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From Big Data To Big Personalization

0000 FROM BIG DATA TO BIG PERSONALIZATION The promise of big data: Companies can better know their customers and act on that information through effective personalization and segmentation. And marketers, especially at the senior level, realize the importance of analytics for delivering relevant online experiences. 94% 91% Marketers who agree online personalization is critical to their Marketers who believe NAME successful brands use customer data to drive business. marketing decisions. The Big Data Problem Although marketers and organizations have plenty of data, they struggle to mine it, surface their most important customer segments, and respond to their customers' needs in real-time. 95% 39% 39% 26% Marketers who say they can't turn their data into actionable Organizations that don't use real-time Data within Marketers who think organizations that remains untapped. data is collected too infrequently or not real-time enough. on-site behavior to personalize the website experience. insight. The Segmentation Opportunity Without the ability to quickly understand and act on data, marketers are having difficulty uncovering and responding to the needs of their most impactful customer segments-even though they know how important segmentation is for personalizing the online experience. 53% 46% 40% 28% Organizations that don't target any Marketers who are Marketers who want to add online customer Marketers who believe it's important unaware of which to identify actionable insights in large data to their customer customer or visitor high-value customers profiles and be able to use that information. segments. to focus their amounts of data. marketing on. Despite Challenges, Big Data Drives Results There's good reason for companies to master their data and act on it. Need proof? Organizations that are able to understand and leverage their data to deliver personalized experiences effectively, especially to high-impact segments, are more likely to improve business performance. %2$ 49% 35% 30% Increase in revenue growth for companies that invested in analytics versus those Marketers who say data has improved customer Higher ROI for companies that invested in analytics engagement through personalization. compared to those that did not. that did not. ll 19% 5%-6% Increase in online sales (or KPIS) for marketers who can quantify the impact of website personalization on conversion rates. Increase in productivity for organizations that were data-driven in their decision-making versus companies that were not. 3 Keys for Data and Segmentation Success Here are three ways that marketers can leverage data and high-impact customer segments to create more relevant website experiences. 3 Review data frequently. Focus on high-impact segments. Don't forget about high-value segments. For instance, data might reveal that visitors from Delaware convert at the highest rate, but there might not be as much traffic coming from that state. Using affiliate channels, or another inbound marketing tactic, can help target and drive more visitors from Delaware, possibly boosting the bottom line rather than focusing on high-volume customers from another state Know the difference between interesting data and useful data. Data can't wait, and good customer information has a shelf Companies have more data than ever, so it's crucial to make sure your analytics team is uncovering actionable, rather than just interesting, data. Case in point: If a marketer uncovers that iPad users life. Working from the same fixed set of customer data for long periods of time can lead to stale website experiences for visitors. Make it a goal to review data more frequently in order to uncover and respond to customer trends in real time, or as close to that as possible. are the company's highest-spending customer segment, what action can the marketer take with that information? Before diving into data, ensure the questions being asked result in answers that can be acted on. who are already converting well. monetate Follow @monetate on twitter SOURCES: Columbia Business School/NYAMA | CM0 Council/SAS | Econsultancy | Forrester Research | IBM | MIT/Wharton •1.1 B•B• •1.1 ......... .............. ............ .. .............

From Big Data To Big Personalization

shared by Monetate on Jun 23
The promise of big data: Companies can better know their customers and act on that information through personalization and segmentation. And marketers realize the importance of analytics for deliverin...



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