By Jonathan Gordon (@JW_Gordon), Jesko Perrey, and Dennis Spillecke (@dspillecke) Big Data is the biggest game-changing opportunity for marketing and sales since the Internet went mainstream almost 20 years ago.
|Scooped by Tony Agresta|
Digital data can translate into higher sales with the right automation and analysis in place. Thirty five percent of pre purchase decisions in the B to B space are made through online research. Those interactions can be used as leading indicators and potentially trigger points to engage with personalized messaging. In the B to C world, predictive algorithms have been used for years. For example, Banks can determine the next most likely next product purchased and retailers can prevent defection with special discounts offered in real-time.
When applying these types of solutions, the dimension of time can be critical. Are transactions slowing down for a specific customer? Is website access accelerating? Are downloads of valuable content happening more rapidly? Are your customers starting to visit competitive sites more frequently?
There's no shortage of data available to answer these questions. But the variety of techniques (and the complexity of some) to address these issues can be daunting at times. Analyzing trends over time to isolate important milestones in the customer lifecycle is one way to begin. Organizing your customers into small sets of homogenous segments is one way to begin. Are there segments that buy from multiple product categories frequently? Are there other segments showing a decline in transactions? Once these segments are identified, isolating patterns of behavior within the segments could lead to a set of rules and event triggers used to personalize messages, improve customer service, introduce new products and offer discounts.
Big Data platforms that allow you to ingest massive amounts of data, classify the data in real time and take action right away can be applied in game changing ways. Sales and Marketing professionals should focus their attention on customer behavior leading to retention, upsell and improved customer service in a world where competitive pressures are not going away anytime soon.