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“In the era of the connected customer, having a big data strategy to collect, store, organize, and analyse the trail of deep customer data is critical to the delivery of timely, personalized customer interactions,” – Leslie Dinham
Recent developments in electronic connectivity technologies and the evolution of the data sciences have empowered brands, businesses, and marketing strategists to harness the power of market information to achieve business goals. Data has emerged as a vital asset for modern businesses. Increasingly, the trio of facts, figures, and statistics have assumed an outsize role in determining marketing strategies, profit margins, and the overall success of a business enterprise. Therefore, brands and businesses must leverage big data and customer analytics to predict customer behaviour and determine the return on investment of their marketing strategies. In light of the above, we may state that brands and businesses are using all manner of data in a renewed bid to connect with new and existing customers.
Identifying customer segments is one of the prime objectives of modern marketing exercises because such identification can help businesses to reach out to new and existing customers. For instance, a business that sells high-end bicycles would be advised to collect data about its clientele and customers in a bid to create a long-range marketing strategy. The said business should initiate on-going conversations with its current set of customers and seek to probe customer choices, interests, requirements, and product preferences, etc. The ensuing data can be fed into customer analytics software and customer relationship management databases in order to glean market insights and information that helps to categorise and interpret customer behaviour. In addition, the new and existing customers can be encouraged to share their product experiences on social media platforms, thereby amplifying the scope of their brand experience and creating fertile grounds to attract new customers to said business. Further, the said bicycle seller can opt to poll customers in terms of their preferred product colours, the number of gears in each bicycle, choice of tyres, and the preferred brands. These strategies are essentially driven by data, which can be processed to help the business present a distinctive value proposition to its new and existing customers.
Data-driven marketing strategies offer real world benefits to brands and businesses because they can review the performance of a marketing campaign at any time. Online marketing campaigns and social media-driven campaigns generate much data that can be reviewed on digital dashboards in real time. These actions enable businesses to assess the impact on and the reactions of new and existing customers. Any course corrections can be quickly implemented and the efficacy of a marketing campaign can be determined by reviewing the relevant data. We must note that brands and businesses that operate such marketing strategies are well positioned to discover original customer insights that imbue the term ‘customer behaviour’ with fresh meaning and hitherto unknown dimensions. In light of these facts, brands and businesses would be well advised to try to decipher the patterns emerging from a variety of data that emanates from customer behaviour.
Digital marketing strategists can enlist ‘help’ from competing businesses in order to expand their own reach into multiple groups of new and existing customers. This strategy may not appear original but can prove highly effective in achieving the business objective. For instance, a business enterprise can analyse the social media feeds of a competing business enterprise and target the customers that click on the ‘like’ and ‘share’ buttons on those social media handles. We may state that this approach can help the said business to gain access to legions of fresh customers. Subsequently, the brand or business can create a digital marketing campaign to target these customers through social media channels. Offerings may include a set of competing products and services; the market traction for such a campaign is assured because these customers have already indicated serious interest in a certain set of products and services. We must note that this strategy represents a case of proxy marketing, but offers enormous scope when said customers are subsequently targeted with an original online marketing campaign. We may also state that this approach to engaging with new and existing customers expands the scope of customer choice and adds variety to the commercial offerings being marketed to customers.
Sophisticated software packages that drive speech analytics can be used to decipher customer wants and requirements. The information ensuing from such exercises can help to inform businesses craft marketing campaigns. For instance, an airline operator that uses customer care centres can deploy speech analytics to analyse and decode customer preferences. This information can be processed and refined to arrive at clusters of information that can be directed into the creation of marketing campaigns. This strategy has the potential to help the said airline to connect with new and existing customers, thereby expanding the customer base. The information can also help the business to expand its range of offerings and services, thereby gaining a business edge in competitive markets.
Business expansion must ideally proceed in step with expansion of the customer base in most industries. Therefore, brands and businesses can choose to focus on mechanisms that enable new and existing customers to connect with a brand or business. The means of connectivity can comprise chat bots powered by big data and artificial intelligence. For instance, a financial services provider can install chat bots on its customer-facing business website and on its social media handles. We note that chat bots are essentially designed to initiate and sustain conversations with customers. The said business can then encourage its new and existing customers to connect with the business through the. The business case for this strategy is driven by the fact that said can harvest a wealth of customer information through the automated interactions, while the business gains access to troves of customer data that can be processed and fed into the creation of electronic marketing strategies. In addition, this strategy helps the said business to gain a customer-friendly face, which might encourage more business prospects to explore the chances of becoming a customer.
Geographical information and location data can help modern businesses to connect with new and existing customers. For instance, a quick service restaurant operator can create a geo-targeted mobile advertisement campaign that targets audiences at the local level. This strategy implies that the campaign is actively pitched to customers and prospective customers that operate in a certain geographical area. Modern connectivity technologies enable the creation and execution of such targeted campaigns. An extension of such data-driven campaigns is manifested when a newly opened business transmits digital advertisements to families and households within a demarcated geographical area. In addition, neighbourhood IP data can be leveraged to drive highly effective marketing campaigns that are targeted at local shoppers. In light of the above, we may note that modern data-driven technologies can be deployed by businesses to connect with new and existing customers.
In the preceding paragraphs, we have examined some of the uses of data that can help businesses to reach new and existing customers. The possibilities of using data for marketing purposes have multiplied manifold in recent times and these possibilities should be harnessed by every brand and business.
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