1) Big data is defined as large volumes of structured and unstructured data that is growing exponentially. It can be analyzed to provide more accurate insights and better decision making.
2) The key aspects of big data are volume, velocity, variety, and variability of data from multiple sources.
3) Companies that effectively analyze big data can improve marketing ROI by 15-20% and increase productivity and profits by 5-6% over peers.
La base para optimizar y potenciar la toma de decisiones en cualqueir empresa es la información. Pero no la información en bruto, sino aquella de la que podemos obtener valor tras su análisis.
Leveraging Service Computing and Big Data Analytics for E-CommerceKarthikeyan Umapathy
Panel discussions on Leveraging Service Computing and Big Data Analytics for E-Commerce at the Workshop on e-Business (WeB) 2015 held on December 12, 2015 at Fort Worth, Texas, USA.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
La base para optimizar y potenciar la toma de decisiones en cualqueir empresa es la información. Pero no la información en bruto, sino aquella de la que podemos obtener valor tras su análisis.
Leveraging Service Computing and Big Data Analytics for E-CommerceKarthikeyan Umapathy
Panel discussions on Leveraging Service Computing and Big Data Analytics for E-Commerce at the Workshop on e-Business (WeB) 2015 held on December 12, 2015 at Fort Worth, Texas, USA.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
BI & Big data use case for banking - by rully feranataRully Feranata
Big Data and all about its business case in banking industry - how it will change the landscape and how it can be harness in order organization to stay ahead of the game
Data Mining: The Top 3 Things You Need to Know to Achieve Business Improvemen...Dr. Cedric Alford
While companies have been using various CRM and automation technologies for many years to capture and retain traditional business data, these existing technologies were not built to handle the massive explosion in data that is occurring today. The shift started nearly 10 years ago with expanding usage of the internet and the introduction of social media. But the pace has accelerated in the past five years following the introduction of smart phones and digital devices such as tablets and GPS devices. The continued rise in these technologies is creating a constant increase in complex data on a daily basis.
The result? Many companies don't know how to get value and insights from the massive amounts of data they have today. Worse yet, many more are uncertain how to leverage this data glut for business advantage tomorrow. In this white paper, we will explore three important things to know about big data and how companies can achieve major business benefits and improvements through effective data mining of their own big data.
Dr. Cedric Alford provides a roadmap for organizations seeking to understand how to make Big Data actionable.
Who needs Big Data? What benefits can organisations realistically achieve with Big Data? What else required for success? What are the opportunities for players in this space? In this paper, Cartesian explores these questions surrounding Big Data.
www.cartesian.com
How Artificial Intelligence is Impacting Marketing Today and How Smart Market...Mark Osborne
Overview of Artificial Intelligence AI and Machine Learning technologies that are impacting marketing today, and how marketers can plan their career and build the relevant computer science / engineering / statistics / and data-driven decision-making skills to excel in the future. Covers relevant algorithms, and marketing strategies like segmentation, targeting, and positioning, and how marketers can prepare
Best Metrics to Optimize B2B Demand GenFrankAliyar
B2B marketers who need to do more than simply create brand awareness through outbound marketing have adopted Account-Based Marketing (ABM) in order to focus on key accounts. Successful ABM campaigns can produce highly qualified, valuable prospects.
Big Data and Marketing: Data Activation and ManagementConor Duke
Data Management and Activation
Crevan O’Malley – Evangelist, Oracle Marketing Cloud
Modern Marketers rely on data-driven marketing solutions to deliver more personalised customer experiences across every channel—helping attract and retain the ideal customers who become brand advocates. Discover how to aggregate, enrich, and analyze all your customer data on a single data management platform.
Why Marketers need to know about Data
Tara Grehan - Managing Director at Datalytics
Why Marketers need to know about Data
Tara Grehan - Managing Director at Datalytics
Despite starting out as a qualitative researcher, roles and projects frequently brought me back to data. And so I decided to tackle it and have developed some interesting insights into data management along the way.
Having worked in Marketing both agency and client side for fifteen years now in a variety of roles from Market Research and Customer Insights to Change Management, being comfortable with data has made all the difference and this evening I’ll tell you why.
