October 31, 2016
Four steps to solving the big data problem

Four steps to solving the big data problem

Marketers find themselves in a predicament. Having embraced the opportunities offered by new technologies and to inject campaigns with as much data as possible, they have set a new standard for digital content.

Consumers now expect messages to be tailored according to who they are, where they are, and what they are mostly likely to want at that moment in time.

The problem is that with big data volumes rising rapidly, extrapolating high-quality actionable insights is increasingly difficult. Indeed, a recent Econsultancy study into the state of data application found that just 29% of client-side marketers felt they were doing a good job of using customer information to improve communications.

As a result, marketers are struggling to extract the data needed to build personalised and engaging messages – and with a limited understanding of individual interests, campaigns are geared towards meeting business goals, instead of audience needs.

Consumers are consistently bombarded with bland and irrelevant ads that they are more likely to find disengaging – and irritating – than inspirational.

So what can marketers do to transform the jumble of disordered data into actionable insight? Here are four steps to disentanglement:

  1. Narrow the targeting field

There is no such thing as an archetypal customer for any given brand. A UK-based sports brand launching a campaign around the UEFA European Championship 2016, for example, would quickly find that a large portion of its messaging was ineffective if it focused its messaging solely on UK players when attempting to reach global fans.

The first stage of effective targeting is therefore to define which audience segments are the most appropriate for each individual campaign and the specific product they are promoting. In doing so, marketers can narrow the scope of targeting and create categories through which to filter data – ensuring maximum relevance and impact.

  1. Get to know individuals

But what about individuals? How can marketers ensure messages have truly personal resonance? The answer to this question is a new kind of smart tool – first-party advanced profiling.

Designed to cut through the confusion of multiple data sources, the solution combines in-depth online content evaluation – using techniques like advanced semantic analysis and Natural Language Processing – with audience consumption patterns, all as part of a single streamlined process.

The resulting data enables marketers to create an all-encompassing, real-time profile for individual consumers, which contains a detailed view of their tastes, habits, and preferences, based on their consumption and engagement with digital content.

This provides the ideal targeting foundation, allowing marketers to precisely tailor messages for specific audiences and thereby significantly enhance engagement, and conversions.

  1. Use data to fine-tune timing

The greatest assets at our disposal can sometimes be those we have not yet discovered and, for marketers, sophisticated new tools can be the key to revealing the opportunities hidden within their tangled data sets.

For example, first-party advanced profiling gives marketers the ability to discover the true value of specific data points by pinpointing interactions that drive the greatest responses and constructing an accurate data trail across multiple touch points and platforms for each consumer.

Using this insight, marketers can identify the most influential touch points to ensure messages reach users at the ideal moment to encourage conversions.

  1. Predict the next purchase

Intelligent technologies are in a constant state of development; knitting together and learning from each piece of data gathered to increase the accuracy and range of their output.

This means the benefits they offer marketers are twofold; not only can they refine chaotic data sets to improve targeting now, but they can also be used to compare historic purchase data with audience profiles to predict consumers’ propensity to click or buy in the future, including when the right moment is likely to arise.

In this way, brand marketers can anticipate audience needs before they are even aware of them – delivering helpful suggestions that are contextually relevant and positive for consumers, while increasing ROI and reduce wastage for marketers.

By harnessing the power of smart tech to create a constantly refreshing store of real-time insights, marketers will have the information needed to adjust campaigns in-flight and ensure messages are always engaging.

As fresh data sources emerge, they can be immediately integrated into the system, keeping brands one-step ahead of consumer requirements and the continually growing stack of big data.

So to solve the predicament of balancing rising big data volumes with heightened consumer expectations, it seems that data has the answer – in the form of technology.

Created to bring information management up to speed with the digital age, innovative technologies like first-party advanced profiling that blend, distill, and decipher the mass of consumer information enable marketers to extract the insights they need, and put them straight into action.

By following these four steps, marketers can provide engaging, relevant, and surprising digital experiences that inspire consumer delight, not irritation.

By Nick Welch, Business Development Director @ADmantX

 

From: TFM&A Insights