“Data collection and analysis allows marketers to make decisions based on numbers and facts rather than past experiences or perception. Collecting data at the multichannel individual consumer level allows marketers to understand consumers more comprehensively so we can target them based on their preferences. It gives a unique competitive advantage to those marketers who are adopting this approach.”
How Are Marketers Keeping Pace with Big Data?
“Marketers are keeping pace with the rise of Big Data by trying to capture as much data as possible. Some retailers, for example, have adopted advanced POS systems that will ID a customer when they use a certain card or give their address or phone number. This allows the sales person to know who the customer is and what they’ve purchased in the past. It also gives the sales person an opportunity to suggest additional items the customer might like based on the information available.
A challenge for marketers can be addressing how they capture and process all this information in real time, and how do they design an algorithm to make the offer very relevant. There may also be some privacy concerns of the individual consumer.”
What about social feedback and insights? What role do these have in data collection and analysis?
Social feedback is an area that people are trying to keep up with since a lot of marketers have launched their social sites. Social sites can be a double edged sword, though. They help spread the word and enhance branding, but on the other hand, they can produce negative feedback as well.
There could be a lot of ways to use analytics to understand how the social network works, how people are connected and who are the key influencers within a network.”