Using Big Data to Grow on a Budget
Michael Waldron - Marketing and Sales Manager at AYLIEN
AYLIEN is an Artificial Intelligence content analysis startup and Mike will be speaking on their growth journey over the past 6 months. With a focus on how they have delivered growth by optimising their budget, focusing on Data Points that matter and what to points to obsess on through the marketing funnel.
Big Data, customer analytics and loyalty marketingKevin May
Want to improve the customer experience while optimizing customer service, marketing spend and wallet share?
In this FREE webinar from Tnooz and IBM, attendees learn the benefits of big data analytics including:
Developing persona-level customer segmentation.
Improving products/services launches.
Optimizing return on marketing spend.
Utilizing social media analytics.
Webinar presenters are:
Kurt Wedgwood – information agenda consultant for travel and transportation, IBM
Tzaras Christon – executive vice president for growth, Aginity
Kevin May - editor and moderator, Tnooz
Gene Quinn - CEO and producer, Tnooz
1 Five Big Data Trends Revolutionizing Retail Summary.docxjeremylockett77
1
Five Big Data Trends Revolutionizing Retail
Summary: More retailers are finding that Big Data can revitalize an industry challenged by a slow economy,
increasingly empowered consumers, mobile proliferation and an ever-growing number of channels.
By Andrew Brust for Big on Data | August 16, 2013 --
This guest post is from Kelly Kennedy, Senior Vice President of Enterprise Sales at Info group Targeting
Solution
s, where she supports large
enterprise clients with a wealth of industry experience across both B2C and B2B solutions.
By Kelly Kennedy
Its Moore’s law of marketing: The aggregate amount of data available to retailers doubles every two years. Acquiring the
insights that retailers need to find, target and retain their ideal customers used to be a problem. Now, marketers are tasked
with sifting through the enormous amount of data they have on hand. Big Data is just that, and the sheer amount makes it
difficult not only to discern what’s valuable, but to discover what information might be missing or lost in the shuffle.
The retail industry may have turned a corner. In a recent interview, Karem Tomak, vice president of analytics for
Macys.com, admitted that just three years ago the department store relied on Excel spreadsheets to house and make sense
of customer data. Now the retail giant is crediting Big Data and analytics with a double-digit percentage increase in
revenue.
More retailers are finding that Big Data has the potential to revitalize an industry being challenged by a slow economy,
increasingly empowered consumers, mobile proliferation and an ever-growing number of channels. Although Big Data is
having profound impacts on retail and marketing strategy, it’s important for brands to use these trends as building blocks
for a greater process flow overhaul. Without the proper technology, internal knowledge and best practices in place, it’s
difficult to maximize Big Data’s potential benefits.
Five ways Big Data is revolutionizing retail marketing
1. Growing, cross-channel data volumes
The rise of mobile, tablets and social media has accelerated the growth of available customer
data. A typical retailer knows not only the basic demographic information about a customer, but
purchase history, call center interaction, mobile/social interaction, supply chain data and more.
The sheer volume of information available to retailers is unprecedented, even for brands that
have years of experience analyzing customer data.
2. Increasing investment in technology
You’d be hard-pressed to walk into a Best Buy right now and find a hard drive that stores less
than a terabyte. Storage is so cheap that it’s leveling the playing field for many companies when
it comes to Big Data. Retail leaders have started investing in centralized databases and focusing
on data hygiene and analytics, giving them insight into their customers that wasn't possible even
a few years ago.
In 2013, retailer ...
BI & Big data use case for banking - by rully feranataRully Feranata
Big Data and all about its business case in banking industry - how it will change the landscape and how it can be harness in order organization to stay ahead of the game
Data Mining: The Top 3 Things You Need to Know to Achieve Business Improvemen...Dr. Cedric Alford
While companies have been using various CRM and automation technologies for many years to capture and retain traditional business data, these existing technologies were not built to handle the massive explosion in data that is occurring today. The shift started nearly 10 years ago with expanding usage of the internet and the introduction of social media. But the pace has accelerated in the past five years following the introduction of smart phones and digital devices such as tablets and GPS devices. The continued rise in these technologies is creating a constant increase in complex data on a daily basis.
