Big data has revolutionized marketing. However, you have to think of big data as a raw material. It’s not the new information that’s changed the way businesses approach marketing. It’s what businesses do with that data, and the insight it provides, to make impactful decisions. By transforming the data and acting on the information you pull from it, you have the capability to create a better customer experience that keeps customers coming back time and time again.
If you are at all skeptical about leveraging marketing analytics in your business, take a look at the numbers. Forbes.com reports that:
“58% of enterprises are seeing a significant increase in customer retention and loyalty as a result of using customer analytics.”
“44% of enterprises are gaining new customers and increasing revenue as a result of adopting and integrating customer analytics into their operations.”
Taking advantage of what marketing analytics can do for your business directly translates into more customers and greater loyalty from existing customers.
1. Use the Data to Create Personalized Experiences
Customers today demand highly personalized experiences. Salesforce’s annual “State of Marketing” report, found that,
“52% of B2C customers say they’d switch brands if they didn’t feel they were receiving a personalized experience.”
Analytics allow you to personalize the customer experience, optimize the customer journey, and increase engagement all along the way.
By leveraging marketing analytics, you now have access to a wealth of information. You can see which age groups, ethnicities, geographic locations, or income brackets are frequenting your site. This data gives you the opportunity to target specific groups with marking strategies that are designed especially for customers that fall within those data sets.
Jared Lees, the senior manager of industry strategy for financial services at Adobe says,
“Use data to create personalized experiences for your audiences. Customer interactions leave behind hints, creating digital fingerprints that can be analyzed for an abundance of information—right down to what your customers are doing or even how they’re feeling at that very moment.”
2. Look for Ways to Improve the Customer Experience
We all know by now that the customer experience is king. But, many businesses are still struggling to employ marketing analytics to improve the customer’s experience. One of the biggest advantages of leveraging marketing analytics is the ability to see how your customers are responding and how you can improve.
- What’s working well and what’s not?
- Are your customers experiencing roadblocks or obstacles that you’re not aware of?
- What’s the data telling you about pain points along the customer journey?
Looking at analytics can give you quantitative and factual data about customer behavior. In turn, you can use that data to improve the customer experience and increase your likelihood of retaining current customers and attracting new ones.
3. Don’t Discount Social Media
In addition to all of the analytics that you can pull from your internal systems, social media is a virtual gold mine for customer information. We all know social media sites collect our information and track our habits. Facebook even had to testify to Congress about what they do with our information, yikes! (cue the Zuckerberg memes) But, did you know that you have access to how your customers are engaging with your content on those social sites?
- You can see what time of day your Instagram is getting the most engagement,
- which Tweets are performing the best, or
- if your Facebook marketing strategy is generating leads.
It’s time to start leveraging your data for a better customer experience, your customers will thank you.