Big Data: Unveiling opportunities in Email Marketing

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This infographic by Monks unveils the big data opportunities discussing multi-channel data management, big data analytics models, customer data types, etc. to help marketers with the best practices to utilize big data in email marketing.

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Big Data: Unveiling opportunities in Email Marketing

  1. 1. I333 IDESTIZA UNVEILING THE BIG OPPORTUNITIES IN Big data is a blanket term for any collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. And for email marketers, data is mission critical. With the right set of data, you could send better targeted and real-time emails to your subscribers providing them best in class inbox experience. DATA IS BIG, Bur ARE MARKETERS LEVERAGING IT ENOUGH? Email Marketing is becoming more personalized and relevant! According to Aberdeen, Personalized emails with right data sets improve click through rates by 14%. A McKinsey & Company study of more than 250 engagements over five years revealed that companies that put data at the center of their email marketing and overall sales decisions, improve their marketing return on investment by 15-20%. EC According to IBM, 83% of CMOs expect to enhance their use of analytics to capture customer insights. And Forbes reports that by 2017, CM05 will outspend C|0s on information technology. And, if you are up to utilize big data effectively, you ought to understand the characteristics of big data! i/ I ASPECTS or BIG DATA . ‘ I I : , Ii: E’ i BEFORE YOU AIM FOR STARS! Volume T Veloclty T Variablllty The quantity of data that is The term ‘velocity’ in the context This refers to the inconsistency generated is very important in refers to the speed or generation which can be shown by the data this context. of data or how fast the data is at times, thus hampering the generated and processed, process or being able to handle and manage the data effectively. Veraclty Complexity The quality of the data being Data management can become a captured can vary greatly. very complex process. especially Accuracy or analysis depends on when large volumes of data the veracity ofthe source data. comes from multiple sources This SIIUBIIOVI. is therefore. termed as the ‘complexity’ of Big Data. What happens once you fill hot air in the balloon, it rises of course! And, now that you are through with Bernard Marr's 5 aspects of Big Data, it's time for you to rise, transform data sets and eiiiririil. r ri ii iiri . i ; rilii- iii. I / / JOURNEY TOWARDS I iL-if; rc. BIG DATA TRANSFORMATION A heap of data is of no use. Big data is useful only when it is properly collected, assessed and evaluated overthe period of time so that it can be transformed into actionable data sets. fcustomer QUBIIW ( I‘ Data ASSGSSFYISM I Transforming the ' Collection Of the Dalia heap of Data to ‘ ’ ‘ * Customer Intelligence * ‘ Big Data E Formation 4 A . Re-evaluation . Comprehensive H ' Data We ration - of the Data ‘I r Database A and procissmg I V L 7 Well, you might have a question here! What about data from multiple sources or channels? How do you tackle that- Q MULTI—CHANNEL DATA MANAGEMENT GETTING UP TO THE CLOUD! Challenge: Solution: Data comes from a variety of sources ‘ Learn about hovi data modeling impacts the rnessaqlhg ai‘id your : like social media, CRM, analytics, deeper pe'si: e(tive on clrstonter behavior polntcoflpllrchase. web interaction, etc so what should be done to manage the iiultI~(haiir‘. el data stores in the disparate systems7 ~ select the right data sets that provide value to your email program or company s consider using a multrchaiinelniaikeriiig cioud that can collectively use data rrorii dirreieirt sources and drive relevant carnpaigns and irIl&’dE[IOF5 ‘ Vierge the vital data with consumer or recip ent behavior Like a hot air balloon. you have the data upright and you are ready to rise. but you need to know how to drive! How if you make the journey blend with some insightriil models of big dala7 iii? ANALYTICS MODELS OF BIG DATA IT HELPS IMPROVE EMAII_ ROI! 1 CLUSTERING Clustering tells a story about who your consumer is by grouping sirnilal customers together. With clustering you let the algorithms, rather than the marketers, create customer segments. Algorithms are able to segment custolners based on many more variables than a human being ever could. clustering is not the end all and be all of data modelling. Once you have the customers grouped into “like” behavioral groups, you then can look deeper at the data to determine how good a customer/ prospect they truly are. based on numerous signals. Let’s explore a few of these and see how deep we can go. ong terlrhl gllvllu qu buye $99 average order 3124 average order $2.261 total revenues 5595 total revenues 24 days between orders 67 days between orders ~ 10 More ‘ 10 More 2 PROPENSITY MODELS Propensity models make predictions about a customer's future behavior. With propensity models you can anticipate a customer's possible future behavior. The certainty of action however is a prediction and you have to gauge the degree of certainty. You could use this to analyze your subscribers‘ propensity to engage, propensity to unsubscribe. propensity to buy in a specific product or service category, churn. etc. 3 RECOMMENDATION OR COLLABORATIVE FILTERING These recommendation models were made famous by Amazon with their ‘customer W who liked this product, also liked . .." suggestions. There are different types of recommendations. You could use the same for upselling or cross selling products in % your order confirmation or transactional emails