for a special promotion. It all goes well and you see a nice spike in traffic to your site as a result. You can see from your analytics program that a good proportion of the traffic has come from Facebook, so you can then re-imagine your campaign to further target these leads.

 

Marketing Automation Software


 

The above example is an extremely simplified one though. With marketing automation software, you can make further sense of the data in a more thorough and efficient manner. The volume of data that you’re looking at often means that this is a necessity these days, rather than a choice.

 

Marketing automation software makes sense of the data and arranges it into easily understood metrics that you can take action on. So you may be able to see that certain social media posts have boosted traffic or gained lots of engagement. The software can take the data and create meaning when it comes to lead nurturing and do it all without much intervention to you. This could mean that it will send a few automated but personalised emails to those that have been qualified as warm leads containing information which may convert them to a sale. There is a variety of platforms available, Search Engine Land has recently published a guide which may help you choose the right platform for your business.

 

Think Amazon. When you make a purchase, often within a day or so you will receive an email with offers that are targeted depending on your previous purchase. This is big data and marketing automation in action and it doesn’t just have to be applied to sales, it can be used at any point in the sales funnel.

 

It can also be integrated with other software systems such as your CRM in order for sales teams to gain a unique perspective of the customer.

 

Big data is powerful. Not only does it give you access to unprecedented amounts of information about your customers, it drives decisions within businesses and converts leads. The biggest issue most companies have with data is finding the correct people to interpret its trends and patterns in order to produce actionable insights.

 

Marketing automation software is without doubt a gift from the gods, but it still requires some human intervention which should be able to produce results. However, these days we’re all gaining more and more digital skills year-on-year, so it’s highly likely that we’ll continue to see data being used increasingly effectively for some time yet.

 

Coupled with inbound marketing, there is less irritation to the consumer (sales pitches that they don’t want) and more opportunity for business to target the right customers – those who will buy.

 

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big data

 

Regarding the top buzzwords of 2013, the term ‘Big Data’ would have to be right up there with ‘The Cloud’, ‘Growth Hacker’ and ‘Advertainement’. But what is Big Data, and why is it so important?

 

Big Data refers to data sets that are so expansive and intricate that traditional database handling methods are no longer sufficient. With the proliferation of high-speed internet, smartphones, cheap sensors, and RFID tags, we are all creating and collecting data at a dizzying rate. Yet, no matter how much data you hoard, it’s only as valuable as the actionable knowledge you can derive from it. The key point is that hidden within the noise of all these countless bits and bytes, there are genuine insights, trends, and clues that have the potential to revolutionize marketing, and Big Data is how we can extract this value. Let’s look closely at how Big Data is changing marketing strategies.

 

What Benefits Does Integrating Big Data Offer?


While using the latest buzzwords to impress your colleagues and astound your friends is nice, it also pays to understand the specifics. Here are some of the ways that Big Data can benefit inbound marketers and add new dimensions to your capabilities:

 

  • It allows marketers to make sense of unstructured data typically generated by social media.
  • It provides marketers with quantifiable, statistically significant insights into customer behavior.
  • It offers the ability to analyze sentiment in actual time-and forecast trends.
  • It can be combined with multi-attribution marketing techniques to interact with customers at the right time, with the right message.
  • Segmenting customer groups into highly accurate cohorts is now possible, opening the door for ultra-targeted marketing communications.

Developing New Marketing Strategies with the Help of Big Data


Integrating Big Data capabilities into your marketing efforts can help to create bold new strategies, and the deep-level targeting of customer groups is one of the most exciting applications: entire customer bases can be filtered, and top customers can be identified and analyzed, providing detailed profiles to facilitate the creation of personalized creative communications.

 

Customers can be analyzed and ranked, providing insights into what makes one cohort more receptive than another. Segments based on geography, demographics, psychographics, and behavior can be compared, potentially uncovering a particular attribute that significantly impacts customer value.

 

Analyzing huge data sets also opens opportunities for real-time marketing; a new strategy may involve sending tailored communications to customers who have suddenly moved from one category to another or targeting customers on the verge of a threshold.
Combining sentiment analysis with Big Data crunching can help inbound marketers to tailor their content strategy. Instead of trying to guess what your audience thinks is magnetic content, let them show you through their actions and habits.

 

Not only can Big Data inform your content strategies, but it can also help you allocate resources. When different customer segments respond to various marketing communications, complex data can help you decide where to focus your efforts and budget, an especially important tool when strong business cases must be made.

 

How Can Smaller Marketing Businesses Take Advantage of Big Data?


Integrating Big Data has typically been the domain of large companies that can afford the huge costs. These costs can run into hundreds of thousands, including new personnel, equipment, and software. However, smaller businesses can use Big Data by licensing time and expertise from service providers, bringing cutting-edge capabilities within reach. In some cases, a data science course might be needed to understand the process fully.

 

Don’t Believe (All) The Hype


Many techies are quick to praise Big Data, yet it’s not without its drawbacks. Managing the tidal wave of unstructured data requires expertise and cutting-edge tools in high demand and low supply, pushing up costs. Traditional marketing practices may not be as sexy, but they will be just as efficient in getting the job done in many cases. Know when to use Big Data and when to stick with traditional methods.

 

Why Your Next Hire Might Be a Data Scientist


To take action and integrate Big Data capabilities into your marketing efforts, it’s essential to understand the requirements. There needs to be a high level of communication between marketing, business intelligence, and IT for any implementation to be effective. Don’t just think that all you have to do is ask your Technical Officer to start analyzing huge data sets either; data science is an emerging field with a particular skill set, so if you are looking to transform the way you conduct marketing, your next hire might have to be a data scientist.

 

Combining Big Data and marketing offers exciting possibilities for engaging with customers, delivering effective communications, and taking the right actions. Your options will vary based on your budget, but as service providers compete and technology improves, it’s only a matter of time before every marketer has access to a suite of Big Data tools, and that’s when we’ll start to see Big Data transform inbound marketing strategies.

 

Author Bio

Jacob E. Dawson works with Delivery Hero , the online food delivery website. He is also an entrepreneur and inbound marketing consultant with a passion for creating value! Follow Jacob on twitter @jacobedawson and on Google+.

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