Throughout the business and marketing worlds, data is dominating the conversation. From collecting data and pulling insights to practical applications and privacy concerns, organizations are exploring all facets of data.
It’s an exciting time in the evolution of data marketing. As they did with social media five years ago, businesses are just beginning to unlock the potential uses for data. They’re testing and learning, trying to develop best practices. That means there’s a lot of info flooding out of the gates right now.
Recent Stories Detailing the Data Revolution
Here’s a look at some insightful articles and posts about data we’ve come across over the past few weeks, and what they have to add to the conversation. Feel free to add your own thoughts, insights and links on data-driven marketing by commenting below.
Get Data Insight That’s Actionable
In this post, Direct Marketing News (which posts regularly about data marketing) attempts to answer the question: What does Big Data allow marketers to do with segmentation that was not possible before?
For those of you who don’t know, segmentation involves dividing your customer base in groups so you can market to them more effectively. This article focuses on three key actions: (1) increasing usage of text mining, (2) leveraging social network data and (3) updating segmentation frequently. Here’s a quick look:
“For years, segmentation has been fundamental to engaging customers and achieving superior financial performance. Traditional schemes have relied on demographic, firmographic, survey response, and customer behavior data. The emergence of Big Data has created tremendous variety and timeliness of customer information. Thus, segmentation can now unearth greater customer insight.”
Data Tracking: A Double-Edged Sword?
This post from Inc.com describes the potential collision course of marketers looking to collect as much consumer data as possible, and consumers who are increasingly concerned about the privacy of their information. The story notes:
“A whopping 75 percent of respondents are aware their data is being collected, according to a data privacy survey administered by Ovum, a London-based analyst house… A separate survey administered by Infogroup Targeting Solutions and Yesmail Interactive, which drew responses from over 700 of the world’s top marketers, found that making the most of big data is a top concern for marketers in 2013.”
The differing views customers and companies have of data creates a curious conflict, and one that companies will probably need to address more in the near future.
‘Big Data’ Transforms Our Lives and Lifestyles
This article from USA Today looks at how Big Data affects our everyday lives, describing some ways we experience data usage without even realizing it. Since most articles focus on the business side of data, it’s good to see the use of data explained in a way everyone can understand. Here’s a glimpse:
“Welcome to your everyday world of ‘Big Data,’ the infinite sea of facts, products, books, maps, conversations, references, opinions, trends, videos, advertisements, surveys — all of the sense and nonsense that is literally at your fingertips, 24-7, every day from now on. Eric Schmidt, Google’s executive chairman, estimates that humans now create in two days the same amount of data that it took from the dawn of civilization until 2003 to create.”
This is a good 360-degree view of the data revolution, and it also addresses the customer privacy concerns mentioned above.
Data-Driven Marketing: Keeping It Relevant
This post from Direct Marketing News takes an overhead look at how an organization can collect data and sculpt it into more relevant marketing. The article quickly moves through the process, highlighting key steps along the way. Here’s an excerpt:
“Now that you’ve captured and segmented your data, leverage it for targeting, for example, by industry, product interest, title, recent purchasers, cluster, etc. Data can also identify the best delivery mechanism—desktop, mobile, or location-based. More relevant, more compelling, and more convenient communications lead to better responses.”
The story discusses data collection, segmentation, data-driven marketing efforts, and refreshing your data.
That’s it for today. You can be sure there will be many more stories and discussions on data marketing to come. We’ll work to keep you updated.