The online space is inundated with data. With the increasing number of internet connected devices on the rise the data stream in all probability will experience an incremental increase in time to come. Infographic from vcloudnews states that 2.5 Quintillion bytes of data is produced on a daily basis, enough to fill 10 million blu ray discs and if stacked on top of one another would exceed the height of 4 Eiffel towers lined up one top of the other.
The humongous amount of data is a mouthwatering prospect for businesses as it is this data that is helping businesses align their business perspectives to existing and prospective customers. But not all data is useful to businesses as IDC in its analysis identified 90 percent of all data available is unstructured. The same analysis also pointed out that 83 percent of IT professionals were dependant on the structured data to driving results.
Keeping unstructured data out of the purview if we concentrate on the structured data available, it would still be huge load of data that easily overwhelms us. In such a case it is important to have an understanding as to the best possible way of using the available data which not just serves the cause of the business but provides the customer with a personalised pleasant experience. A recent e-book published by Direct Marketing ‘The Right Data Can Drive Customer Action’ shares the views of industry professionals on ways data can be optimised to get optimum results. Mentioned below are a few excerpts.
Qualitative data Analysis: Arthur Hall, Multichannel Consultant, QuadGraphics says the use of qualitative data analysis ensures there is a better chance of businesses achieving the desired results. He points out,’ As individuals become increasingly unpredictable and customers continue to diversify, strategic segmentation can provide the insights needed to improve reach, sales, and return on marketing investment. This qualitative data approach is based on individuals’ needs and expectations and on the reasons underlying their behavior rather than specifically on what they buy or what they do. Marketers that uncover an in-depth understanding of consumers while identifying the factors driving behavioral patterns are equipped to expertly influence creative design and copywriting, which increases relevancy and improves campaign performance.’
Real time data: Kylie Hall, Senior Director, Leadspace, says it is important to have regularly updated accurate data to make use of predictive analysis that helps analyze behavioral, demographic, and firmographic data to find, score, and segment relevant time-specific buying signals. Kylie mentions that inaccurate data can make identifying a lead a tough task or matching an existing account in the database if the data available is inaccurate, out of date or missing key attributes. Having real time data avoids such pitfalls as it is continuously updated, segmented, and scored with superior predictive analytics to match your ideal customer.
Behavioral data: Customers today have access to the internet on the go, thanks to the availability of smartphones and other internet connected mobile devices. Understanding these touch points the customer uses to do business or interact with a business is essential for businesses to know exactly what marketing material to serve through which channel. Behavioral data gives businesses the much needed insight about the customer and the multiple touch points they use to connect. Joe PinO, Director, Client Insight and Strategy, Clutch, says, ‘Behavioral data empowers businesses to understand and align customer preferences with brand experiences. While synthesizing cross-channel information can be challenging, data-driven insights provide opportunities for increased responses and returns.’
Intent data: Everyday Google responds to 3.5 billion search queries. Gauging a users search query or history can give insight into her needs. Even the search box on different web properties can come in handy to learn more on the users and what they are looking for. Matt Riley, CEO, Swiftype, believes marketers fail to use intent data to their advantage. He adds, ‘users are explicitly telling companies what they’re looking for. As the number of meaningful queries increase, marketers can more accurately forecast conversions and revenue.
Digital businesses have no choice but to succumb to the customer. Provide her with what she wants or face isolation. With unanimous agreement accepting the customer as the king or queen in the ‘age of the customer’ one solution that helps businesses serve their masters better is customer identity management. A solution that provides a world of convenience to the customer while providing valuable returns for the business.
Enabling CIM helps businesses make the dreaded registration process for customers a walk in the park, with application features such as social login that helps users use their existing social id’s to get access to a web property or single sign-on that helps a user or customer log into multiple web properties belonging to a business, using just one set of credentials. Simultaneously benefiting the business as it collects on valuable profile data that can be gauged into at any given time to get valuable customer insights to make the experience of your customers that much more pleasant.
The first primary step before getting to use data is the collection of data which CIM capably accomplishes for your business. Not just that storing and security of data also is handled capably by third party vendors providing you CIM solutions. If data is considered to be the valuable fuel that fires your business engine, CIM can be considered the efficient excavator that excavates the valuable fuel or in this case ‘data’ for your business to race ahead of competition.