Book Review & Interview: 3 Marketing Lessons From The Big Data-Driven Business
How many times have you made a purchase either online or in a store and found that you either received recommendations or coupons after your purchase that seemed to be exactly what you were looking for? That experience is one example of how companies are using big data to create a better experience and more effectively target buyers based on previous behaviors.
The sheer amount of trackable activity that exists today has begun to make data collection and analysis a much more manageable task, and the impact is in the numbers. Research has found that for a Fortune 1000 company, increasing data accessibility by just 10% has the potential to result in more than $65 million dollars in additional revenue.
To help companies understand how to use data more effectively, Russell Glass, Head of Marketing Products for LinkedIn and Sean Callahan, Senior Manager Content Marketing for LinkedIn Marketing Solutions (client) collaborated to write a book titled The Big Data-Driven Business. This book focuses on ways that brands can utilize big data to win more customers, outshine the competition and increase company profits.
As marketers, our ability to collect, synthesize and make decisions based on data is a necessity to compete in today’s marketplace. To make that transition easier, I’ve included some of the biggest data related marketing lessons I drew from this book as well as an interview with authors Russell and Sean on the opportunities with big data.
#1 – Data & The New Buyer’s Journey
Customer relationships used to involve enthusiastic handshakes, and wining and dining prospects to make a sale. Today’s self-directed buyers often make it through a vast majority of the sales process before even speaking with a company representative. Therein lies the challenge and opportunity for marketers to use data informed marketing to be the best answer for customers, wherever they are searching.
“By the time a B2B buyer reaches out to the salesperson, there is often little to be learned. The salesperson is perhaps there to negotiate some terms and take the order.”
Customers are now armed with a great deal of information that helps them decide which company or product is the best fit for their needs. By analyzing how prospects interact with emails, move through the company website and interact on social channels are all signals of what they’re searching for.
#2 – How to Use Data to Learn More About Your Customers
You can hire the most talented marketing team in the world, but if you have a crap product, your chances of developing a strong customer base goes out the window. Think of some of the products you use most as a consumer. Those could include things like Spotify streaming radio, Amazon or Netflix. One thing each of these companies have …read more
Source:: Top Rank Blog