Big data now enables businesses to work faster and smarter. It takes less time to process a vast amount of data and turn them into actionable insights that can positively impact revenue. For instance, retailers can use business intelligence tools to determine which products sell more quickly, and they can then order back stock accordingly to avoid shortages or lose out on sales. Marketers are doing the same by harnessing real-time information about customers, enabling them to reach customers when it will be most effective.
Marketers getting personal with patrons
New advertising technologies are looking to take that idea one step further with personalization and predictive analytics, according to MarketingWeek. Advertisers can already buy ad space based on market demand, but they might soon be able to target customers individually. A new solution called AdSmart will allow marketers to target consumers individually by leveraging data about their audiences and then sending them tailored ads on specific channels.
On top of that, brands will also be able to reach the same individual across multiple platforms with varying content that will be most effective based on their preferences, the media outlet reports. This presents great potential, but it also brings new challenges. Marketers have always dealt with data, but as they bring new content into the mix, they need to improve their data quality practices. This is why Axa Wealth Elevate managing director David Thompson said that data consistency is one of his company's top priorities for 2013.
Quality control efforts are becoming a bigger priority for other companies as well, MarketingWeek found.
"We have email addresses for our business customers but when individuals use social media they often use different emails and profiles so it can be difficult to get the consistency we need," Paul Bushell of VMware told the source. "We want to know what content they are responding to on social media and align that with their buying cycle data which we already hold."
Selling companies on data quality takes personal approach
Not every company is as easy to sell on data quality, though, Dylan Jones wrote in a recent post for the Data Roundtable blog. Jones explains that even when business leaders are aware of the benefits and importance to their analytics strategies, they can still be resistant if the call to action is not personal. In his experience, Jones has recognized that business executives are much more willing to invest in the tools when they know what's personally at stake.