Big data – business changing data – is giving marketers new ways to be innovative and step ahead of competitors. A creative strategy or advertising campaign is only scratching the surface of mechanisms available today to drive revenue. Effective CMOs must appreciate the power of new and diverse data sources and demand marketing directors interpret and use statistical business and customer insights to create smart strategies and quality predictive analysis.
Understanding some of the more clever big data marketing examples helps to illustrate how marketers should be thinking analytically and creatively with non-traditional data. Consider the following big data marketing examples:
1. Measure Social Media Impact
Companies can measure the impact of social media with custom analytics solutions or social network analysis.
2. Identify Your Brand Evangelists
Identify alpha influencers and use these individuals in active marketing campaigns. Find alpha influencers not just through traditional transactions (recent purchases, customer service calls) but also through social media.
3. Translate Big Data Insights into Actionable Marketing Tactics
Translate big data insights into actionable marketing tactics with teams of different disciplines. The most successful are teams that work fast and are highly iterative – business, IT, and analytics specialists rapidly review real-world findings, recalibrate analyses, adjust assumptions, and then test outcomes.
4. Create Customer Buying Projections
Use historic behavioral data for a defined target as an indicator for behavior against a different category of product offering. For example, test payment history or upgrade likelihood for a utility service as indicators of behavior for an entertainment offering or emerging credit offering. Test into success.
5. Understand True Value of Different Marketing Channel
Combine sales data from traditional media and social-media sites to create a model that highlights the impact of traditional media versus activity reflected on social media (like call center interactions). Bad customer experiences are more powerful sales drivers than traditional media activity. Spending behind improving customer service can be more effective than funding advertising – to drive revenue.
6. Pinpoint Sales Opportunities by Zip Code
Rather than overloading sales reps with reams of data and complex models to interpret, create powerful sales tools with simple, visual interfaces that pinpoint new-customer potential by zip code. It’s a proven tactic for increased sales.
Look for Part 2 for more examples of clever examples of big data marketing. In the meantime, see other big data examples.