big data analytics Archives - Page 2 of 2 - Omnichannel Personalization SaaS Solution

13 May
2015

Importance of Location Data in Content Marketing

With the increasing integration of technology and data in sales, there has never been a better time to use location intelligence in marketing. Using location data is too easy and too beneficial to ignore. Location features help businesses stand out amongst competitors and are a staple for today’s leaders in marketing. As the concept grows, customers are beginning to expect it when using technology in their shopping experience.

Location intelligence is a must for companies that want to be successful. Read on to find out why.

It’s too easy

Working with all types of data is easy, and location data is no exception.

With a quality Data Management Platform, businesses can store, manage, organize and analyze their data in one entity. Because companies are utilizing DMPs more than ever, there is now an abundance of platforms in the marketplace ranging in price and features. With several types of platforms on the market, companies are able to choose the DMP that best suits their needs in terms of performance ability and price.

The right DMP makes data easy to use and understand. And finding the right DMP is too easy for companies not to utilize.

It’s an asset to businesses

When companies think “big data” there are certain metrics that come to mind. Typically, businesses look at what is being purchased or who is doing the purchasing.

Amazon Local customizes its deals based on customers' location — Amazon Local customizes its deals based on customers’ location

Location data is often underrated, but just as important.

Location data gives insight to consumer behavior based on a key demographic. When analyzed, this data shows geographic patterns and trends. Companies can use this information to segment their audience. These segments can then be targeted with personalized messages specifically designed to their wants and needs.

One company that utilizes the power of location data is Amazon. Through their Amazon Local feature, the company sends its consumers deals they may be interested in based on their location. For example, emails that I receive are based on my home address and contain offers just a few miles away from my house. All offers show how far away the brick-and-mortars are, which can be helpful for consumers who don’t want to make a far drive to use their deal.

It’s a customer favorite

If there’s anyone who values location data more than businesses, it’s their audience.

As businesses are beginning to include location data into their services, customers have become exposed to new interactive features that rely on location data.

One of the most loved features that uses location data includes a GPS element that shows shoppers where the nearest store location is. This feature is often available on apps or websites. Some companies have expounded on this ability by adding in-store pickup options for customers when they checkout online.

The ability to purchase online and pick up in-store is not universally used by all retailers – at least, not yet. A Forrester report says that 50% of consumers expect the option to buy online and pick up in-store. As companies gradually rely more on more on technology in marketing, this already large fraction will likely increase. Companies who have not implemented location services like this need to seriously consider doing so; otherwise, they risk being left behind with the technologically-impaired.

Walmart's blog shows its app, Shop My Store, which lets customers find items in the brick-and-mortar. — Walmart’s blog shows its app, Shop My Store, which lets customers find items in the brick-and-mortar.

Consumers also love retailers that incorporate item locators into their business strategy. Large stores like Walmart can often be overwhelming. However, by introducing an app that shows an item’s availability and aisle location, Walmart turns a headache-inducing shopping experience into a 5-minute spree. Employees have commented that the feature, in some cases, has actually saved sales by making the shopping experience easier and more convenient for the customer.

Services that incorporate location data work because customers love them. Features with location intelligence make shopping experiences more convenient. And, because an easy shopping experience correlates with a powerful shopping experience, customers prefer marketing that considers location data.

Hungry for more?

Love reading about the latest in the datasphere? Learn more about some of today’s top data trends, or check out some recent case studies from Forbes that inspired this post.

03 Mar
2015

Top Trends in Data

It’s 2015, and companies are finally getting the hang of data.

Big data has been around for years so it’s about time! More and more companies are using data to profile their customers to generate relevant products and marketing strategies. A study by Forbes and Teradata found that 78% of marketers are incorporating data into their marketing.

As companies explore the possibilities behind data analytics, we have noticed a few trends in the datasphere. Companies that choose to incorporate these trends in their marketing strategies may notice an increase in ROI and an edge over their competitors.

Unsiloing data

Companies are beginning to break down barriers in data sharing. Un-siloing data allows different departments to combine different data sets. A company’s entire stock of customer information may be stored in one simple Data Management Platform. This storage system makes finding, organizing and sharing information an easier, more efficient process.

For example, a company’s IT department may have an impressive set of internal customer information. That same company’s marketing department may have a large collection of CRM data. Companies that unsilo data pool together both sets of information, creating a single in-depth consolidation of data.

The larger data pool is beneficial to both IT and marketers, as the departments will have access to a more complete profile of their customers. This will help both departments provide a more accurate understanding of their customers, generating a more personalized, relevant shopping experience.

Privacy

Over the past year, information security and privacy has been a growing concern amongst the public. With big security breaches like the Sony hack and the iCloud celebrity photo scandal, privacy is a growing concern for many.

In response to public concern about security, companies must employ data protection and safeguarding into their data management. Companies that cannot confidently ensure that a person’s private information will stay private, the likelihood of data sharing will decrease.

Nordstrom clearly outlines its privacy policy to build trust between buyers and itself.

Additionally, easy-to-access privacy policies can increase trust between customers and a company. Provide an in-depth statement informing customers of their privacy rights can increase likelihood of sharing personal information.

