(Part 2 of a post illustrating how marketers are creatively leveraging big data to secure competitive advantages.)
Big data leveraged into insights have a strong likelihood to distinguish organizations from their competitors. Because of the infancy of this movement, few big data insights to date have been turned into marketing advantages – so early entrants into big data marketing have a distinct advantage. Consider the following big data marketing examples for a view into how other early adopter enterprises have sought advantage from big data:
1. Next Generation Customer Retargeting
As big data analytics become more sophisticated, marketers will find better ways to retarget customers. Imagine, for example, retargeting based on items that are viewed online but not clicked on. This and other tactics will provide more customizable methods than the retargeting currently being used.
2. Use Heat Map Technology to Track In-Store Customer Preferences
Use on premise camera systems with a heat map technology to view in-store customer traffic – just as websites use technology to register online activity. This offline traffic information can be contrasted with online data to tell retailers how products perform online versus offline in order to adjust marketing programs.
3. Leverage Geospatial Data to Communicate with Customers
Use geospatial data to prepare targeted offers AND drive online customers to store locations. Wireless carriers have increased revenue per user with targeted marketing campaigns and combined offline and online marketing efforts.
4. Analyze Social Media to Increase Revenue
Use social network analysis to identify and impact influential customers. Wireless carriers have found that by implementing social analysis they can increase the revenue that their top 10 percent of influential customers impact – from 35 percent to an impressive 80 percent.
5. Focus On Conversions
Marketers should talk in the language of conversions and place their focus there. “What is the source of leads that has the highest conversion?” “What type of content inspires the strongest brand advocates?” “Which channels host the highest rate of conversions.” Use big data to inform and drive all aspects of conversions.
Look at 6 Ways Big Data Marketing Helps Companies Be Competitive: Part 1 for more examples of leveraging big data marketing.