Moving decision-making from intuition and 'gut-feeling' based choice to data-driven strategies is a key benefitRead More
Key questions marketers need to ask their big data solutions
An increasing number of companies are utilizing big data solutions in order to gain an improved understanding of their customers' behavior, but failure to consider several key questions before doing so is likely to limit the technology's success.
Those marketers who successfully get measurable results from the platform are the most likely to ask these questions, while also ensuring they know exactly what to do with the information when they receive it.
When creating this strategy, the most important thing to do is ask why and when customers are leaving – a query that can drum up a seemingly endless list of answers, reports Clickz.com.
When T-Mobile took on big data to tell the stories of consumers who switched to alternative providers, it found those who left shared similar behaviors across payment techniques, social media channels and web logs.
By following in the telecoms giant's footsteps, marketers too can intervene when some of those telltale signs begin to unveil themselves. This can be achieved by finding those customers who left the company and backtracking their behavior for the previous six months.
Examining factors such as customer complaints, late payments and customer service experiences, marketers can discover exactly why the consumer made the decision to switch.
It is also important to ask how effective your social marketing has been, in order to gain an idea of which techniques work and which fail with your target audience. Achieving this is fairly simple, start tracking mentions, replies, comments and clicks on Twitter in order to measure engagement rates and traffic peaks.
Big data also allows marketers to discover exactly what it is that their audience is looking for. By finding the common interests of all customers, companies may find they save a lot of money by avoiding spending on products and services that no one is interested in.
Overall, a targeted and intentional approach to big data analytics is required to ensure the technology is a success, but the firms that are daring enough to put this to the test are the ones that are more likely to enjoy the benefits.