Other than putting the public at ease, companies with protective measures in data management will have less risk at security breaches. Data encryption, multiple passwords and security audits may take a little extra and effort. But investing time into safeguarding customer information is vital to prevent big scandals and data breaches.

Data in Real-Time

Companies are beginning to use data in real-time to engage and connect with consumers. In the past, data has been used to create content for consumers, and is set to be viewed at a certain point in time.

Today’s marketers are integrating data and marketing strategies in real-time, to offer content that is even more current and relevant. This real-time marketing is commonly seen across social media platforms.

Nissan UK creates relevant messages by integrating real-time events into its social media marketing — Nissan UK also creates relevant messages by integrating real-time events into its social media marketing.

Google’s Fifa World Cup campaign is a prime example of real-time data integration. By analyzing Google’s search engine, data experts curated sharable images and facts for its users. This later fueled more discussion about relevant topics for Google users. This real-time analysis helps businesses understand why their target audiences share, engage and spread content.

As data analytics becomes increasingly popular, we expect that companies will employ a real-time data/marketing strategy similar to Google’s. Companies will begin to utilize social media more often, allowing their customers to share, engage and spread content easier.

More Personalization

Personalization has been a hot topic since data was first introduced to the marketing world. And, as more companies grow friendlier with data, feelings toward personalization are sure to follow suit.

Personalization increase also directly correlates with the shift of millennials as the largest purchasing power. As millennials are generally more open to sharing personal information, companies can adjust marketing to incorporate a more personalized, 1:1 marketing feel. A global study by SDL found that 46% of millennials are willing to provide personal information to businesses, in order to get rid of irrelevant marketing.

Netflix personalizes content by providing recommendations based off past interests. — Netflix – a millennial favorite – personalizes content by providing recommendations based off past interests.

As data continues to evolve, understanding where data is headed can be a big asset to companies. Anticipating changes in data and adjusting strategies accordingly can help your company stand out amongst competitors and remain a consumer favorite.

29 Dec
2014

The Top 5 Personalized Marketing Efforts

In a market that places increasingly more importance on creating a customer-centric experience, today’s top marketers must utilize personalized, 1:1 marketing strategies to drive sales and stay competitive with other companies. However, some personalized marketing efforts are more effective than others. While we have talked about some great omnichannel marketing winners, we’ll be focusing on personalized marketing winners. We’ve determined five brands that offer some of the best personalized marketing campaigns.

Amazon

Amazon incorporates personalization into marketing automation emails, as well as on their website. Last September, I experienced Amazon’s marketing personalization first-hand, when I received three emails from the company within the week following a purchase of textbooks.

The first email I received was an order confirmation email. The email confirmed that my payment had gone through, that my order had been made, and – most importantly – included a thank you for shopping with Amazon. The second email I received confirmed that my order had been shipped and, once again, thanked me for my purchase. The final email I received was signed from TextbooksTexas, but was sent through Amazon. I received confirmation that my order had been delivered, a request for review, and yet another thank you.

While each of these emails contain different content, they all thank the customer for making a purchase. Incorporating a simple “thank you” can turn a standard confirmation email into an intimate shopping experience, making the customer feel appreciated. Showing gratitude makes the customer feel valued, which increases the likelihood for loyalty and future purchases.

In addition to emails, Amazon also implements personalized marketing when customers visit their sites. A widget at the bottom of their home page lists recently viewed and recommended items for past customers, based on previous purchases. Because my past purchases had been textbooks for journalism and human rights classes, my widget was filled of different books of the same nature.

Anthropologie

Anthropologie has one of the best personalized marketing strategies for their customers’ birthdays. The retailer sends several emails to consumers over the course of their birthday month. At the beginning of the month, Anthropologie sends an email inviting the birthday guy or gal to a birthday soiree at the nearest store, complete with appetizers, personal styling, and discounts. Anthro also sends multiple emails throughout the month with special codes for discounts to birthday customers.

People like to celebrate their birthdays with family, friends, and loved ones. As Anthropologie sends customers birthday celebration emails, the retailer nonchalantly categorizes itself into the same category as those friends and loved ones. This simple personalization technique gives Anthropologie another dimension: a company that wants to maintain a close relationship – not just another sale.

Hostelworld.com

Hostelworld.com is the world’s number one hostel booking website – an accomplishment that can be explained by their personalized marketing strategy.

After one stays in a hostel booked through Hostelworld, he or she receives an email requesting a review about their stay. If, after a few days, the traveler still has not reviewed their stay, Hostelworld sends out a friendly reminder email. In big bold letters at the top of the email, Hostelworld tells the user, “We value your opinion.” Hostelworld also sends an email to its users six months following their last use of the site. This email is a reminder to travelers that Hostelworld is still around, and highly values their business.

In both of these emails, Hostelworld emphasizes the high value they place on each of their users. And, when a customer feels valued, they are likely to become repeat users.

Spotify

Similar to Amazon, Spotify incorporates personalized marketing through emails and their actual site in order to generate and maintain subscriptions.