The result? Many companies don't know how to get value and insights from the massive amounts of data they have today. Worse yet, many more are uncertain how to leverage this data glut for business advantage tomorrow. In this white paper, we will explore three important things to know about big data and how companies can achieve major business benefits and improvements through effective data mining of their own big data.
Dr. Cedric Alford provides a roadmap for organizations seeking to understand how to make Big Data actionable.
Who needs Big Data? What benefits can organisations realistically achieve with Big Data? What else required for success? What are the opportunities for players in this space? In this paper, Cartesian explores these questions surrounding Big Data.
www.cartesian.com
How Artificial Intelligence is Impacting Marketing Today and How Smart Market...Mark Osborne
Overview of Artificial Intelligence AI and Machine Learning technologies that are impacting marketing today, and how marketers can plan their career and build the relevant computer science / engineering / statistics / and data-driven decision-making skills to excel in the future. Covers relevant algorithms, and marketing strategies like segmentation, targeting, and positioning, and how marketers can prepare
Best Metrics to Optimize B2B Demand GenFrankAliyar
B2B marketers who need to do more than simply create brand awareness through outbound marketing have adopted Account-Based Marketing (ABM) in order to focus on key accounts. Successful ABM campaigns can produce highly qualified, valuable prospects.
Big Data and Marketing: Data Activation and ManagementConor Duke
Data Management and Activation
Crevan O’Malley – Evangelist, Oracle Marketing Cloud
Modern Marketers rely on data-driven marketing solutions to deliver more personalised customer experiences across every channel—helping attract and retain the ideal customers who become brand advocates. Discover how to aggregate, enrich, and analyze all your customer data on a single data management platform.
Why Marketers need to know about Data
Tara Grehan - Managing Director at Datalytics
Why Marketers need to know about Data
Tara Grehan - Managing Director at Datalytics
Despite starting out as a qualitative researcher, roles and projects frequently brought me back to data. And so I decided to tackle it and have developed some interesting insights into data management along the way.
Having worked in Marketing both agency and client side for fifteen years now in a variety of roles from Market Research and Customer Insights to Change Management, being comfortable with data has made all the difference and this evening I’ll tell you why.
Using Big Data to Grow on a Budget
Michael Waldron - Marketing and Sales Manager at AYLIEN
AYLIEN is an Artificial Intelligence content analysis startup and Mike will be speaking on their growth journey over the past 6 months. With a focus on how they have delivered growth by optimising their budget, focusing on Data Points that matter and what to points to obsess on through the marketing funnel.
Big Data, customer analytics and loyalty marketingKevin May
Want to improve the customer experience while optimizing customer service, marketing spend and wallet share?
In this FREE webinar from Tnooz and IBM, attendees learn the benefits of big data analytics including:
Developing persona-level customer segmentation.
Improving products/services launches.
Optimizing return on marketing spend.
Utilizing social media analytics.
Webinar presenters are:
Kurt Wedgwood – information agenda consultant for travel and transportation, IBM
Tzaras Christon – executive vice president for growth, Aginity
Kevin May - editor and moderator, Tnooz
Gene Quinn - CEO and producer, Tnooz
1 Five Big Data Trends Revolutionizing Retail Summary.docxjeremylockett77
1
Five Big Data Trends Revolutionizing Retail
Summary: More retailers are finding that Big Data can revitalize an industry challenged by a slow economy,
increasingly empowered consumers, mobile proliferation and an ever-growing number of channels.
By Andrew Brust for Big on Data | August 16, 2013 --
This guest post is from Kelly Kennedy, Senior Vice President of Enterprise Sales at Info group Targeting
Solution
s, where she supports large
enterprise clients with a wealth of industry experience across both B2C and B2B solutions.
By Kelly Kennedy
Its Moore’s law of marketing: The aggregate amount of data available to retailers doubles every two years. Acquiring the
insights that retailers need to find, target and retain their ideal customers used to be a problem. Now, marketers are tasked
with sifting through the enormous amount of data they have on hand. Big Data is just that, and the sheer amount makes it
difficult not only to discern what’s valuable, but to discover what information might be missing or lost in the shuffle.
