Five Steps to Applying “Big Data” to Your Customer Communications
Posted on 14 April, 2015
In a recent article by Andy Wood that appeared in Customer Care News, called “Five Steps to Applying ‘Big Data’ to Your Customer Communications and Marketing,” Wood discussed how “Big Data” has transformed into a necessary tool in marketing and creating a positive customer experience.
“Across all sectors — and departments within individual businesses — Big Data is helping to enhance capabilities as well as increase profits, and dealings with customers are no exception. In terms of front-line, customer-facing parts of most businesses, marketing and customer relationship management (CRM) are among the first to have originally embraced data — before it was “Big” — and are already reaping the rewards,” the article stated.
Wood advises that companies follow five essential steps:
1. Determine your objectives
In this step, you will determine ways to increase the number of consumer visits while reducing the amount of lost customers. This is the best way to ensure increased profitability and quantify your goals.
2. Consider what data is essential
Profligate data will hinder your business’s success, which is why essential data is, well, essential. Data should be accurate and consistent. The easiest ways to determine what is superfluous is by asking if the data is in a functional condition, if it deepens the connection with the client and if it will increase revenues.
3. Find the best way of capturing the essential data
A CRM or loyalty program proves to be invaluable when it comes to capturing consumer data. The reasons being are that such programs allow companies to track the behaviors of customers and see what they’re buying, how long the process takes and where they buy from.
4. Secure data permissions and trust
Companies need to be mindful of the Data Protection Act, an act that requires to offer consumers the option to opt out of communications. All customer data needs to be used responsibly in order to maintain an air of trust. Now more than ever, customers want to ensure their data is secure and being handled effectively.
5. Put an SCV database at the heart of your activity
SCV, or, single customer view, pieces all the data together. The data acquired from SCV is “analyzed to provide insight that enables you to reward and influence customer buying habits that encourage increased spending, increased frequency and reduced attrition…Big Data will only work as the fuel for insight-based actions if the data is not held in silos such as mail, store, web, mobile and email, but joined up in a consumer-centric database.”
For strategies surrounding “Big Data” to run efficiently, there needs to be successful data management and a clear scope of objectives. By focusing on the customer experience and the bottom line, “Big Data” methodologies will succeed and create higher ROIs. Read the full story here.
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