‘Big Data’ forever changes the marketing world. Behold the iconic Perisphere, representing the ever-increasing world of big data created by today’s connected customers. Follow the data-driven targeting strategies and capabilities of top performing companies of big data adoption. But what is “big data”?
Big data is categorized by large volumes of all different types of data (e.g., social, web, transaction) that builds very quickly. It exceeds the reach of commonly used hardware environments and software tools to capture, manage and process promptly for its users.
Three steps that put your data to work:
- Define the data you need: Determine what data types are required to satisfy a business challenge or answer a customer problem.
- Create an implementation plan: It might feel awkward at first sight but use data analysis, not intuition, to define the strategy to maximize marketing results.
- Analyse/ Adjust: On-going monitoring of results will help you identify opportunities and potential pitfalls in your marketing results.
Today’s connected consumers generate a large and growing digital footprint:
- 8 Trillion Online ad impressions in 2011.
- Data production will be 44X greater in 2020 than it was in 2009.
- 294 Billion emails sent every day
Top Strategies for marketing companies:
- Improve the targeting of marketing offers.
- Obtain 360° view of the customer.
- Data-driven targeting capabilities
- Access unstructured internal
- Access social media data
- Apply behavior scoring to customer data.
- Provide offers customized to individuals.
- Predict model used to drive decisions continuously, in real time.
Predictive analytics research shows that leading marketers using data-driven targeting to improve the targeting of offers and gain a 360° view of the customer. These companies are more likely to incorporate multiple data connectors, including unstructured and social data, use behavioral analysis to customize marketing and respond to customer activity in real-time. Their performance proves the value and potential of big data for significant marketing result.
Marketing is moving to digital platforms. Data connectors are being used by marketers to better their marketing efforts. Big data is collected through consumer interactions and engagement, and id analyzed. It is essential to understand the data organize and analyse it and then built strategies based on insights in data-driven marketing approach.
Data-driven Targeting Benefits
Data-driven targeting approach can benefit both the businesses and consumers. It is crucial however to implement the strategies successfully.
Using the data-driven targeting, companies can create campaigns for a specific audience and send the right message to the right people. It is done by deeply understand the customer profiles.
Information about prospects and customers will be available to the marketers, and they can easily separate and group the target audience and accordingly plan strategies.
Customer experience can be enhanced using data-driven marketing approach. Customer satisfaction surveys help to get data about customer satisfaction.
Data-driven targeting also helps the companies to understand the needs and requirements of the prospects and develop products that are better suited.
Adobe Audience Manager (AAM) is a data management platform that enables advertisers, publishers, and agencies to build unique audience profiles, so you can identify your most valuable segments and use them across any digital channel. It allows to create a real 360 view of a consumer profile, build and activate meaningful audiences, and ultimately drive the pillars of the customer journey.
With the current trends in IoT, a customer has lots of choices, and advertisers/publishers have to be sophisticated to reach them. A customer can start looking for a product on a social media on his/her phone, then come back to his laptop, maybe add it to cart, then go back to phone complete the order, share experience to other social media platforms. So, to capture this customer journey in a productive way, identify what channels customers are using more/less, pain points, etc. is what AAM helps in.
It helps to:
Understand your audiences: Get a complete view of your audience by combining all of your data sources in one place.
Create new segments: Continually discover and organize new, valuable segments for smarter targeting and personalization.
Advertise effectively: Make your ad campaigns more productive by targeting specific segments on any platform.
What can it do?
360-degree profiles: Combine information from online, offline and second- and third-party sources to create complete customer profiles
Audience segmentation: Conveniently target specific customer profiles on any content delivery platform, like content management systems and ad servers.
Cross-device measurement: Identify, measure and target people as they move across screens and devices.
Look-a-like modeling: Identify prospects who are similar in behavior to your most valuable customers so that you can extend your reach.