Big Data vs. Actionable Data: 2 Steps for Capturing the Information You Need
So where should you begin?
- Start with using embedded predictive models. Cost-effective and easy-to-use, embedded predictive models help marketers turn data into actionable information. Pre-built, industry-specific models provide compelling, cost-effective alternatives to big data. Predictive models—such as likelihood to convert, time to next purchase, likelihood to attrite and next best product—can provide the most accurate and up-to-date customer understanding.
- Descriptive models, such as RFM (recency, frequency and monetary value) and customer categorizations such as new, lapsed, lost, reactivated, core-stable, core-grow, core-decline, core-best are also available—and help the marketer to better target and time offers and messages.
Making data actionable is easy if you stay focused and don't let the latest buzzword force your hand. Not all marketers are the same, just as every consumer is not the same. Understand your marketing needs and plan accordingly. Turning your data into actionable data is the best bet for your long-term marketing success. Bigger isn't always better.
Wayne Townsend is CEO of Boston-based email and cross-channel database marketing software and services provider ClickSquared. Reach him at email@example.com.