Your customers expect you to understand their needs. 80% of modern consumers expect personalized experiences from their favorite brands. Despite increased budget for big data marketing initiatives, 43% of marketers feel they’re getting almost “no benefit” from their existing data assets. These two statistics illustrate a clear disconnect between what customers want, and what marketing teams are able to deliver.
The savviest marketing teams aren’t just deriving value from their internal, or first party, data assets, they’re obtaining high-quality, real-time insights from 3rd-party data vendors to develop a 360-degree view of their customers. In order to capture and retain today’s complex digital consumers, a big data-driven customer strategy is a must.
What Does a Big Data-Driven Marketing Strategy Entail?
Every time your customers swipe on a mobile device screen or post a status update to social media, they leave a trail of data on their preferences and behaviors. Each of these interactions offers the potential for your brand to gain insight into how to create personalized experiences for your customers.
By synthesizing first and third-party data insights in a data management platform (DMP), you can create a holistic view of your customer base. This allows you to understand patterns and stories that extend beyond your own touch points, and discover truths about how your customers interact with the world around them, by using these stories to create segments and understand your customers on an individual level. In this blog, we’ll discuss several of the best practices best-of-class organizations adopt when developing a marketing strategy that’s driven by big data insight.
1. Expand Your Data Collection
Transform your strategy from first-party data analysis to a program that’s focused on true cross-channel synthesis. By combining the broadest array of data sources possible, you can improve your strategic analysis and customer understanding.
2. Score Your Segments
By creating narrow segments of your existing customers, you can focus on your best clients. These are the individuals with the highest customer lifetime value (LTV), and who may be most likely to promote your brand on social media channels and other online forums. The creation of buyer persona profiles has traditionally been executed through qualitative research methods, such as focus groups. By allowing data to tell your story, you can eliminate organizational biases about what your best customers look like.
3. Focus on Customer Experience
When you have identified your best customers, it is critical to discover ways you can improve your client experience. You can discover insights on how your customers interact with brands through the inclusion of 3rd-party data. Are they mobile shoppers, or heavily-engaged app users? Tailor your engagement strategy to your client’s existing behavior patterns.
4. Get Personal
The best marketers know that big data has the potential to move your strategy from segments to true personalization. Use your big data insights to discover behavioral triggers, and tailor personalized marketing efforts to meet your client’s needs for relevant email marketing and programmatic advertising.
5. Measure and Optimize
With your programmatic advertising and email marketing metrics, your brand has the potential to move towards continual improvement cycling in your marketing program. Never stop collecting data, analyzing, and improving your efforts to deliver a best-of-class customer experience.
Are you ready to make the shift towards customer-focused, Real Time big data-driven marketing? Contact BDEX today for more information on high-quality, real-time big data assets from trusted 3rd-party sources.