The retail industry may have turned a corner. In a recent interview, Karem Tomak, vice president of analytics for
Macys.com, admitted that just three years ago the department store relied on Excel spreadsheets to house and make sense
of customer data. Now the retail giant is crediting Big Data and analytics with a double-digit percentage increase in
revenue.
More retailers are finding that Big Data has the potential to revitalize an industry being challenged by a slow economy,
increasingly empowered consumers, mobile proliferation and an ever-growing number of channels. Although Big Data is
having profound impacts on retail and marketing strategy, it’s important for brands to use these trends as building blocks
for a greater process flow overhaul. Without the proper technology, internal knowledge and best practices in place, it’s
difficult to maximize Big Data’s potential benefits.
Five ways Big Data is revolutionizing retail marketing
1. Growing, cross-channel data volumes
The rise of mobile, tablets and social media has accelerated the growth of available customer
data. A typical retailer knows not only the basic demographic information about a customer, but
purchase history, call center interaction, mobile/social interaction, supply chain data and more.
The sheer volume of information available to retailers is unprecedented, even for brands that
have years of experience analyzing customer data.
2. Increasing investment in technology
You’d be hard-pressed to walk into a Best Buy right now and find a hard drive that stores less
than a terabyte. Storage is so cheap that it’s leveling the playing field for many companies when
it comes to Big Data. Retail leaders have started investing in centralized databases and focusing
on data hygiene and analytics, giving them insight into their customers that wasn't possible even
a few years ago.
In 2013, retailer ...
How Big Data helps banks know their customers betterHEXANIKA
Enterprises today mine customer data to ensure maximum success by targeting their products and solutions to the right audience. Let us have a look at how Big Data and Customer Analytics are helping businesses use their customer data for maximum benefits.
Is Your Company Braced Up for handling Big Datahimanshu13jun
Has your company recently launched new product or company is concerned with the poor sales figure or want to reach new prospects and also reduce the existing customers' attrition, then this thought evoking short hand guide is available for you to explore.
Thinking Small: Bringing the Power of Big Data to the MassesFlutterbyBarb
Thinking Small: Bringing the Power of Big Data to the Masses via Adobe with the results of improved access to insights, better user experiences, and greater productivity in the enterprise.
Big Data is Here for Financial Services White PaperExperian
Conquering Big Data Challenges
Financial institutions have invested in Big Data for many years, and new advances in technology infrastructure have opened the door for leveraging data in ways that can make an even greater impact on your business.
Learn how Big Data challenges are easier to overcome and how to find opportunities in your existing data and scale for the future.
Similar to Big data is a popular term used to describe the exponential growth and availability of data (20)
SEO as the Backbone of Digital MarketingFelipe Bazon
In this talk Felipe Bazon will share how him and his team at Hedgehog Digital share our journey of making C-Levels alike, specially CMOS realize that SEO is the backbone of digital marketing by showing how SEO can contribute to brand awareness, reputation and authority and above all how to use SEO to create more robust global marketing strategies.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
AI-Powered Personalization: Principles, Use Cases, and Its Impact on CROVWO
In today’s era of AI, personalization is more than just a trend—it’s a fundamental strategy that unlocks numerous opportunities.
When done effectively, personalization builds trust, loyalty, and satisfaction among your users—key factors for business success. However, relying solely on AI capabilities isn’t enough. You need to anchor your approach in solid principles, understand your users’ context, and master the art of persuasion.
Join us as Sarjak Patel and Naitry Saggu from 3rd Eye Consulting unveil a transformative framework. This approach seamlessly integrates your unique context, consumer insights, and conversion goals, paving the way for unparalleled success in personalization.
5 big bets to drive growth in 2024 without one additional marketing dollar AND how to adapt to the biggest shifting eCommerce trend- AI.
1) Romance Your Customers - Retention
2) ‘Alternative’ Lead Gen - Advocacy
3) The Beautiful Basics - Conversion Rate Optimization
4) Land that Bottom Line - Profitability
5) Roll the Dice - New Business Models
Videos are more engaging, more memorable, and more popular than any other type of content out there. That’s why it’s estimated that 82% of consumer traffic will come from videos by 2025.
