Business leaders today, especially those in such consumer-facing industries as retail, are eager to jump on the analytics bandwagon and get more out of gathering and analyzing customer data. The thinking is that with a more robust supply of information about one's target consumers, anyone can have a stronger approach to direct marketing and deliver to people targeted messages that will be more meaningful to them.
This ideal can be difficult to achieve, though. Anyone can gather data, assuming they're willing to invest the time and money necessary to do it, but the harder question is how best to turn data into ROI. It requires devising a comprehensive strategy for analyzing customer information and achieving results.
According to TechRepublic, businesses' many departments need to work together in order to exploit the marketing opportunities offered by the trend of "big data." Luc Burgelman, CEO of consumer intelligence firm NGDATA, told the news source that simply buying analytics software is not enough - executing a more complete plan is necessary.
"[Analytics] allows and encourages marketing departments to develop and execute marketing plans based on truly knowing their customers' preferences at the individual level - something that, for many, has never been done before," Burgelman said. "As a result, marketing teams are able to improve their customers' satisfaction and acquisition rates with more timely, relevant offerings and interactions that make for better customer experiences."
Burgelman elaborated that big data solutions help marketing teams build more effective multi-channel ad campaigns. If companies are armed with complete information about how their patrons like to communicate and what types of messages they respond to, there's no limit to how much they can accomplish.
One of the key ingredients for success in this arena is delivering messages that are relevant, timely and useful to the intended audience. Better data quality can help make that happen.