Sunday 30 March 2014

How Marketers can benefit from Big data Analytics !

Internet explosion has enabled organizations to go closer to their customers & do a super personalized communication. 

People now spend more time on the internet than any other form of entertainment.  The demand for internet capable devices like smartphones, tablets have increased exponentially.  Most of the people are buying products online or compare products online.

Customers spend hours on the internet and leave behind millions of tweets, posts, likes, links, images, videos, chats, comments, surveys, blogs.

Businesses need to use this all big data forms to get a 360 view of the customer for marketing.

  • Behavioral data that has orders, transactions, and other customer activity as recorded by the business
  • Interaction data including email, chat transcripts, self-declared information, and records of calls between the business and customers and web click streams.
  • Attitudinal data including opinions, preferences, needs, and desires. These are often discovered through survey responses or social media data.
  • Financial data that is present in the company’s internal systems such as sales, revenues, profits.
This big data can make a substantial impact to:
  • Increase Customer retention and loyalty - helps you discover what influences customer loyalty and why they keep coming back again and again.
  • Improve Customer engagement - Helps you understand who your customers are, where they are, what they want, how they want to be contacted and when.
  • Marketing optimization helps you determine the optimal marketing spend across multiple channels
Let us see some examples of how Big data is making an impact on Marketing for cross-sell &up-sell.

You are familiar with both cross-selling and up-selling if you’ve ever visited a fast-food restaurant like McDonald. “Would you like fries with that?” is an example of cross-selling. “Would you like to super-size your order?” is up-selling.

Almax has created "smart mannequins" that have cameras for eyes and analyze shoppers' faces to detect age, gender, ethnicity, and a variety of other characteristics.

Sony mixed modern big data, social media analytics, and old-school marketing such as direct mail email marketing — and generated 300% more sales than control groups. They used their customer database & found out their strong social networks, influencers. A campaign was targeted to these influencers which is termed as viral marketing.

eBay is using “my Feed” so they can follow categories of items for newest listings.

Netflix is using real-time processing for digital marketing to its customers.

Walmart created WalmarLabs, created a search engine to understand what someone is searching for and goes through millions of tweets, Facebook’s likes, blog posts and more to detect purchase intent and boost sales.

Tripadvisor is using clickstream analysis to analyze what more than 56 million monthly visitors want and make them happy.

Visualize the scenario where you walk into your favorite apparel store like Gap or Target. Surveillance cameras mounted on the door immediately detect who you are and instantly beam identifying information to the in-store sales associates. An app on the sales associate's iPad then correlates all of your shopping characteristics such as loyalty, past purchases, cross-channel preferences, service incidents, and social media footprint and provides your consolidated view. With this information, a sales associate walks up to you as you are entering the store, greets you by name, and inquires about your most recent purchase. This level of personalized attention dramatically alters an individual's in-store shopping experience…and it's not that far-fetched…………

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