Here's what happened in the world of predictive marketing and big data this week.
Forbes Reveals Four Things Big Data Needs for the Holidays
With the holiday shopping season around the corner, Forbes has filled us in on four things that brands need to focus on when leveraging big data. The first is to create better marketing by understanding the true value proposition required to engage consumers. Next would be to bring more relevance into the equation and deliver marketing that consumers can truly relate to. The third and one of the most important is perspective. It is important for brands to understand the investment that they are making in big data and that short cuts can diminish results. Big data and predictive analytics are robust and complex systems that take time to implement and execute. The last piece of the puzzle is patience. There is nothing quick and easy about big data or predictive analytics. Data science is exactly that, science. Implementation, analysis, and execution take a team of experts more time than many people can understand.
Read the full Forbes article to learn more.
Traeger Grills' Email Marketing Campaign Sizzles with Analytics
Using AgilOne to identify "low hanging fruit", Traeger Grills was able to super charge their email marketing campaigns. Traeger used a personalized marketing approach to engage with their customers through email and ended up dropping unsubscribe rates by 40% in the first six weeks. They were also able to increase open rates to 29% and their click through rates by 3 times.
"Typically, anywhere between 70 [percent] and 80 percent of customers will make a single purchase from a company and never buy from them again. They're one and done," Dominique Levin, CMO of AgilOne. "Companies need to re-engage these customers and keep them coming back for other products and offerings," she adds.
Read the full article at Destination CRM.
Misinterpreting Customer Data: Good Data Can’t Save Bad Marketing
Relying solely on data can have a detrimental impact on your marketing when brands aren't truly understanding what the data means. At the end of the day, the data collected is just a group of numbers, words, item skus, and names. Unless marketers analyze and understand what this data means to customers, marketing campaigns can suffer. Business 2 Community spells out 3 things that companies fail to do with their good data that creates bad marketing.
1. Failing to understand and address the voice of the customer. A brand can learn a lot about their customers by taking into account how and when they interact with the brand. Learning from their comments, suggestions, or complaints is incredibly important when deciphering customer data.
2. Lack of integrated data. Brands can collect as much customer data as they want. The data can be clean, deduplicated, and accurate. That means nothing if the data isn't integrated into existing marketing systems. Data needs to be accessible for analysis in order to be useful to brands.
3. Not using all channels and channel specific campaigns. Our customers buy and engage with us online, in-store, over the phone, through social, and by email. Each channel garners a different type of engagement and that means that customers react differently depending on what channel they interact with. Brands have to remember that every channel requires a different strategy.
Read the full article at Business 2 Community.
Personalized shopping cart abandonment e-mails lead to sales
Data from Salesforce showed that 60% of shoppers who received an abandoned cart email returned and completed their purchase. Salesforce launched their Predictive Intelligence Benchmark report and revealed that 15% of all retailers use some form of abandoned cart campaign. By personalizing these transactional emails, retailers were able to reengage customers and increase revenues. Consumers are expecting more tailored emails and offers from their favorite retailers. To learn more, read the full article at Internet Retailer.