Open Enrollment | Subscribe to Target Marketing HERE
Connect
Follow us on
Advertisement
 

Big Data: What Is It Good For?

May 27, 2014 By Thorin McGee
Get the Flash Player to see this rotator.
 

Big Data has had its turn in the spotlight as the hot, shiny new marketing technology toy. The question it's left for many marketers is, "Yeah, but what's it good for?" Data for data's sake doesn't get any company closer to its goals (except maybe Facebook and Google). So how can you actually use data to close the gap with your customers and get closer to those goals?

We asked William Rand, assistant professor and director of the Center for Complexity in Business at the University of Maryland, about his take on this problem. Rand is speaking on the webinar "Bridging the Gap with Customers Using Big Data" later this week, and had these tips to offer on how marketers can get the most out of Big Data.

Target Marketing: What is the "gap" between customers and marketers, and how does Big Data analytics help bridge it?
William Rand:
"Every customer desires to be treated as a firm's most important client, and every firm would like to treat customers in the best possible way to make sure that the customers stay loyal. The gap exists because every customer has their own personal needs, desires and wants, and, traditionally, it was very difficult for the firm to tailor marketing and customer service strategies that could address every customer in the best possible way. Big Data analytics helps to bridge this gap by ensuring that all of the possible interactions that a firm has with a customer, and as much data as possible, is used to make decisions that tailor firm actions directly to the desires of the customer. In the end, the goal is to provide the representative of the firm—whether it be a customer service leader, a marketing manager, or a front-line agent—with exactly the right information to make the optimal decision about the consumer at exactly the right time."

TM: What structures and capabilities does a marketer have in place to do that?
WR:
"There are three major steps to making use of Big Data: 1. track, 2. analyze and 3. optimize. Marketers must first identify what data they can track about the consumer, making sure to respect privacy concerns. Moreover, they must have that information stored in a way that is easily accessible. The second step is to analyze the data the marketer already has, and look to see how consumer and firm decisions interact. Based on this, it is possible to start to think of better marketing strategies to employ. These strategies can then be tested and the results recorded. This brings us to the third step, which is to optimize the marketing actions on the basis of the new information.

 

SPONSORED CONTENT

MORE ON DATABASE, LISTS AND CRM >>

FROM THE BOOKSTORE

A guide to delivering a better user experience through A/B testing: Offers best practices and lessons learned from over 100,000 experiments run by over 2,000 Optimizely customersDetails a roadmap for how to use A/B testing to personalize your customer's web experience and a practical guide to start A/B testing todayAuthors Dan Siroker and Pete Koomen are cofounders of Optimizely.com, an user-friendly testing system that more than 2,000 organizations use A/B Testing: The Most Powerful Way to Turn Clicks Into Customers

A guide to delivering a better user experience through A/B testing:
Offers best practices and lessons learned from over 100,000 experiments run by over 2,000 Optimizely customersDetails a roadmap for how to use A/B testing to personalize your customer's web experience and a practical guide to start A/B testing todayAuthors Dan...

ORDER NOW

Is social media baffling to you?Fundraising coach Marc A. Pitman thinks we live in the most exciting time for nonprofits! In Nonprofit Social Media: The Fundraising Coach’s guide to nurturing relationships from your desk, he sets out to prove it. Nonprofit Social Media

Is social media baffling to you?Fundraising coach Marc A. Pitman thinks we live in the most exciting time for nonprofits! In Nonprofit Social Media: The Fundraising Coach’s guide to nurturing relationships from your desk, he sets out to prove it....

ORDER NOW

 

SPONSORED CONTENT

MORE ON MARKETING STRATEGY >>

FROM THE BOOKSTORE

A guide to delivering a better user experience through A/B testing: Offers best practices and lessons learned from over 100,000 experiments run by over 2,000 Optimizely customersDetails a roadmap for how to use A/B testing to personalize your customer's web experience and a practical guide to start A/B testing todayAuthors Dan Siroker and Pete Koomen are cofounders of Optimizely.com, an user-friendly testing system that more than 2,000 organizations use A/B Testing: The Most Powerful Way to Turn Clicks Into Customers

A guide to delivering a better user experience through A/B testing:
Offers best practices and lessons learned from over 100,000 experiments run by over 2,000 Optimizely customersDetails a roadmap for how to use A/B testing to personalize your customer's web experience and a practical guide to start A/B testing todayAuthors Dan...

ORDER NOW

The Metadata Handbook is the first guidebook for book publishers outlining how metadata for books operates in the real world. Topics covered include: How metadata for books operates in the real world Metadata fundamentals & the history of metadata for books Standards and best practices for creating and distributing accurate and comprehensive metadata The basics of ONIX for Books, including ONIX 3.0 The basics of EPUB 3 metadata options The latest metadata trends, including metadata for self-publishers.Would you prefer to
purchase this title as a PDF? Click here. Metadata Handbook

The Metadata Handbook is the first guidebook for book publishers outlining how metadata for books operates in the real world. Topics covered include: How metadata for books operates in the real world Metadata fundamentals & the history of metadata for books Standards and best practices for creating and distributing accurate...

ORDER NOW

 

COMMENTS

Click here to leave a comment...
Comment *
Most Recent Comments: