FIGARODIGITAL.CO.UK
What Is Big Data?
“There is more data than there has ever been in human history. Data frees individuals,” says James Blake, CEO, Hello Soda. The evolution of data, and the data we hold on each other, has seen a huge spike in the amount of information we have, not just on purchase behaviour, their conversations – everything is online and there to be analysed. “Big data analytics is the process of
creating structure from unstructured data to derive meaning,” Blake explains. “Consumers’ digital footprints require advanced analytics techniques to reveal insights into human behaviour.” Marketers simply analytics technique. With audiences taking to the internet, those data sets are there for the taking, and the companies with the ability to turn those insights into content will be the
This Time It’s Personal
The more people become comfortable with online shopping, the more they expect that experience to become personalised and tailored to
their individual needs and interests. O2’s Rise of Me-tail study reveals that over half of customers are more likely to buy from a business if it provides individual needs – proving that the consumer is open to handing over that vital information if it increases the value of their experience.
personalisation across industries,” explains Blake. “Real-time insights into consumer interests, life-events, personality, and more provides businesses with the capability to know to target and how to communicate with their customers to maximise acquisition, retention, cross-sell and up-sell.” “One example is the Egypt crisis
last year when one of our own team members was left stranded in Sharm el Sheikh for a week. If she had held a bank account with Bank A, who were actively using big data analytics to personalise her experience, they could extended interest-free overdraft to help cover unexpected costs. The consequence of this would be the customer feeling valued by their bank, boosting brand loyalty and improving
Every
customer, no matter where they fall on the loyalty scale, has the
potential to move up the customer ladder. It’s all about segmenting your data."
customer retention.” Ben Harper, co-founder of data
analytics agency Datify, and author of The End of Guesswork: The Role of Data in Modern Marketing, sees data from the perspective of trends and personalisation – but predominantly from the perspective of audience insight. With a background in law enforcement as a police intelligence analyst, his insight is a unique one. He says that the way we’re using data is “personalisation but on a larger scale.” Moving on from simple social targeting, for example, which based ad views on pages a consumer had liked, you can now “literally target people whose insurance expires next month”, Harper explains, alluding to how third party categorisation can centre on consumer purchase behaviour.
Personalisation Crosses All Channels
Whilst personalisation has traditionally sat on email, it’s becoming increasingly important – and increasingly easy – to focus on channels such as social media. Moving forward, the trajectory of personalised marketing sees the industry hitting geo-tagged customer touchpoints in the not-so-distant future – and this is already happening
38 issue 29 winter 2016
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