Looking ahead to trends in 2014, social media marketing firm Gigya predicts more retailers and marketers will need to take advantage of big data in order to better understand their customer base.
71% of marketers will attempt to adopt big data solutions in the next 2 years
However marketing departments have been struggling to fulfill this need. A recent study by analytics company Teradata found that although 78% of marketers feel pressure to adopt big data solutions, and 71% will attempt to do so in the next 2 years, only 10% have developed a system to utilise the data they already have, while only 18% have been able to collect the types of data required to get a full picture of customer activity.
Only 18% have been able to collect the types of data required for a full picture of customer activity
Although it will require additional software or staff to make use of customer data, the results are well worth the investment, which may only be minimal thanks to many cloud-based solutions in the market. Understanding consumers more means your customer service and marketing teams can improve the customer’s individual experience by targeting the people who are most likely to have a positive response to your offering. You can also make sure your reward vouchers and special offers make it to your most loyal customers, rather than those who will simply generate returns and increase your cost to serve. Analysis of customer behaviour can even tell you which products are drawing in the most enthusiastic shoppers and which marketing campaigns are encouraging dysfunctional shopping behaviour.
The transition to marketing driven by big data will present many challenges for analysts and retailers, but the reward will be a more efficient retail process and a better customer experience in 2014.
Posted by Shaylon