And with videos evolving from landscape to portrait and experts promoting shorter clips, one thing remains constant – our brains LOVE videos.
So is there science behind what makes people absolutely irresistible on camera?
The answer: definitely yes.
In this jam-packed session with Stephanie Garcia, you’ll get your hands on a steal-worthy guide that uncovers the art and science to being irresistible on camera. From body language to words that convert, she’ll show you how to captivate on command so that viewers are excited and ready to take action.
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
Key Takeaways:
Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
How to Run Landing Page Tests On and Off Paid Social PlatformsVWO
Join us for an exclusive webinar featuring Mariate, Alexandra and Nima where we will unveil a comprehensive blueprint for crafting a successful paid media strategy focused on landing page testing.With escalating costs in paid advertising, understanding how to maximize each visitor’s experience is crucial for retention and conversion.
This session will dive into the methodologies for executing and analyzing landing page tests within paid social channels, offering a blend of theoretical knowledge and practical insights.
The Pearmill team will guide you through the nuances of setting up and managing landing page experiments on paid social platforms. You will learn about the critical rules to follow, the structure of effective tests, optimal conversion duration and budget allocation.
The session will also cover data analysis techniques and criteria for graduating landing pages.
In the second part of the webinar, Pearmill will explore the use of A/B testing platforms. Discover common pitfalls to avoid in A/B testing and gain insights into analyzing A/B tests results effectively.
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
Big data is a popular term used to describe the exponential growth and availability of data
1. Big data is a popular term used to describe the exponential growth and
availability of data, both structured and unstructured. And big data
may be as important to business – and society – as the Internet has
become. Why? More data may lead to more accurate analyses.
More accurate analyses may lead to more confident decision making. And better
decisions can mean greater operational efficiencies, cost reductions and reduced risk.
Big data defined
As far back as 2001, industry analyst Doug Laney (currently with Gartner) articulated the
now mainstream definition of big data as the three Vs of big data: volume, velocity and
variety1
.
• Volume. Many factors contribute to the increase in data volume. Transaction-
based data stored through the years. Unstructured data streaming in from social
media. Increasing amounts of sensor and machine-to-machine data being
collected. In the past, excessive data volume was a storage issue. But with
decreasing storage costs, other issues emerge, including how to determine
relevance within large data volumes and how to use analytics to create value from
relevant data.
• Velocity. Data is streaming in at unprecedented speed and must be dealt with in a
timely manner. RFID tags, sensors and smart metering are driving the need to
deal with torrents of data in near-real time. Reacting quickly enough to deal with
data velocity is a challenge for most organizations.
• Variety. Data today comes in all types of formats. Structured, numeric data in
traditional databases. Information created from line-of-business applications.
Unstructured text documents, email, video, audio, stock ticker data and financial
transactions. Managing, merging and governing different varieties of data is
something many organizations still grapple with.
• Variability. In addition to the increasing velocities and varieties of data, data
flows can be highly inconsistent with periodic peaks. Is something trending in
social media? Daily, seasonal and event-triggered peak data loads can be
challenging to manage. Even more so with unstructured data involved.
• Complexity. Today's data comes from multiple sources. And it is still an
undertaking to link, match, cleanse and transform data across systems. However,
it is necessary to connect and correlate relationships, hierarchies and multiple data
linkages or your data can quickly spiral out of control.
Big Data is the biggest game-changing opportunity for marketing and sales since the
Internet went mainstream almost 20 years ago. That statement often prompts vigorous
head nodding from executives, but is quickly followed by head scratching. “How can we
make this happen?”
