Data is ubiquitous. Patterns and behaviours are translated into numerical figures. With every breathing minute that passes, millions upon millions of bytes of data are being created and stored. The amount of money you spend on a new car. The reasons why you wanted to purchase a new car in the first place. What led you into choosing that specific car and not another. The ways and means how you actually purchased the car. The reasons why you chose that specific yellow. Why you preferred choosing bucket seats over leather…
We are producing an extraordinary amount of data and content every minute of every passing day with absolutely no signs of slowing down. Every minute:
Dating as far back as hunter/gatherer times, when humans created notches in bones and sticks to keep track of supplies, the Library of Alexandria (the largest collection of data in the world at the time), the Antikythera Mechanism, the age of enlightenment in the 19th century up to the era we live in today, it would be criminal for businesses not to take advantage of the opportunity that presents itself.
Rather than reducing capital, how can our waste help build it?
A shift has taken over the marketing world and is becoming more and more relevant with every company that realises the potential. Long gone are the days when marketers worked off assumptions or by a gut feeling. Nowadays, marketers resort to launching campaigns through acquired data and the driving of it.
The best way to understand how data can optimise your campaign is to compare the traditional postulate of how marketers used to go about their work with how one can do so by integrating data into the mix.
The two main marketing pillars which will never change are the discovery of customer’s wants and needs, and then using that insight to deliver what customers want to buy. This hasn’t changed. The approach however is a different story.
Traditionally, this has meant that marketers had to acquire as deep of an understanding of customer needs and wants as they could from the limited market studies available at the time, then identify and anticipate customer needs totally based on that understanding to then finally launch phase 3 which was to design a marketing strategy which was utterly based on ASSUMPTIONS of what those needs initially were.
To one’s dismay, this method was often a hit or a miss. Many strategies would be launched in vain, invested money wasted and a total risk of losing your client’s trust was very much existent. This explains why companies before constantly jumped agencies.
In contrast, data driven marketing allows marketers to come up with the right strategies, at the right time making connections with the customers in a smoother and more efficient way. The benefits however go beyond merely improving communications. Nowadays, customer insights are used to:
HOW IS BIG DATA TRANSFORMING MARKETING AND SALES
Specifically, the perception your current customers have of your brand plays a key factor. What is the emotional connection, if any ? How do your customers react to your brand ? What improvements can be made to your product/service and what impact will it have on your current clientele?
Improved Customer Acquisition
A McKinsey survey found that “intensive users of customer analytics are 23 times more likely to clearly outperform their competitors in terms of new customer acquisition.”
The 360- Degree View
Big data allows marketers to have a bird’s eye view of the chosen situation at hand. It shows marketers the whereabouts of a problem, takes them to its roots and gives them the know-how to improve the situation.
It also gives a deep understanding of the company’s audiences, where they come from, what patterns they normally follow. All this and you don’t need to have the marketing budget of Virgin Atlantic.
Aberdeen Group’s Data-Driven Retail study showed that “data-driven retailers enjoy a greater annual increase in brand awareness by 2.7 times (20.1% vs. 7.4%) when compared to all others.”
Leveraging Real-Time data
Big Data allows the company to acquire, process, analyse and use in real-time. Quickly and Accurately. Because of this, immediate and effective action could be taken for whatever reason you need.
WHERE COMPETITIVE ADVANTAGE HAS BEEN ACHIEVED AS A RESULT OF DATA-DRIVEN MARKETING
Theoretically, this all sounds perfect. The fact that data has all these benefits surely means that your digital campaign can never go wrong and in comes the cash! Although that is most probably a very accurate statement, the fact of the matter is that there are many challenges that come with Data-Driven Marketing.
Challenge #1. Gathering the Data
Many new data-driven marketers feel overwhelmed by the idea of collecting customer information.
Most wonder where to find the data. Some find themselves paralysed by the overabundance of the available information.
The result, fear of even considering a data-driven campaign.
Challenge #2. Pulling the Data Together
Remember when I mentioned in the beginning of this article that every second, we collectively contribute to generating millions and millions of bytes of data ? Exactly. The problem here is that there is so much of an abundance of data out there which is constantly being updated that data can very easily and very quickly get outdated.
Challenge #3. Overcoming the Data Silos to Analyse the Data
Most companies do not store their data in one place. It is found that many enterprises store different data in different departments, teams and locations. According to Allocadia, only 8% of companies have a “data warehouse” and store all data in 1 place.
Dispersed data is counterproductive. Not storing your data in a warehouse would increase the chances of losing sensitive pieces of information which in turn will give you a very inaccurate and low success rate as the marketer would not be able to get the full insight into the campaign’s performance
The result – data silos limiting a marketing team’s ability to:
Challenge #4: Building In-House Data Team
Gathering, acquiring, storing and analysing is no easy task and it is very time consuming. Thus it would need a specialised, dedicated team to process all the large amounts of data. And this obviously comes at a cost.
Unable to allow your business to tackle these challenges as you do not have the means and resources to do so ? No problem at all.
We at ANCHOVY. fully understand these challenges. As an agency, we ourselves have looked into using big data to further optimise our own campaigns as well as campaigns that we launch for our esteemed clients. We tested it out and the results were impeccable.
The results impressed us so much that we were adamant that in order to maintain a high standard of delivery towards our clients, we must first use big data to influence the campaign at hand. This led to us launching Onestdata <https://onestdata.com/>, a data leveraging company.
The aforementioned challenges ? You would encounter no such challenges with Onestdata by your side. Your data will be gathered, pulled together, analysed and stored – all from the deliverance of a highly dedicated team
The questions never cease to exist, and due to technology, we live in an era where it is extremely easy to translate these questions into measurable information. Understanding the history of data has enabled us to evolve at the forefront of data-driven marketing — and we would love to apply our knowledge and experience to your business.
ANCHOVY. fully understands the importance of forward thinking
and customer-oriented strategies. Help us help you!
If you follow the same understanding and want to digitally strategize your operations, improve your customer experience, track your customers and expand your reach to clients in the most natural way, contact us and hop on the metaphorical boat, let’s sail together straight into success.
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send us an email at email@example.com to begin building your customer community to last above and beyond the current situation.