Spotify sends out several emails each month with recommendations for music to the subscriber. These recommendations are based off of music that the user has previously listened to on Spotify. In addition, users have the option to discover new music recommended by Spotify on the Spotify platform. These recommendations, again, are based off of music the listener has listened to in the past.

ASOS

The retailer is another company that has utilized personalization through marketing automated emails to drive sales. Interested in bringing back past customers who have not visited their online store in a while, the company sends out an email with a special promo code for discounts on items on the site. Asos also sends out abandoned shopping cart emails to customers who have left the site without purchasing items they placed in their cart. As online studies show that 60% of online shoppers return to the site to make purchases after receiving an abandoned shopping cart email, Asos’s marketing automation techniques are a strategic implementation.

In both types of emails, the importance Asos places on keeping tabs on past customers is very clear. Forbes explains the importance of customer retention through statistics, like Gartner Group’s findings that 80% of a company’s future revenue will come from 20% of existing customers.

Wrapping it up

From using personalization to celebrate birthdays, to keeping customers engaged, companies utilize various 1:1 marketing techniques to generate sales. And, as data usage and omni-channel develop further, we can’t wait to see what personalized marketing campaigns await in 2015!

26 Nov
2013

How to make Big Data personal with Segmentation

Who says Big Data can’t be personalized?

Within the realms of marketing campaigns, generalization is not a word you want to embrace. Sending identical, generic mass emails to your entire customer base across the board isn’t the route you want to take. This only leads to poor customer retention, customer dissatisfaction and your emails ending up in the virtual trash bin…unopened.

When you’ve got data, you need to leverage it in order to communicate relevant and targeted messages. The content within these emails need to be useful, have purpose and address the needs of your customers in real time.

In order to efficiently segment your data, you need to conduct an analysis based on existing data and decide the target groups you want to approach. Applying segmentation to your data allows you to create email marketing campaigns that are relevant for each group. Segmenting is also a key process that disperses information, products and offers to designated groups that’s specific to their needs and interests.

Segmentation can be based on many factors according to demographics, behavioral, lifecycle, occasions, social data, past purchase history, spending habits, age, gender, website activity, etc. By segmenting all of this data, you’re identifying the various levels of your database and sending out cost-effecting email campaigns that are tailored to each group. Without segmenting data efficiently, it’s difficult to produce targeted information. Not to mention, it’s a waste of time when you’re sending out products & offers that are of no use to your customers.

Segmentation is typically based on the amount of data you have on individual customers and making the most of it. This can be obtained through social data, CRM, past purchase history, website activity, demographic, etc. It’s the process of dividing your customers into logical groups and tailoring emails targeting their interests, triggers, lifecycles, website behavior, and purchase history. Nectar suite automatically segments customers based on lifetime value and engagement.

Nectar’s products allows your brand to hyper-personalize communications with the right offers and products in real time that’ll drive revenue.

19 Sep
2013

Big Data Analytics: The Key to Unlocking Business Potential

Positive Results From the Smart Use of Big Data Analytics (3rd in a Series)

I recently spoke with several high level marketing executives about the near-ubiquitous topic, BIG DATA. The executives included Paul Golden, ex-CMO of Samsung Mobile, Barry Judge (ex-CMO of Best Buy, current CMO of LivingSocial, and Brad Todd, (Principal at The Richards Group). In this third installment, we review some of the results these executives experienced. Big data analytics was the key in making the information they had actionable to drive customer value.

Brad Todd has helped clients use their data in very sophisticated ways, by applying rigorous big data analytics. A home improvement retailer, for instance, has used information from their customers’ do-it-yourself projects to engage in helpful conversations with their customers. This type of engagement not only makes the customer feel valued, but very often leads to follow-on projects and increased customer loyalty. For instance, if a customer has planned a deck using online tools, the retailer can follow up with them at predicted intervals with suggestions and relevant offers to improve the likelihood of purchase.

The Richards Group also helps their clients integrate their marketing data and then apply big data analytics, with the objective of personalizing customer communications. They have seen improvements of 20% on average when website, email and remarketing channels are personalized to customers. The results are even greater—about 25% if cross-channel personalization occurs.

At Samsung Mobile, Paul Golden used longitudinal brand preference data to prioritize markets for their marketing efforts. He and his team tailored brand messages and tactics for eight key markets to improve brand preference versus a key competitor. The result was a swing from a relative score of -6 to +2 in overall brand preference, despite only focusing on eight key markets. Big data analytics allowed Samsung Mobile to cost-effectively determine which markets would swing the entire country’s brand preference score in their favor.

While CMO of Best Buy, Barry Judge and his team applied big data analytics to vast amounts of customer information to zero in on their highest value customers. They then tailored all their marketing to best serve those customers and increase their engagement. Knowing their customers and what their shopping habits allowed Best Buy to offer the most relevant products and offers to promote via email and direct mail. By focusing on their most loyal customers, they grew their loyalty even more and increased their share of wallet with these customers.

Big data can be a big deal in driving results for brands if used to improve customer interactions. Set objectives, determine what data is needed to achieve those objectives, compile and analyze the data, then translate it into something valuable for your customers.

Want to learn more about how to use big data analytics to improve business results? Click here.

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