Have you ever received a promotion from a company for a product you’ve already purchased from them? If so, you’re not alone. Irrelevant promotions are driving customers to defect from brands and hurting businesses’ bottom line. These steps below explain how companies can leverage data, employ analytics and deploy insight-driven marketing techniques that uncover customer insights.
Many companies do not realize the value of their data. Even simple data, when applied to marketing strategies, campaigns and tactics, can provide significant upticks in results. Making data a priority across IT, marketing, sales, customer service and finance will ensure that your company leverages what is already in-house.
While many companies have customer data in-house, it is often stored in silos or owned by different departments. Understanding how and where to find, link and, ultimately, integrate data are critical to achieving data usability.
Clean it up
Companies can begin by using data that is already captured in-house and start with minimal fields of data. The first order of business is to perform a base-level cleansing of this data to get it ready for use.
Once data is cleansed, companies need to analyze it. By disaggregating the data, a more precise and actionable customer strategy will emerge. Data doesn’t lie. Many companies use outside resources to deploy data analytics and develop algorithms, which create sustainable marketing, but the analysis has to be done whether it is home grown or outsourced.
Test, measure and improve
Using data in a marketing campaign and measuring results vs. the business-as-usual control is a great way to measure and improve. Producing results will help justify additional steps forward and provide richer insights based on actual customer response and behavior.