BigData | Analytics | Marketing Performance

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BigData and Analytics Are Central to Unlocking Optimum Marketing Performance

Businesses big and small have embraced BigData and analytics. And they’re using customer data in a number of interesting ways: To learn more about their audiences, to refine and improve their efforts, to determine what products resonate and to personalize their messaging. That’s just naming a few. This new era in analytics is being enabled by new tools and more sophisticated platforms. Processes like data mining, predictive modeling and real-time analysis – which just a few years ago may have been cost-prohibitive or time-consuming to conduct – are now not only affordable. These tasks can be performed by people without advanced training. And as a result, the impact of data is being felt across entire operations. Analytics solutions have moved beyond just capturing data. Instead, these platforms are integrating advanced features – including AI-enabled analysis, lead scoring and predictive modeling – that enabling them to optimize their campaigns, allocate resources better, and build stronger relationships with target audiences. With the holiday shopping season fast approaching, this topic is more relevant now than ever. Competition heats up around this time of year, and businesses that can plan, roll out, and optimize their campaigns will win. But how?

A Data-Driven Approach to Customer Relationships via MIT Sloan Management Review

A Data-Driven Approach to Customer Relationships via MIT Sloan Management Review

Author Laura Winig penned this case study, which examines how transactional data has helped South African businesses better target and improve their marketing with customers. For example, Winig notes, one large hardware retailer had long built their marketing efforts around gut feelings. Yet, when looking at credit card data, the company was able to determine that some stores had high loyalty, while others had many more new customers. Accordingly, they optimized marketing efforts based on each store’s customer base. And another example, the same company found that one store had a majority of female guests. As a result, they introduced a crafting-inspired marketing event, which led to a major increase in the location’s arts and crafts departmental sales. The real value here: Winig’s case study offers concrete examples of how businesses can build stronger relationships with customers using data.

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How An Analytics Mindset Changes Marketing Culture via Harvard Business Review

How An Analytics Mindset Changes Marketing Culture via Harvard Business Review

Author Adele K Sweetwood lays out a common problem with Big Data processes in companies. All too often marketers use data, but their decisions and actions are not based on what the data tells them. Here, Sweetwood delivers three precise ways that businesses must change their thinking to realize maximum marketing effort. Specifically, she notes, businesses must change the culture of how analytics are being used. First, companies can use data to challenge the status quo and avoid relying on intuition. Second, companies should encourage team members to tell stories that are data-based, i.e. data visualizations, presentations and cases studies. Finally, organizations shouldn’t be reacting to the data, but rather using it to make better decisions faster.

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Predictive Analytics for Marketing: What’s Possible and How It Works via TechEmergence

Predictive Analytics for Marketing: What’s Possible and How It Works via TechEmergence

With predictive analytics, businesses can move past historical, backwards-looking marketing. Instead, these emerging AI tools give them an opportunity look into the future in a number of useful ways. Author Daniel Faggella provides an in-depth look at this burgeoning new field of analytics, providing a variety of interesting tid-bits. Included are specific ways that marketers can utilize predictive analytics right now: Determining and predicting customer behavior, improved lead generation and scoring, determining which products are the most in-demand, real-time marketing, and gathering insights that help determining future marketing spends.

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How to Keep Customer Analytics at the Forefront This Holiday Season

How to Keep Customer Analytics at the Forefront This Holiday Season

Data is a powerful tool throughout holiday shopping, and as author Shayla Price notes, it must be a centerpiece of your holiday marketing efforts. Specifically, Price makes the case for omnichannel allocation. Businesses must have systems in place to account for the multi-channel shopper, and offers a simple overview of achieving that. Additionally, Price highlights how analytics and Big Data can optimize inventory management and marketing on your best days historically. If you’re gearing up for the holiday sales season, this article offers some wonderful areas where you can ramp up your efforts. “How to Apply Holiday Shopping Insights to Your Analytics Strategies,” from the Google Analytics blog, is another great source for some holiday marketing inspiration.

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10 Ways Big Data is Revolutionizing Marketing and Sales via Forbes

10 Ways Big Data is Revolutionizing Marketing and Sales via Forbes

Author Louis Columbus provides a detailed overview of the state of Big Data and analytics in 2016. Specifically, Columbus covers 10 strategies that marketers are using, from pricing optimization, to customer retention strategy. Although the article doesn’t go into much detail about the how each strategy can be utilized, his piece will likely serve as inspiration for marketers seeking out new ways to utilize data. Plus, the article features links to case studies, industry surveys and other resources that can help marketers get ahead.

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