2. Organizations today face overwhelming amounts of data, organizational complexity,
rapidly changing customer behaviors, and increased competitive pressures. New
technologies as well as rapidly proliferating channels and platforms have created a
massively complex environment. At the same time, the explosion in data and digital
technologies has opened up an unprecedented array of insights into customer needs and
behaviors.Some companies are already turning that Big Data promise into reality. Those
that use Big Data and analytics effectively show productivity rates and profitability that
are 5 – 6 percent higher than those of their peers. McKinsey analysis of more than 250
engagements over five years has revealed that companies that put data at the center of the
marketing and sales decisions improve their marketing return on investment (MROI) by
15 – 20 percent. That adds up to $150 – $200 billion of additional value based on global
annual marketing spend of an estimated $1 trillion.Data on its own, however, is nothing
more than 1s and 0s. The companies that succeed today do three things well:
1. Use analytics to identify valuable opportunities. Successful discovery requires
building a data advantage by pulling in relevant data sets from both within and outside
the company. Relying on mass analysis of those data, however, is often a recipe for
failure. Analytics leaders take the time to develop “destination thinking,” which is writing
down in simple sentences the business problems they want to solve or questions they
want answered. These need to go beyond broad goals such as “increase wallet share” and
get down to a level of specificity that is meaningful.This approach also means moving
away from the “usual way of doing things.” Most sales leaders deploy resources, for
example, on the basis of the current or historical performance of a given sales region.
Using data to specifically unlock new opportunities requires looking at data in a new
way. One chemicals company, for example, decided to look at market share within
customer industry sections in specific US counties instead of looking at current sales by
region, as they’d always done. The micromarket analysis revealed that although the
company had 20 percent of the overall market, it had up to 60 percent in some markets
but as little as 10 percent in others, including those with the fastest growing segments.
2. Start with the consumer decision journey. Today’s channel-surfing consumer is
comfortable using an array of devices, tools, and technologies to fulfill a task.
Understanding that decision journey is critical to identifying battlegrounds to either win
new customers or keep existing ones from defecting to competitors. Some 35 percent of
B2B pre-purchase activities, for example, are digital, which means B2B companies need
to invest in web sites that more effectively communicate the value of their products, SEO
technology to make sure potential customers are finding them, and social media
monitoring to spot new sales opportunities. One online retailer, for example, tailors its
offers and discounts based on predictions of how likely a valued customer is to
defect.Marketing and sales leaders need to develop complete pictures of their customers
so they can create messages and products that are relevant to them. Our research shows
that personalization can deliver five to eight times the ROI on marketing spend and lift
sales 10 percent or more. Becoming ever more effective with this kind of targeting, we
believe (and hope), will mean the death of spam.
3. 3. Keep it fast and simple. Data worldwide is growing 40 percent per year, a rate of
growth that is daunting for any marketing and sales leader. Companies need to invest in
an automated “algorithmic marketing,” an approach that allows for the processing of vast
amounts of data through a “self-learning” process to create better and more relevant
interactions with consumers. That can include predictive statistics, machine learning, and
natural language mining. These systems can track key words automatically, for example,
and make updates every 15 seconds based on changing search terms used, ad costs, or
customer behavior. It can make price changes on the fly across thousands of products
based on customer preference, price comparisons, inventory, and predictive analysis. One
bank in Latin America transformed itself from a little-known player into an institution
that was ranked 11th
in market capitalization worldwide in part through algorithmic
marketing. It captured ATM interactions and fed next-product-to-buy algorithms to call
centers, which service operators could use to make suitable offers during the customer’s
next interaction.That level of personal interaction highlights another critical point, which
is that automation doesn’t mean people go away. Advanced analytics need to serve front-
line staff – whether that’s a customer service operator or a sales rep in the field. To
succeed companies need to shield the front line from the vast analytical complexity and
deliver simple guidelines and recommended actions. One cargo airline, for example,
developed a complex model that analyzed the frequently changing dynamics of the cargo
industry and negotiating strategies based on supply and demand. What it delivered to its
sales staff, however, was a simple “dashboard” with simple guidelines on flight capacity,
corresponding pricing as well as competitor options. The result was a 20 percent boost in
share of wallet.
This goldmine of data is a pivot-point moment for marketing and sales leaders. Those
who are able to drive above-market growth, though, are the ones who can effectively
mine that gold. The real issue is not that you are acquiring large amounts of data. It's
what you do with the data that counts. The hopeful vision is that organizations will be
able to take data from any source, harness relevant data and analyze it to find answers
that enable
1) Cost reductions,
2) Time reductions,
3) New product development and optimized offerings, and
4) Smarter business decision making.
