I N T E L L I G E N C E T H A T C O M P E L S How will your data change in 2015? Pat Riley Vice President, Business Development, Cogensia As marketing departments begin the process of strategic planning and budgeting for 2015, chances are data is front and center in your discussions. Whether it is contact data, sales data, demographic data, preference data, behavior data, geolocation data, etc., more than 9 in 10 companies believe some form of “Big Data” is essential to their marketing success1. But before you start writing goals and action steps for the upcoming year, let’s take a look back at what Forbes promised 2014 would deliver when it came to Big Data: • Big Data Will Transition from Hype to Actionable Insights “Companies will ramp up their investment in big data, begin hiring chief analytics officers to lead the way, and invest in visualization tools2.” Unless you are one of the estimated 100 companies worldwide with a CAO, chances are your company is still working to identify what investments (in time, effort and dollars) should be made to maximize the impact data should have on your business. • Traditional Companies Will Derive Revenue From Data “Even retailers such as grocery stores have begun selling their data–and the trend is only in its infancy2.” Many companies are using data to streamline logistics, speed up payments, or deliver personalized communications to customers, but is there an opportunity to sell your data to others? Also, will you be budgeting revenue in 2015 based on income you receive this year? • More Companies Will Implement Machine Learning and Predictive Analytics “In 2014, more companies will implement machine learning technologies, including semiautomated development of predictive and prescriptive models to increase productivity2.” Hopefully, this wasn’t how you spent the first half of your year, because a recent A.T. Kearney/Carnegie Mellon University study found leading enterprises concentrate on collaboration and analytics communities, while laggards focus on technology alone3. Unfortunately, this is just another example of this year’s “must do” becoming next year’s “big miss.” 100 W. Hillcrest Blvd., Ste. 406, Schaumburg, IL 60195 847.805.9800 [email protected] www.cogensia.com I N T E L L I G E N C E T H A T C O M P E L S So what should your strategic plan focus on? The next few months will no doubt bring a wide variety of opinions on what you “must do” with your data in the New Year, but if you want results in 2015, here are three areas to focus on: 1. Know your customer better Marketing initiatives should focus on the customer, and it is impossible to execute effective campaigns if you don’t have a crystal-clear understanding of who your customer is. Use internal and external data to: a. Understand your customers’ demographics, lifestage, lifestyle, and interests b. Define your geographic market c. Determine the future customer value Think you know your customer already? Realize that our world is changing faster than ever before, and it probably wouldn’t hurt to confirm what you think you know. 2. Use what you learn about your customer to do your job better This data-based understanding should serve as your foundation to be a more effective marketer. Since you know who your most valuable customers are, use the data to build better acquisition models. Use data to learn more about the correlation between your products or services and develop better cross-sell and upsell marketing strategies. Customer data should drive channel preference, message frequency, and content – making your brand more relevant to your customers. 3. Get real (time) Like I said earlier, our world is ever-changing, and so are your customers and competitors. Building a marketing infrastructure that responds to these changes as they happen is no longer a nice-to-have, it is business critical. Using data from customer interactions to drive real-time verification, scoring, segmentation and insight positions your brand to deliver the best customer experience possible. Better customer experiences lead to increased sales! Whether you have little or much to do with your customer data going into 2015, Cogensia would like to help! Cogensia is a customer marketing solutions firm. We empower clients with the data, insights and platforms to build and sustain relationship ROI through customer intimacy. No words can describe the satisfaction that understanding your customers can bring to your business. We can add insight to every decision you make about your customers, your marketing strategy/campaigns, and how you can measure the marketing return on investment. Please reach out to me at [email protected] or 847-805-9800 to learn more about how we can use data to move your business forward in 2015! *References: 1. http://www.marketingcharts.com/online/top-data-types-considered-essential-to-marketing-success-39915/ 2. http://www.forbes.com/sites/centurylink/2014/01/07/top-four-big-data-trends-for-businesses-in-2014/ 3. http://www.atkearney.com/analytics/featured-article/-/asset_publisher/FNSUwH9BGQyt/content/beyond-big-the-analytically-powered-organization/10192