Marketers are always seeking new ways to target customers.
As companies like Amazon continue to get product recommendations totally spot on, smaller businesses need to embrace big data to gain a leg up. With ever-increasing competition, the importance of knowing each customer at a deep level is absolutely essential.
Imagine going into your local butcher shop. If you went in each week, the person at the counter probably knew what you would order from the moment you walked in. The democratisation of big data marketing technology brings this personalised experience back to the customer.
For example, think of retailers that have both a brick-and-mortar store and an eCommerce store. Regardless of the channel where the customer shops, the marketer should have a complete view of a customer's shopping habits across all channels. If a customer religiously buys clothing from one designer via the retailer's online store, the salesperson at the brick-and-mortar store should be aware of this. That way, when the customer walks into the physical store, the salesperson simply pulls up the shopper's profile and makes clothing recommendations based on that person's
online buying patterns.
Big data analytics takes a lot of the thinking out of it for the retailer.
One key benefit that big data marketing provides is that you can find out who your most profitable customers are even from the very first transaction. By looking at who buys on discount or who has purchased a gift, you can predict that the buyer will have a lower lifetime value than someone who buys at full price and buys often. When a marketer makes the distinction between high value and low value customers, they can put the proper marketing tactics in place. For instance, you may decide not to market to your discount shoppers at all, or you might offer free shipping and limited edition products to your VIPs.
When it comes to building the case for predictive technology, the ROI speaks for itself. By looking at customer data and putting unique marketing campaigns in motion that address targeted customer needs, I've seen businesses grow revenue by up to 30 percent and triple margins. And naturally, customers are happier as well because they feel that they are being catered to.
The bottom line is that one-size-fits-all marketing simply does not exist. With the democratisation of big data, it only makes sense for marketers to embrace today's technologies that are available, or you may not be in business down the road.
If you invest in Amazon-like analytics capabilities to really get to know your customers, the payoffs can be immense.
By Omer Artun, CEO and Founder of AgilOne.
GDPR Summit Series is a global series of GDPR events which will help marketers to prepare to meet the requirements of the GDPR ahead of May 2018 and beyond. Further information and conference details are available at http://www.gdprsummit.london/
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