While there is a lot of talk about big data, few understand it and even fewer are using it or using it properly so that it is increasing their commercial success. A quote that has been around the web and in several of our presentations is worth repeating here.
Big data is a concept that reveals the potential in the increasing access we have to large sets of data and the ability to efficiently extract valuable information. In certain areas like health, billions of bits of data are processed to better understand the human body, analyze our genes, simulate affects for research….. well-applied, massive amounts of data (big data) can even provide a prediction of future outcomes by identifying patterns. This kind of potential inherent in big data inspires big opportunities for marketing professionals.
Big data and data marketing
Where does marketing enter into this new field? The answer is simple. More and more data is available to us with the multiplication of communication channels and the digitalization of information: data from web browsers, online interactions, email stats and CRM data, purchases from brick-and-mortar stores, tradeshows… Marketers are learning more and more about the customer and potential buyers, and in real-time thanks to innovations like cookies. We start conversations through multiple channels – telephone, email, targeted advertising, etc.
These channels of communication keep increasing and it has become more and more complex to manage this wealth of data in order to identify the valuable insights it offers so it can be used effectively. In other words, the data is spread across different channels and systems, they are of different types and not very useful in terms of compiling them all dynamically in a way that is efficient. This is the challenge when we talk about “data marketing”. How do we overcome the challenges and benefit from its potential in our marketing efforts?
DMP or the data marketing platform is central the answer
Our data responds to the rule of 3V in French – the data is varied, available in a large volume and arrives with vitesse (quickly). We could add two more even, validity and value. We need a tool capable of aggregating large volumes of data, normalizing and analyzing it in a manner that provides segmentation of contact or customer information to increase our understanding and better address the audience in a way that is suited to them and their preferred communication channels. [This is the kind of potential big data can get marketers excited about.]By linking contextual data (site navigation, email actions…) and the proprietary data (from a CRM, such as the most recent order from a store…), you can improve fine-grained personalization of your engagement with people. [Reducing the unintelligent retargeting mistakes that repel users away from a brand].Clearly, a data marketing platform such as this would take all that unused dat (be it contextual, proprietary or third-party) and turn it in to actionable intelligence.
Use cases for a DMP?
With the team DMP Makazi, Markentive is testing the major applications of a tool such as this. The most common uses concern the acquisition of new clients, the reduction of ineffective, impersonal hard-sales methods and increasing customer retention. Imagine, for example, that you can know, and responsiviely increase your online presence specifically for your most valuable audience.Interested? In the same way, you could launch a phone campaign that identifies users who visit the “unsubscibe” page on your site and proposes an promotion to keep them engaged, before it is too late. By now, you might be imagining many more uses of a data marketing platform and the processed data it can provide. With all the potential uses, your creativity may be one of your only limits on how a DMP unlocks added value in all the information you already possess.