For instance, by combining big data and high-powered analytics, it is possible to:
• Determine root causes of failures, issues and defects in near-real time, potentially
saving billions of dollars annually.
• Optimize routes for many thousands of package delivery vehicles while they are
on the road.
4. • Analyze millions of SKUs to determine prices that maximize profit and clear
inventory.
• Generate retail coupons at the point of sale based on the customer's current and
past purchases.
• Send tailored recommendations to mobile devices while customers are in the right
area to take advantage of offers.
• Recalculate entire risk portfolios in minutes.
• Quickly identify customers who matter the most.
• Use clickstream analysis and data mining to detect fraudulent behavior.
Consider some of the major benefits being realised by companies committed to
leveraging their big data with these solutions.
Top and bottom line benefits
To outperform and overachieve their sales quotas, many sales leaders today must address
business challenges; whether it’s selling products to existing customers, identifying new
customers or making sure that fewer deals are lost in negotiations. Industry averages
indicate that 50-60% of sales opportunities stall before closing, while less than 55% of
sales executives are actually on track to achieve their quotas.
Big data applications help meet these challenges by using advanced data science models
to produce predictive and prescriptive insights. Companies are able to identify and
compare how each of their salespeople are performing, both independently and alongside
their peers. They also gain insights on which customers are most likely to purchase their
products and services, and on the prices paid by similar companies, which guides them on
which opportunities they have the greatest likelihood of winning.
For example, sales organisations can gain a clear picture into customer buying patterns
based on past history and can also compare the preferences of similar customers in order
to identify new opportunities. These big data solutions can generate pricing targets for
sales people by bringing visibility into what is actually being achieved by top performers
and by setting a benchmark for what can and should be achieved for similar customer
segments. The result helps sales management to set quotas and provide guidelines to sales
people in the field on how to properly price products and services to maximise sales wins.
Connected by mobile devices, sales teams can tap into cloud-based big data pricing
solutions to construct the highest value deal within a framework that gives them the
ability to combine or unbundle products, make substitutions, change payment terms,
adjust currency exchange rates, and upsell and cross-sell more products – all based on the
individual customer’s situation. Using pricing software solutions, sales people can
actually demonstrate during negotiations why a specific price is justified, based on the
value it delivers to an individual customer.
Sales confidence and motivational benefits
5. By bringing together the vast experience of the entire sales force during the sales
negotiation process with recommended pricing, big data pricing software helps not only
to increase the confidence of “sales underperformers,” it also provides the tools for even
the very best sales team members to discover opportunities to enhance their performance.
In addition, big data applications can provide a powerful motivational boost to sales
teams by making the relative performance of salespeople, customers and regions more
transparent to management and field sales. Salespeople can be made aware of exactly
how they perform on a relative basis to their peers, which fosters a healthy competitive
spirit and ensures that sales teams achieve their sales targets.
By adopting new cloud-based pricing and sales performance technologies, organisations
can unlock the potential of big data they already collect through procurement and
customer management systems to help maximise the value and profitability of every
customer deal. This critical information can be analysed and automated so that the sales
force can be much more knowledgeable, and therefore much more effective, in securing
better prices and margins.
6. By bringing together the vast experience of the entire sales force during the sales
negotiation process with recommended pricing, big data pricing software helps not only
to increase the confidence of “sales underperformers,” it also provides the tools for even
the very best sales team members to discover opportunities to enhance their performance.
In addition, big data applications can provide a powerful motivational boost to sales
teams by making the relative performance of salespeople, customers and regions more
transparent to management and field sales. Salespeople can be made aware of exactly
how they perform on a relative basis to their peers, which fosters a healthy competitive
spirit and ensures that sales teams achieve their sales targets.
By adopting new cloud-based pricing and sales performance technologies, organisations
can unlock the potential of big data they already collect through procurement and
customer management systems to help maximise the value and profitability of every
customer deal. This critical information can be analysed and automated so that the sales
force can be much more knowledgeable, and therefore much more effective, in securing
better prices and margins.