This September, SIGMA’s Director of Business Intelligence, Andrew Lucyszyn, had the opportunity to present with our technology partner Tableau at an AMA Webinar called: “Analytical Insights to Power Customer Growth.” Together we discussed how SIGMA and our clients are wrangling Big Data – delivering useful insights that help move the needle on acquiring, retaining and growing their customers.
The story always starts with the data. You could call it “The Trouble with Data”! The first bit of trouble is that there is always too much data, yet at the same time, not enough of the good stuff. Typically, companies we talk to (even the big ones..) still have important data stuck in odd, inconvenient places – not well-maintained, not complete and generally unconnected. It takes some wrangling to get that data ready to tell a story. We clean, connect, reorganize and then add some of the “good stuff” – “enhancement data” that we can add from 3rd party data providers to fill in the blanks on characteristics like age and income and other interesting factoids – which might help drive some customer interactions.
Data miners dig into this type of enhanced data to find insights that can drive good marketing, but this compiled data only looks backwards at past behavior. Marketers always hope for a crystal ball (or at least a Magic 8-Ball) to look into the future. That’s where the data is handed off to statisticians who can run predictive models that will predict consumer behavior in the future. The objective of this work is to create new “Smart Data” that can be used to kick off conversations with the most important audiences and drive the most revenue.
Making data actionable for marketers usually requires three key technology components and skill sets:
- Data management and Integration – cleaning, organizing data and putting it into a marketing database like SIGMA’s mi-linkSM for easy access by marketing analysts and statisticians.
- Customer Insights – statisticians and analysts mine the data and find the insights that can drive great marketing – and create Smart Data that can make the database even more usable.
- Turning the data into great customer interactions by connecting the database to one of the many, many campaign or marketing automation tools. This is partly a technology integration exercise, but also where data- driven marketers will map out the best customer interactions to drive acquisition, growth or retention.
What kinds of insights are the easiest for marketers to take action on? These are just some of the metrics and measurements that help our clients drive innovative marketing strategies:
Identifying high value or high-risk audiences
Action: Marketing programs can target high-value, look-alike prospects and customers for acquisition and upsell campaigns.
Action: Customers with high-risk attributes can be targeted for retention programs – or simply let go if they cost the company more than they deliver.
Action: Segments can be used to drive different offer or product strategies as well as give marketers the ability to tailor messaging to be more relevant, based on the segment’s make-up.
Action: By looking at the performance of campaigns by segment, marketers can significantly improve campaign targeting.
Measuring Return on Investment
Action: Marketers can use this analysis to allocate precious marketing spend.
Measuring Multichannel Marketing Results
Action: Marketers can move resources to the media channels that drive the best results and refine their marketing tactics.
Trending and Forecasting
Action: Marketers can work with Sales teams to predict results and better plan resource allocation
Action: Marketers and Sales teams can plan tactical support of individual geographies and coordinate sales territory planning.
If you were able to join us for the webinar – Thanks! If not, the presentation will be available on our website in the next day or two.
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