Big data has changed the face of customer relation management
Jul 07 2014
There has been a definitive change in the gallons of information that’s seeping into the continuously evolving CRM systems of the organisations. Customer requirement/feedback play a pivotal role in defining the offerings and is being targeted heavily by brands.
When it comes to traditional marketing, marketeers are using this new found power of data for better understanding the existing and prospective customers. They are utilising real time analytics to enhance marketing campaigns and to charter a more defined path. Data has enabled marketeers to determine the variables of a campaign and its channels of communication.
Predictive consumer behaviour, in the manner that a player like Amazon is foreseeing, can change the landscape of reaching the consumer with the help of big data, collected at every stage of the purchase funnel — during customer research, product comparisons, product reviews and offers chosen — and can be utilised at the time of the transaction. Amazon’s model that proposes to merge traditional and online intelligence can be evolutionary at even 50 per cent accuracy.
Organisations are monitoring and collecting data and analysing it to re-target audiences, define prospective consumers and create customer segments. Defining customer categories based on online research behaviour, product comparison patterns and purchase intent can enable brand marketeers to narrow down and pick the most precise and high potential customer segments for their products.
With data as the premise, marketeers are now creating their own mix to persuade new customers, extend greater benefits to existing customers and elongate the customer retention cycle.
The industry is beginning to see a slew of new age marketing solutions delivering real time analytics for numerous forms of advertising, especially digital. Businesses are now accepting the new age advertising standard — that advertising can be performance based, to be optimised in real time. It’s barely about what can be fixed in the next round and mostly about optimising and creating the real time ambience.
The online eco-system has upgraded substantially given the data driven decision making at the ad impression level. The online marketeer is finally able to manage diverse and strong streams of data to better understand, analyse and plant ads that can be witnessed in real time via numerous connections that now exist.
Leveraging digital media optimally in real time to achieve scale requires two key things: speed and precision. It’s time that brands leverage their own data (first party data) and the third party data seamlessly in order to put the correct marketing initiatives in the right place and at the right time.
The marketeers’ world today has evolved significantly where they utilise real time analytics to measure performance through dashboards from search optimisations and other tools. Nearly everything seems probable now.
There’s no question of how to advertise or when to advertise. Now, it depends on marketeers to take action faster, to optimise and to think in real time, instead of campaigns established on seasonality, yearly quarters and the holiday/festive season.
Opportunities are springing up in the consumer’s mind right now, this very moment. This sudden awareness of real time analytics is not only influencing a noteworthy amount of investments, but also ushering in the prospects for brands to make much enhanced (and more knowledgeable) assessments. What we’re faced with is a world where the data is available in real time, but actions to effectively utilise it are still very “human”. Can we mesh it?
(The writer is business head at PrecisionMatch)