If I say that there are 1 million registered customers with an e-commerce company, it might not be an attractive proposition for you as a customer to comprehend the success of the organization in reference. But when I, as an organization, say that out of that 1 million customer data base, almost 40% is from your city, it might have a amplified impact on your perception about the performance about my organization in your city. This isn’t big enough a data. But this is how I as a marketing professional view data points being successfully used by organizations these days and they are making sense to those niche micro groups that they are communicating to. This art of making sense out of big data to make it customized for a pre-identified set of niche potential consumers with homogeneous set of needs, aspirations and characteristics is a successfully proven tool to combine data analytics with marketing communication for an enhanced brand positioning. Data is being generated for your brand with every transaction and with every communication that your customer support team has on a minute by minute basis. The records that are being stored in a mind boggling number could be used to create superior marketing strategies and better brand communication to make it the next billion dollar sensex success. But with these flooded data, the intelligence does not lie in using all the data, including the noise, but filtering the data that comes in every passing minute and then using only the relevant data. As convenient and easy as it sounds, is it difficult to apply this science of identifying data measures and filters. There are many approaches that business gurus offer these days.
Companies that go local and more customized in their communication have proven to be better cash makers in contrast with those who offer more generalized, global messaging. But of course it’s a two pronged process. While you develop marketing analytic, you must also be able to differentiate the market and the customers in small, separated target groups to be able to offer relevant insights to every set of existing and potential customers for your brand. As you progress building niche segments, you shall be able to devise customized marketing messages for every customer of your product or your service with the help of data analytics. It is interesting to understand that human mind has a fantastic ability to selective hearing and retention. This implies that they will only hear what they want to retain. A normal human being will retain a small percentage of what she hears and the possibilities of retaining customized, relevant facts is much higher than the generic messaging.
Real-time marketing and data analytics- The bigger marketing transformation
Businesses are emerging on a real time basis. A time when customer issues are resolved on a real time basis, when customers post their feedback saying ‘I just got my favorite fragrance delivered and I am loving it’ on the social networks and companies tap it. We have evolved to real time marketing because we have real time communication tools to let both the organizations and consumers interact on a highly informal and quick medium. We all are aware about the successful Oreo super bowl blackout tweet. This is real time. Imagine that you have real time information about your customers behavior and choices and basis that, you are able to devise your communication and marketing strategies. I am talking about, for instance, a footwear manufacturer that uses the real time data received from their customers about the product being in high demand in a specific color or a specific shape which makes it more desirable and the product team, basis the feedback, tries to develop the desired features and the next marketing campaign from your organization might talk about – For our product engineers – You. Data analytics indeed, empowers an organization to take fundamental decisions basis trends, information and developments happening out there on a real time basis.
Marketers are widely using it, in every part of the world. Product innovations, differentiation, marketing strategies and even the missions and goals of companies are being altered with the transformation. Decisions are being influenced basis data analytics, especially in devising marketing strategies in order to communicate better with customers. But there lies a challenge to intelligently bifurcate data, put them in different buckets relevant to target micro groups and communicated on real time basis. What lies ahead is a challenge to not overdo this to an extent that the customers feel stalked and yet subtly convey the message which the consumers retain in a relatively longer time duration.