which can have at high open and W engagement rate well above promotional communication. Forall of us who are email marketers. we need specific email data types for bettertargeted campaigns! So. which are those? (TOR. Purchase Histories and er-oivsing Behavior. may be? @ WHICH ARE THE X/ ORTH CHANTING CUSTOMER DATA TYPES FOR EMAII MARKETFRS? Well, Monks have listed four primary data types every email marketer needs to get acquainted with. Web Interaction Access to a recipienLs' web interaction data can help marketers gain an in-depth understanding of how the customer is browsing a website. Abandoned shopping carts and completed applications for instance, will show what the consumer is in the market ror. thus rilling the blanks ror what kinds of email campaigns will prove most compelling. Emall Interaction Basic email interaction data shows where the customer has clicked within the email. open rates, opened links, clicks, customer conversions, and related metrics. Profile Preferences Dara rroni user proriles. such as location. age and gender. may not be as reliable as the users‘ most recent email or web interactions but is still valuable in baseline targeting, Also, do consider data obtained rrom third party sources, That data can give you insight into consumer behavior when they are not engaged with your brand or Purchase Data Past purchase data can be a valuable predictor of a consumer's next move. By looking at what the subscriber has purchased in the past and what they are using now. email campaigns can be customized to suggest a personalized next step. For example. ifthe customer just bought a new mobile phone, knowing specific specials for phone cases and screen protectors can help direct the next _ purchase. information [hal has not been disclosed that can be used ror insights. El Split test results of the subject lines. CTAs. copy. send D Different ways of incorporating dynamic content in email time. etc. body, the past results etc. El Which domains performed well. which email clients did I3 Information supplied by customers in the preference not support the campaigns, what is to be done to stand center. out in tabbed inboxes? BIG DATA IS DIVINE — DBENEFITS OF USING DATA BASED EMAII MARKETING! y <9 Timely insights from the vast amounts of data. This 9 Tailored product launches and customized service includes lists that are stored in the company propositions with narrower customer profiling & databases, from external third—party sources, the segmentation. Internet. social media and remote sensors. V ‘ <9 Real-time information monitoring unlocking the Sophisticated analytics can substantially improve value and relevancy for each and every subscriber decision-making for next campaigns. minimize risks, differently. and unearth valuable insights that would otherwise remain hidden. I 9 Increased engagement, open rate and conversions. <9 Increase in customer loyalty and relationship even without offers or discounts by looking at the data in aggregate. Q9 DI I I Ii”—I‘i. : X/ ITH B . L/ 7 Vi IN EMAIL BEST PRACTICES Read up on the latest articles and perspectives on the use of Big Data II II Test the data at each stage or ierrheiiient and Duild a comprehensive database II II Do not set long term goals based on existing data as with time, you will require to update to new data types based on the third party information and customer preferences. II II Test the effectiveness of data on small samples before building an entire program based on the data. II II Understand the data backup mechanism and how will you manage reriiovirrg or replacing obsolete data with new data and information , I I , ll . while using data modeling ror your email campaigns. integrate separate data sources with conformed dimensions that hold together separate data sources and allow them to be combined In a single ahalvsis II II Maintain privacy as an important aspect of big data governance. Also. ensure the systems are having robust mechanisms to prevent data theft El I_ / I I, Qualiry existing and required tools, email systems and architecture that will support the big data lifecycle being managed II II Do not overuse the data which is available to you. but not explicitly shared by customers it might create permission related issues or even breaching the privacy. II II Measure results, operational as well as business value ROI Use control groups to get the real effectiveness A December 2015 survey of digital shoppers conducted by Harris Interactive found that 70% were even willing to disclose personal information in order to get emails that were more relevant to their buying situation. 50 when you have more people ready to ride your hot air balloon. why not utilize the space In your balloon and make the joy rlde more accessible? '« And, we can't thank Ryan Phelan enough for all the help he has extended to us with the infographic contentwith his views and thoughts about Big Data. Ryan Phelan has over 15 years ofemail and digital marketing experience most recently with Acxiom, B| ueHornet, Sears and Responsys. Ryan is a respected I K thought leader and nationally distinguished speaker on subjects relating to using ‘ complex data to drive effective strategies in email marketing. social and mobile. He currently resides in the San Francisco Bay area. O EMAIL MONKS I Ai"c'§A Snailflloulu Email Monks designs and code heavenly emails, landing pages and templates. To get the best conversion from your big data. blend it with ourunique designs and errorless code. Get in touch with us today on hello@emaiImnnks. cnnr or visit www. emoIInronks. cnm Igor nnqu: .l‘-ilr. - Iinmlllsvu-rni

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