Democratization of Big Data for Marketing in Any Size Organization
Marketing has always incorporated elements of art and science. While many marketing campaigns are innovative, creative and downright excellent in terms of the ‘art’, the power of the science has been lacking and largely inaccessible to most firms due to the cost and complexity. At the same time, consumer buying behaviors have been evolving at a much faster pace and the traditional laws of marketing including product, placement, pricing and promotion have been radically impacted by some new laws. These new laws are increasingly influenced by what some are affectionately referring to as SMAC: Social, Mobile, Analytics and Cloud.
- Social: Marketing campaigns needs to incorporate the social universe. I used to think this was primarily for consumer buying behavior but it is equally true for B to B marketing as well. Incorporating the social voice of the customer is quickly becoming one of the best ways to secure an accurate and timely understanding of your customer and adds much needed context to any proactive or real time customer service and marketing engagements.
- Mobile: Customers and prospects are increasingly mobile and are leveraging information in real time from anywhere at any time. Marketers have already adapted promotions, messages and advertisements to this new mobile reality and now the burgeoning opportunity resides in capturing, analyzing and proactively assisting in the mobile channel experience. And, when it comes to customer service, we know that a majority of the interactions started on the web result in a call to the contact center, so wouldn’t it be nice to know where the customer has been and what they’ve been doing as part of the context of the call? Customers are increasingly placing a large emphasis on a company’s understanding of them as an individual when it comes to rating customer satisfaction. Understanding the customer’s mobile experience provides much needed information for a comprehensive understanding of the customer as an individual.
- Analytics: This is the turbo-charge for any marketing effort. The volume and variety of customer interaction data is simply too large to dissect and make sense of in a manual or ad hoc fashion. Yet, the value of this data is a literal goldmine. Fortunately, companies are incorporating analytics into the fabric of their everyday tools. For example, today, when a customer calls or proactively reaches out to a company, the customer service agent or company representative can have, at their fingertips and on their screen, key data points about the customer to more efficiently and effectively service the customer. Not just basic information anymore but truly valuable insights including: past behaviors and the likelihood for escalation or call back or the potential to transition the interaction from service to sales based on the context and sentiment.
o A large retail customer generated $10.8m in revenue by improving close rates and increasing average contract value and reduced average handle time by 79% by applying Interaction Analytics to its customer service center.
o A mid-sized eCommerce company used Interaction Analytics to focus on customer satisfaction and increased its Net Promoter Score by 90% within two years
o A regional telecommunications company employed Interaction Analytics to help reduce churn and improve customer satisfaction resulting in an 11% reduction in churn and a value of $1.4m in retained customer contract value per year
- Cloud: Being able to offer capabilities via the cloud makes much of the capabilities discussed above even more accessible. Software and platforms delivered as a service provide a delivery model which enables you to pay as you grow and use only what you need.
Innovative interaction analytics allows you to get closer to your customers and capitalize on the opportunities of big data in marketing. Aggregating all the data points about your customers, across channels, in real time, and applying the context and analytics is the new environment for proactive, immediate and reactive customer interactions, will improve operational efficiency and customer satisfaction while increasing sales effectiveness. And, with the option for on premise or ‘as a service’ delivery, the traditional barriers to adoption – cost and complexity – are greatly reduced.